YouSaid · the spoken record

Anish Shah

lines on the record: 41
first: 2026-01-29
most recent: 2026-01-29
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“So, when we say purpose led, a DNA actually comes from a founder's. When they founded the company in 1945, That talked about the principles under which the company was born. They talked about dignity of labor, about neither caste nor creed nor color shall come in the way of a meritocracy, about opposing antisocial trends. Today it would read like an ESG manifesto, but that was what they truly believed that the company has to do well for society, for communities, and therefore we say we are purpose-led because that is our DNA.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“That is unknown most likely it will be someone from the team of professional successor and there will be various folks that I will groom over the next 10 years and present options to the board for the board to decide at that point.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“India has always been a country that has stood for peace, and therefore even the resistance to the British was with non-violence. And that is what Mahma Gandhi led. So that has been one of the hallmarks of India over centuries.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“India has some amazing destinations, and India is now opening up tourism in various forms. There are multiple things to see in different parts of the country, from the Taj Mahal and Agara to the deserts of Rajasthan to the greenery in Kerala. You got a large number of things in India that are worth looking at.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“India will grow at that pace. India will be the third largest economy by 2030. It's a capitalist economy driven by rule of law with a government today that is very focused on ease of business, on ensuring that companies can succeed in India and therefore is a very good destination for companies.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“Mindra is a purpose led performance driven company. Our purpose is a rice philosophy which is to drive positive change in lives of our communities to enable them to rise. From a performance standpoint, we are the best performing stock in the nifty 50 since 2002. So even though a market cap has grown 12x in the last five years, it's been a long journey where we've been at the top of performance in India. We operate in 20 industries across 70% of India's GDP and we're building a global company and hopefully one that will be a very large company in the US as well. India is poised to be at a very rapid growth over the next 20 years. We expect that growth to be 8 to 10 percent. The foundation for that growth has been built. It's a consumption driven economy and therefore despite some of the challenges in the world we feel that”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“The biggest EV today is the Tata Nexon. We have roughly a 30% share of all EVs in India today. And we should be the number one player with 40 to 50% share there.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“These are non electrical. We got some very good EVs which were just launched last year. Today they account for about 8% of our total sales, but they should be about 30% in the next two to three years”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“The smaller cars for us, we have the Scorpio, which is the largest selling vehicle. It's been around for 25 years, almost 25 years now.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“We've got a number of smaller vehicles that are selling more, but we are now the second largest automaker in India, despite the fact that we make only SUVs.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“Sports spending time with family reading and doing a lot on the purpose front and I'll start with that because Mahindra is really a purpose-led company. So we are purpose-led and performance driven as we call it, but we start with purpose. We have focused on education for young girls in India, and we've educated close to a million girls in India so far. We've set a target to do a million a year. We are at this point about one-fourth the target, but in the next two or three years, we should be able to get to our target. We are also focusing on empowering women to find jobs and making them financially independent. And there again, our target is a million a year. The Gates Foundation is partnering with us on this. And we are again at this point about one-fourth the target, but we'll get there soon. And these are some of the activities that really make a difference to India overall.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“We have a great relationship where he empowers as much as he can, and I pull on his guidance as much as I can. So that works extremely well.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I knew him very well by then because I had met him, as I said, every month for a couple of years before I came to the group. And to me, that was one of the biggest attractors for me because it was a group where it was truly very open. It was say what you want to say. As long as it's good for the company and that company first aspect was very much a factor there.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“So, what happened actually was I was sitting with Mr. Mahindra, and one of my colleagues came in to show what was being presented to the board the next day. And Mr. Mindra, in his usual manner, said, Anish, what do you think? So I looked at that and said, I wouldn't do this for these reasons. And that is the level of empowerment and openness that Mr. Mindra had fostered in the group, where he said that I'm going to call you to the board meeting tomorrow.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“When I joined with the objective of making a significant difference, the Mantra group was the most respected group in India and one where there was a level of empowerment for all its leaders. That is what Anand Maindra had set up at that point. And while there was a view that, look, there is a possibility of a group CEO, it wasn't known at that point in time. And that evolved as I went on there.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“So, a mentor of mine from Bain, in fact, reached out and introduced me to Anand Maitra and I had a great meeting with him and in fact continued meeting him for a couple of years almost every month we would meet and Anand wanted me to come and join the Mahendra group and I'm very glad I did that.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“State in the US got a job with Bain in Boston, was there for three years, and then with G Capital for a long time in the US, and then went back to India with G Capital as a CEO in India.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“Corporate governance, it was within the accounting department, but my advisor was very keen on corporate governance, and that is the focus of my PhD.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“One of my aspirations was to be the CEO of a US company in India, and to do that I felt I needed to understand the US better, get a US degree, and that was the reason to come to the US.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“My father and mother were both graduates from IMM the bud. My father spent most of his life with Pfizer in India and then founded the Indian Pharmaceutical Association and really helped Indian pharmaceutical companies come up to the level where they are today. And my mother was an entrepreneur in the late 60s and early 70s.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“I was, I did my early schooling in Mumbai, went to one of the top institutes in India for an MBA, the IM and the Bud. Then worked with Citibank in Mumbai for a couple of years and came to the US for a PhD at Carnegie Mellon and continued to stay in the US for 14 years before going back to India.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“That has changed dramatically, and that is evident in the reforms that have been done, in the mindset. The government is very focused on ease of doing business. It is pushing companies to get larger. For us, we have grown our market cap 12 times in the last five years. And that really is a function of the opportunities that we see in India today.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“We have a lot of talented people in India as well, so it is just a function of the opportunities that Folks get. It's also a great learning ground in the US. I learnt a tremendous amount in the US, and that's something that benefits me as we are building a company that really is a global company at this point.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“India has evolved over time and India has realized that it has to drive capitalism because that is one way where everyone will get wealthier and that's been a big benefit for India. It also never had birth control in any form or rather in the form that China did which was a one-child policy. And that I think is impacting China to an extent right now where India not having had that has a natural population growth that we are seeing today.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“India has a lot of similarities to the US. It's a democracy. It has rule of law. It's a capitalist society. And that's what a number of companies are seeing. Now, many companies will look at a backup option for China as well. And some companies I know are looking at India as a primary option going forward also.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“Country that's growing 8 to 10 percent a year for the next 20 years would be a fantastic place. That's a choice that we are making as well. But we are investing not only in India but also in a few other parts of the world, the US being a specific area.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“We see tremendous interest in India, and that's the reason I spend a lot of time in various geographies meeting with various companies who want to come to India and looking for partnerships with them and looking for that technology to be adopted in the Indian market.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“Need to have the scale set of getting good people. There's empowerment for all our leaders because that's the only way this business works”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“IT services, it's a large business for us, and IT services makes up the majority of our employees in the US, along with attractor business. Then we have financial services. We are the largest financial services provider for rural India. We've got hospitality, we've got 100 resorts in India, real estate, logistics, we are the largest logistics company in India as well.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“We get kids to the US and assemble them here. So we have an assembly factory in Texas, and that's where we put them together.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“In India and outside, we've got a business in the US, which is the third largest track maker in the US for smaller tractors, which is less than 100 hospital.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“Make tractors and other farm equipment as well. Tractors, we are the largest in India with a 45% market share and the largest tractor maker by volume globally.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know about what happened there, so can't quite comment on that part, but India is really focused on driving economic growth. That's the agenda. The president has laid out, the prime minister has laid out a very ambitious plan around the Viksiddharat or a develop India, and that is a plan for getting to 2047 with a $32 trillion economy.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“I feel that India is very close to the US and has been for many years. India also has always been non-aligned and has believed that the world is one family, Vasudeva Kutambakam, is a phrase that's used in India. So while I can't comment on the politics as much, what I can say is that from everything that I've seen growing up, from living in the US for 14 years as well, that the India-US relationship has been really very strong. And we've gone through hiccups in the past. We've had that at the time of the nuclear test that India did in 1998, and we came out stronger after that. And we hope that this, again, is a hiccup that we'll get past and really establish a very strong relationship between the two countries who are natural allies.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“That clearly will not be helpful, but we see a huge opportunity, David. It's not just about goods and services. So India and the US are roughly equal from services imported and exported. On goods, there is a deficit from a US perspective. But the real opportunity is for U.S. companies to bring that technology to India, to be able to do a lot more, for Indian companies to invest in the US and be able to bring its products here, which is what we are planning to do. And that we feel will come out as time goes on and we'll get to a much stronger place for both countries”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“I'd say about 30 to 40 percent because for us we're looking at the world as a market as well as a potential for partnerships that can help us grow our India business.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“That will not be helpful, but from an economy standpoint, it won't have as much of an impact because India is largely a consumption-led economy. However, this is one that is concerning because India and the US have had a very strong relationship and has been getting even stronger over the last few years. And therefore we are puzzled to say the least at this point in time and we hope that things will get much better as we go forward.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“30 years is going to make that drum to 8 to 10 percent become the third largest economy by 2030. And by 2047, the forecast for India or the goal for India is to be at 32 trillion from a GDP standpoint.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“India is in a very good shape, and we strongly feel that India will grow 8 to 10 percent a year for the next 20 years. There are three key drivers of that. One is the demographics. India's the youngest country by far the average age or the median age is 28.8 years as compared to the late 30s for China and the US, Japan closer to the late 40s. And second is the reforms. The government has really put in a number of reforms in place over the past few years. Third is the infrastructure, both the physical infrastructure. We're building nearly miles of roads per day for the last 10 years. We've got one airport coming up per month for the last 10 years. We've got a very strong digital infrastructure in place as well, which I would say among the best in the world. So as we look at all of these things, India, which has grown 6.5% a year for the last”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“1945, and this came together with three founders, the Mindra brothers and Gulam Muhammad. When India and Pakistan partitioned Gulam Mohammed went to be the first finance minister of Pakistan, and that's when the two Mindra brothers took it forward as Mindra and Mindra.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source
“Today, with the Mahindra group has been around for 80 years now, we operate in more than 20 industries, in 70% of India's GDP. We make SUVs, we're the largest maker of SUVs in India, light commercial vehicles, electric three-wheelers, we are the largest tractor maker in India, farm equipment, and not just in India, but globally, we are the largest maker of tractors from a volume standpoint. We are in financial services, IT services, we are the largest in logistics, we are the largest renewable in weight in India, in hospitality, in real estate, and a number of other areas.”
2026-01-29 · The David Rubenstein Show · Anish Shah · IDENTIFIED FROM THE TRANSCRIPT · source