Cisco upbeat about Modi, likely to beef up India investments
28 June 2014
Cisco Systems, the US-based networking equipment manufacturer, is open to investing more in India and is eager to work with the new Modi-led government, the company's chairman and chief executive John Chambers said in New Delhi on Friday.
''We are very open … we actually discussed the possibilities today,'' Chambers told the media after a meeting with the Department of Industrial Policy & Promotion (DIPP) Secretary Amitabh Kant.
Cisco, started operations in India in 1995, and has a global development centre in Bangalore which is its largest outside the US. With the demand for internet services growing fast, Cisco also has seven sales offices across the country, in Delhi, Mumbai, Bangalore, Chennai, Pune, Kolkata and Hyderabad.
Although the company's business in India has been slow in the recent past and has been missing revenue targets, Chambers said India had a very bright and prosperous future.
''We like the new government's business plans and where they are headed. Plans to digitise the country and bring all the benefits of the internet to all citizens, and [in areas such as] healthcare, education, and job creation are very exciting.
''We see a government willing to make changes and want to be a partner in that,'' he said.
Chambers said governments can certainly play an important role in growing the digital economy.
''Cisco looks forward to playing an active role in enabling digitisation of the Indian economy and developing India as a strategic business hub,'' Chambers said at a CII event.
Earlier this year, Chambers announced that he expected the company's India business to account for 5 per cent of Cisco's revenue, up from the existing 2 per cent.
''We spent about $1 billion a year in equivalent foreign direct investment in India. We put $40 million in new start ups and new ideas. We lead in corporate social responsibility in many areas. India is our second world headquarters,'' Chambers said.