Sajjan Jindal sets $70-billion investment goal for India by FY31, talks EVs, manufacturing, global strategy

At CNBC-TV18’s Global Leadership Summit, Sajjan Jindal, Chairman and Managing Director of JSW Group, laid out investment targets for the conglomerate, committing to $70 billion in India by FY31 and $2 billion outside the country. In a fireside chat with Shereen Bhan, Jindal shared insights on India’s manufacturing potential, electric mobility, and JSW’s strategy in a global context.

“Between now and fiscal 2031, we would be investing close to $70 billion in India, $2 billion outside India,” Jindal stated.

On India’s manufacturing sector, Jindal acknowledged that India has more ground to cover: “India needs to up its game,” he noted, stressing the need for the country to look beyond protectionism. “We need to go beyond the stage of just protectionism in trade,” he said, adding that a competitive stance would help India achieve its manufacturing potential.

Discussing JSW’s foray into electric mobility, Jindal detailed the joint venture with MG Motors and plans to introduce affordable electric vehicles (EVs) in India. “The idea is to give consumers a very good product, very good quality, at an affordable price in the EV spectrum,” Jindal said. He set a target of producing one million EVs in the coming years: “By 2030 or 2031, a million cars should be on the road under the JSW umbrella.”

The conversation also turned to India’s strategic engagement with China, especially in terms of technology partnerships. Jindal advocated for a pragmatic approach, saying, “With any country… even with Pakistan, we should be pragmatic. We should not say, ‘No, no, nothing doing’.”

While clarifying that any partnership with China would have limitations, he emphasised the importance of leveraging their technological advancement. “If technology exists in China, we must develop it over time in India, but we must bring the technology and manufacture the products here,” he said.

When asked about new IPOs or business areas, Jindal replied, “Not at the moment.”

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