Cisco To Step Up Investment In India
For technology major Cisco, India has always been a significant market and now it is banking heavily on the country for growth and profitability. John Chambers, Chairman and CEO of the company told Business Line at the Cisco Partner Summit 2014 held in Las Vegas that Cisco expects India to account for 5% of overall revenues within the next 5 years.
Chamber was extremely upbeat on new cloud strategy. And more than that on the Internet of Everything strategy, which has reached its tipping point.
According to him, the company wants its India revenues to increase from a very small percentage of less than 2% presently. “We are deeply committed to continue investing in your country. We have shared this vision for India with our staff and with various government leaders (in India) as we want it to be a win-win for all,” said the CEO of the networking giant.
The company predicts that sales from India could potentially grow at over 20% by 2019. Though the company did not specify its investments in terms of fresh capital and resources, Chambers said that a downturn is the best time to invest in any economy. “We always spot a slowdown two quarters ahead of our peers and we make sure that we are ready,” he said.
However, he expects the next government to bring back predictability and stability in the country’s investment and taxation climate. The report notes that foreign investors have been concerned by the political uncertainty, risk of policy roll-backs, protests against reforms and aggressive taxation drives in the country.
After serving as the CEO of the $49-billion networking giant for nearly two decades, Chambers also indicated that post his retirement two Indians — Padmasree Warrior, Chief Technology and Strategy Officer, and Pankaj Patel, Executive Vice-President and Chief Development Officer — among others were possible candidates for the post.
In 2005, when Chambers visited India, the networking giant for the first time announced a massive investment of $1.1 billion over the next three years in several key areas such as R&D activities, including training, development and staffing. It was then the largest investment Cisco had ever made outside of the U.S. Since then, the company always believed India is a strategic business innovation hub, and Chambers presently thinks it is time the company should step up investment in this area.
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