"I hope it is unfolding and we are confident and it has been... I definitely think that we are seeing green shoots," Mr Mahindra told PTI here when asked where he saw the Indian economy was going at the moment.
Taking the demand for construction equipment and trucks as a barometer, he said when it picks up then one could say investments were happening.
"As you know that we have a construction equipment division also, that's our first sign. The moment we know that construction equipment orders are rising, you know that it's not just intent that is being voiced but it is also real investments happening in the market," Mr Mahindra said.
Asked if investments were happening, he said: "There is some revival in both construction equipment demand and as well as in truck demand...but ground needs to be broken on new projects."
Mr Mahindra, who was here for the launch a compact SUV Tivoli by the group's South Korean arm Ssangyong Motor Co (SYMC), lauded the Narendra Modi government for the reforms and for pushing manufacturing in India.
"We hope that defence would be revived and emphasis on 'Make in India' should be something which give fillip to the group like us," he said, adding that the group could consider forming a consortium, perhaps with erstwhile partner BAE to participate in India's defence projects.
On the future of SYMC, Mr Mahindra said a financial turnaround and brand restoration will only make the journey on comeback trail complete for the South Korean subsidiary.
"We have invested shareholder's money of Mahindra & Mahindra (M&M). So, I cannot claim that happiness is complete without any financial turnaround," he said.
Secondly, the brand has to be restored to where it was, he added.
"Because when you leave behind a legacy as a business person, you leave two things - financial results and brand that was far more enduring and if I was an inheritor, I would rather get a brand than asset. I can do whatever with the brand. Asset is specific and not necessary enduring," Mr Mahindra said.
Highlighting the importance of the two factors, he said: "It's really to ensure the financial turnaround and ensure the brand restoration. Ssangyong used to be very strong brand and known for its quality. It was the highest quality producer here (in South Korea). I think, it has to get back that mandate."