Modi Can Turn Around India: Cisco CEO Chambers
New Delhi: Chief of global networking giant Cisco John Chambers feels Indian Prime Minister Narendra Modi can "turn around" the country, opening up many newer avenues of growth for businesses in one of the world's fastest growing economies.
Announcing the company's results, Mr Chambers exuded confidence in the Indian market, where its business has grown 18 per cent compared to decline in business in other countries in the Asia Pacific, Japan and China (APJC) region.
"There are some bright spots for the first time in a while. I think Modi in India is going to turn around that country. You can see the enthusiasm both the citizens and the businesses there are betting on a single emerging market. I would bet on India right now in a big way," he said.
The California-based firm reported a 1 per cent decline in profit at $2.25 billion, while revenue dipped 0.5 per cent to $12.36 billion for the fourth quarter of fiscal year 2014.
Business in APJC region was down 7 per cent with China down 23 per cent, while that from India was up 18 per cent.
The company expects growth in India to continue even as the outlook on demand in the emerging market remains grim. Globally, it has announced slashing of 6,000 jobs as part of a restructure effort.
"We saw the impact of economic and geopolitical challenges in China, Brazil, Russia, Argentina, Turkey, and Thailand and in a number of emerging markets that many of other peers are seeing."
"Unfortunately as we look out, we don't see emerging markets growth returning for several quarters and believe it possibly could get worst," he said.
In the past too, Mr Chambers has expressed confidence in the leadership capabilities of Mr Modi, praising his reputation as being "decisive and focused".
On Mr Modi's landslide victory in the Lok Sabha elections, he had said, "I am very optimistic of what that means to the country's economic growth."
In India, Cisco employs over 10,000 people 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.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
