GE expects 20 percent growth in India business
New Delhi, Feb 22 : US conglomerate General Electric (GE) Friday said it is expecting 15-20 percent growth in its India business despite the economic slowdown.
"Our business here will grow in double-digit even if there is economic growth slowdown... Our revenue will grow between 15-20 percent," General Electric chairman and chief executive officer of Jeffrey R. Immelt said at a media conference here.
Immelt said he was optimistic about India's growth and the recent slowdown would not affect GE's expansion plans in the Asia's third largest economy.
"We take long-term views on investments," Immelt said, adding the company plan to invest $200 million in a manufacturing facility in Pune and another $75 million for building a research and development facility in Bangalore.
GE, which installed India's first hydro power plant in 1902, has diversified business interests in the sectors like transportation, energy, healthcare and financial services among others. The company employs more than 14,000 people in India.
Immelt said GE would continue to increase investments and headcounts in India in the coming years.
On India's economic growth prospects, Immelt said he was optimistic and the reform measures taken by the government would help revive growth.
"The recent reforms announced by the government is a step in the right direction," he said.
Immelt said he was not overly concerned about the recent changes in tax law, notably the General Anti Avoidance Rules (GAAR) that has been criticised widely by the foreign investors. However, there was a need for more transparency and stability in the taxation system, he added.