Pinning hopes on the new NDA government, global tech major Cisco chairman John Chambers has said he is is quite bullish on India and expressed confidence that Prime Minister Narendra Modi will drive reforms and deliver.
"The change in government, I think Prime Minister Modi is going to be a great leader...I am extremely optimistic about this leadership change in India and the future of the country," he said at the Internet of Things (IoT) Conference.
I see an openess to really make a difference, he said.
The three-time Gujarat Chief Minister steered the BJP to a landslide victory in general elections, with the party winning an absolute majority in Parliament.
It is the first time since 1984 that a single party has won a majority on its own. Asked if there is perceived change in business confidence, he said, "most of the challenges that existed in India was self-inflicted.
So I think you are going to see great economic opportunity and good environment for business if they execute right. He expressed hope that India will accelerate growth to 7-8 per cent.
Among emerging markets, Chambers said he is betting most on India, adding, "I have been very public in my comments that emerging markets are going through some tough times." Cisco has about 12,000 employees in India across cities like Bangalore, Delhi-NCR, Mumbai, Chennai, Kolkata, Pune and Hyderabad.
Of these, 8,000 people are part of the R&D set up. Although the company gets about 2 per cent of its over $48 billion global revenues from India, it is confident of this share growing.
It expects to garner 5 per cent of its revenues from the Indian market in the next five years with business targeted to grow over 20 per cent during the period.
