Cisco recently pledged an investment of $100 million to support the Indian government’s ambitious plan to connect thousands of its villages to the Internet and create jobs as part of its Digital India initiative. Following a recent visit to New Delhi, Cisco’s executive chairman John Chambers, in an exclusive interview with BW Businessworld’s Suman K. Jha, talked at length about the various initiatives of the Modi government like Digital India, Make in India and Skill India. Edited excerpts:
Sometimes ago you were quoted as saying that “you either invest in India or you might miss the bus”. Why do you think so?
That was a controversial statement (made by me) 18 months ago. The fact is India is growing, whether it is GDP, broadband build out, or digitisation. But 18 months ago many people would not have believed that India would transform. The exact opposite has happened. I think everyone in the world realises that India has the fastest growing economy of any size in the world, and hopes that it will remain the same in the next five years. The government is transforming itself; it’s also transforming the largest democracy in the world.
Modi is doing a remarkable job. I think it’s a great place to invest, whether it’s manufacturing or startups, or in its people. So for me, if you have not invested in India, you may have already missed the bus in terms of the first bus.
Do you think India is a lone bright spot in an otherwise gloomy economic environment globally?
Only partially! I think the US economy is the biggest in the world. It’s not doing great, but it is nonetheless seeing solid growth. The current GDP of the US is $16 trillion, and it is growing at 3 per cent per annum. However, India is growing at 7 per cent, and I won’t be surprised to see it growing faster. It is growing much faster than any of its neighbouring countries. And its growth can be much higher than any other emerging market as well as developed ones. So, in the Asia-Pacific region, I see India standing alone. Globally, the US and India are in the best position. This is the reason I am honoured to chair the US India Business Council, it was a lifetime opportunity for me.
How do you look at the Modi government’s various initiatives like Digital India, Make in India and Startup India?
This story is from the May 2, 2016 edition of Businessworld.
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This story is from the May 2, 2016 edition of Businessworld.
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