To cater to the needs of price sensitive Indian markets, Germany-based Siemens AG said it would infuse 250 million euro in India by 2020 to develop 60 baseline products. Siemens AG spokesman Bernd Etitel said that the global strategy of the company was based out of major focus on India. ?We are looking at a bigger share of workforce and also jump in revenue from Indian markets in the coming years. We plan to launch 60 new baseline products to cater to Indian people?s needs in various sectors till 2020,?? he added.
Etitel said that Indian market is price sensitive and a recent survey had indicated that 70 % of the Indian market does not match with Siemens products.
?The new products will have a higher component of R&D and manufacturing at the local level. We are very bullish on India and we have outlined an investment of 250 million euros for this purpose to develop products in the fields of energy, renewables, healthcare and of course also venture in a big way into the infrastructure sector,?? Etitel said.
Siemens is present in India in energy, healthcare, technological and industrial products sectors. According to Etitel, the company is targetting a sales figure of $1 billion in revenue by 2020 through the sale of such baseline products. He also said that the company was sitting on an order book of 2.4 billion euros by the end of 2010. ?We are also looking at the possibility of exporting these products from India to other countries for which a strategy was being worked out. We see very strong growth happening in emerging markets and India and china were going to be the focus in the coming years,?? he added.
(Travel for the report has been sponsored by the German Embassy, New Delhi)