"India is at an audacious moment in its history. I believe we will succeed. I also believe that success will be a joint enterprise, not the government's task alone," Mahindra said.
Speaking at the group's annual general meeting late on Friday, Mahindra welcomed the government's decision on raising foreign direct investment (FDI) in the defence sector.
"The recent announcement of 49 per cent FDI in the defence sector will enable us to access global partners who could complement our strengths and bring in new technologies," he added.
He said though the country entered the defence sector many years back, progress was not satisfactory.
"But, we are very optimistic that the government seems to be positive to the private sector. We are ambitious about aerospace as we have developed a small turbo of our own. Also, we've established a manufacturing plant in Bangalore and it is making good progress," Mahindra added.
Earlier this week, Ratan Tata, chairman emeritus, Tata Sons, had praised Modi and said the present government should be given more time to turn around the economy.
"Modi has a track record of being a doer, and what he has done in Gujarat is there for everyone to see," Tata said.