Cisco’s Executive Chairman John Chambers said the Indian economy was the only one on which he was willing to bet on even as he termed the Centre’s demonetisation move as a ‘bump.’
“There will be a few bumps along the way like demonetisation...If I would be betting on any economy, it would be this economy. A year from now, India’s GDP will be stronger dramatically because of the changes,” Mr. Chambers said.
Asked if sudden policy changes like demonetisation would adversely impact foreign firms’ view on India, Mr.Chambers answered in the negative. He stressed that India could be the “top ally” for the U.S. in the Asia-Pacific region.
“Does it bother me? It’s actually reverse... I know that innovation by definition is disruptive and uncomfortable and there are bumps. I think the country (India) is moving remarkably fast and it’s moving with a strategy and vision. There will be a few bumps along the way like demonetisation. But they are just that,” he said.
Mr.Chambers, who is also the Chairman of U.S.-India Business Council, will also be leading one of the largest groups of business representatives attending the 8th Vibrant Gujarat Summit later this week.
Mr.Chambers said, “You could argue that very few people in the financial world say this isn’t the right thing to do... What it is basically, it builds a foundation for every citizen in this country to participate truly in a digital world…”
Fast innovator
Stating that lndia used to be known as a slow follower, he said now it was getting known as a fast innovator. He said for India, a GDP growth of 7 per cent is sustainable. “This is not the PM’s goal... But I think above 7 and it is not out of the question to be 8, 9 or 10,” he said.
Mr Chambers also sought to allay fears that the new Trump administration could make policy decisions that adversely impact Indian IT companies.
‘Top ally’
“I think India should be our top ally in Asia-Pacific. And the two countries have so much in common, including being the largest and most powerful democracies... I am optimistic,” he said.
The US-based networking giant on Monday also signed a Statement of Intent (SoI) with the Government of Rajasthan to roll out digital classrooms in women’s colleges covering 10,000 women students over one year.
The digital classrooms will facilitate training and development of IT skills among women and building a pool of highly skilled technology professionals.
(The writer was in Jaipur at the invitation of Cisco India)
