India biz on track to contribute 10 pc of global revenue: Cisco CEO
US tech giant Cisco is bullish on the growth trajectory of its India business and remains confident that the country will contribute about 10 percent of its global revenue in the next few years.
The networking solutions provider, which is engaged in a number of government projects in the country, counts India among its major growth markets. It has a workforce of over 10,000 people here.
Speaking to PTI, Cisco CEO Chuck Robbins said, India has been "one of the most consistent growth markets" for the company.
"We're on track, in my opinion, for India to be 10 percent of our business in five to ten years. The teams have done a great job, the business continues to accelerate. And when you look at the position of India, the government, the stability, and the belief in technology, we remain incredibly optimistic," he said.
He, however, did not comment on India's current contribution to Cisco's global revenue as the company does not give country-wise numbers.
Cisco, which follows August-July financial year, had clocked revenue of about $13 billion in its third quarter. Of this, America accounted for $7.6 billion, while Europe, Middle East and Africa were at $3.3 billion. On the other hand, the Asia Pacific, China and Japan region (including India) contributed $1.9 billion revenue in the said quarter.
Asked about his expectations from the new government, Robbins said he views India to in a very good position.
"...you have the stability, the leadership that has the understanding of the power of technology...relative to all the initiatives that the government here is trying to drive, that naturally leads to more investment. As long as we continue to see those kinds of opportunities, we will continue to invest here," he said.
According to economists, India is forecast to become the world's fifth-largest economy in 2019, reaching a total GDP size exceeding $3 trillion. By 2025, Indian GDP is also forecast to surpass Japan, which will make India the second-largest economy in the Asia-Pacific region.