Siemens Bets Big on India's Booming Market

Siemens is poised to make India its largest market outside the US in the coming years. With a substantial investment of 100 million euros, the company aims to capitalize on India's growing infrastructure and mobility sectors. Government contracts account for significant revenue as the business environment improves.

India is rapidly emerging as the fastest-growing market for Siemens, poised to surpass revenue from France and potentially even Germany within the next three years. This assertion comes from Peter Koerte, a member of Siemens' managing board, who underscored the country's market potential.

The company's commitment to India is evident in its recent investment announcement, pledging 100 million euros to spur local growth. Currently, Siemens stands as a major player in India's infrastructure and industrial sectors, drawing a substantial portion of its business from government contracts, including a massive Rs 30,000 crore locomotive supply deal for the railways.

Despite the challenges of cost sensitivity in a market dominated by SMEs, Siemens remains optimistic about India's prospects, aided by improved ease of doing business and promising sectors like renewable energy and data centres.

(With inputs from agencies.)