“I do see a clear opportunity for countries like India to be very successful in the surrounding because we all learned it’s better to stand on two or three, four feet versus on one foot to have more resilience in the system,” Peter told ET.
There is a clear opportunity for India as global companies look to diversify supply chains, and improvement in infrastructure expected in the coming years could make the country a preferred destination, said Michael Peter, chief executive officer (global) of Siemens Mobility.
“I do see a clear opportunity for countries like India to be very successful in the surrounding because we all learned it’s better to stand on two or three, four feet versus on one foot to have more resilience in the system,” Peter told ET.
“Improvements in India’s infrastructure are expected over the coming years. That will make it a preferred destination for China plus one strategy,” he said.
He said two most attractive things in China have been a huge domestic market and quick decision-making. “I think this is actually where many countries can look and try to adapt a little bit,” he added.
On slowing growth in advanced economies, Peter said the market for mobility has remained stable as governments are trying to pump in money on future-oriented areas in technology and trains over the next 30 years.
“We’ve based our strategy on megatrends like fighting against global warming, having clean technology, making a difference through digitalisation, providing solutions for aging populations, (and) increasing mobility needs,” he said. “This has not really changed with Covid and is coming back stronger now after a two-year break on it.”
Peter said it had been a “juggling game” to keep the logistics chain up with semiconductor shortage following supply issues, but now it is getting better.
Sunil Mathur, managing director and CEO of Siemens Limited (India), said the local market being developed here makes India is “hugely attractive”. “Domestic market you build in the base infrastructure here…can then be expanded on and built on for global markets,” he said.
