GE sees India business growing at 30 pct a year: report

MUMBAI (BestGrowthStock) – General Electric expects to grow its business in India at about 30 percent a year, Chief Executive Jeffrey Immelt said in an interview with India’s ET Now TV on Saturday.

Immelt also said during an event with U.S. and Indian business leaders that India should facilitate investment from overseas in infrastructure.

The country’s infrastructure deficit, including a shortage of power capacity, acts as a drag on growth in Asia’s third-largest economy, and investors have long said it is difficult to execute big-ticket projects in the country.

“We think we have a business that can grow 30 percent a year for several years,” Immelt, who was in Mumbai as part of a business delegation accompanying U.S. President Barack Obama, told ET Now.

The largest U.S. conglomerate, which makes goods ranging from jet engines to medical diagnostic equipment, generated sales in India of $2.6 billion in 2008 and employs more than 12,000 people in the country.

“There is a trillion dollar infrastructure investment that is supposed to happen in India, is not happening,” Immelt said during a meeting of business leaders.

“There is no reason why our infrastructure revenues in India shouldn’t be the same as in China,” he said.

(Reporting by Sumeet Chatterjee; Writing by Tony Munroe)

GE sees India business growing at 30 pct a year: report