US technology giant and one of the major networking equipment manufacturers, Cisco, has joined the bandwagon of Make in India and has pledged to pour $2 billion into the world’s fastest growing economy.
“We are investing big in India. We are committing manufacturing in India. We need to skill people here for the jobs. We plan to directly and indirectly invest up to $20 million to train additional 120,000 students by 2020,” Cisco Systems chairman and CEO John T Chambers said.
The tech giant is planning to begin manufacturing in India within two quarters after regulatory issues and tax related corrections are put in place. He, however, did not explain regulatory and tax structure-related changes that Cisco expects India to list out.
Mr Chambers said that Cisco would soon accelerate the development of India’s electronics manufacturing ecosystem, and the company would organise a conclave of 75 of its key suppliers in Bengaluru in February 2016 to drive collaboration on product development.
Cisco’s CEO-designate Chuck Robbins said that the company invests $1.7 billion every year, which includes $250 million on R&D in India. It would invest additional $60 million on training and facility expansion in the country: $40 million investments on expansion of facility is currently underway and the remaining $20 billion will be invested over the next five years.
Earlier, Mr Chambers met Prime Ministet Narendra Modi and discussed the company’s manufacturing and business commitment for India under ‘Digital India’ programme.
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