Modi Can Turnaround India: Cisco CEO John Chambers
Chief of global networking giant Cisco John Chambers feels Indian Prime Minister Narendra Modi can "turnaround" 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, 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 turnaround 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," Chambers said.
The California-based firm reported a one per cent decline in profit to USD 2.25 billion, while revenue dipped 0.5 per cent to USD 12.36 billion for the fourth quarter of fiscal 2014.
Business in APJC region was down seven 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, Chambers has expressed confidence in the leadership capabilities of Modi, praising his reputation as being "decisive and focused".
On 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.
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