Washington: General Electric expects that revenues from the company's Indian business to grow between 15 and 20 percent despite the current economic slowdown.
GE’s Chief Executive Jeff Immelt said that the firm would continue to invest in India because the company, which began operations in New Delhi in 1902 by installing a hydropower plant, is in the country for the long-haul.
According to the Wall Street Journal, he didn't provide any details of GE's revenue in India, or what he expects to drive the 15-20 percent revenue rise.
But he said that he expects growth in all of GE''s India businesses, including healthcare and aviation.
According to the paper, Immelt, however, expressed concern about a shortfall of gas supply to India's power plants.
Immelt also said that he always believed that growth in India has to be greater than five percent.
He added the recent reforms announced by the government are steps in the right direction.
According to the paper, Immelt was referring to the government's recent steps to ease foreign investment restrictions in several sectors such as retail, civil aviation and television broadcasting.
First Published: Saturday, February 23, 2013, 10:44