Siemens optimistic about Indian economy, says company’s executive

Seimens bullish on India: Siemens is expressing strong optimism about its prospects in India, as the country's economy experiences robust growth, providing an opportunity to diversify from China. Matthias Rebellius, the head of Siemens' Smart Infrastructure business, highlighted India as a priority for future investments, particularly in upgrading the electric grid and investing in renewable energy. 

Rebellius stated that Siemens is "very positive" about India and views it as one of their main growth markets.

The German engineering group sees significant opportunities in India, not only in transportation but also in grid upgrades and electrification components for solar projects. Siemens' Indian subsidiary, Siemens Ltd, reported a notable 18 per cent increase in sales to 179.7 billion Indian rupees ($2.17 billion) last year. While India may not replace China as Siemens' third-largest market, it is expected to become the focus of more investments, especially considering geopolitical tensions.

Siemens' rival, ABB, has also observed customers shifting investments from China to India and other parts of Asia due to geopolitical considerations. Rebellius mentioned that Smart Infrastructure, responsible for producing products to control buildings, is experiencing a return to normal ordering patterns globally since the COVID-19 pandemic, indicating that the destocking trend is over.

Siemens is aligning with the sustainability trend by launching a new label called "Siemens EcoTech." This label provides information on materials used, production processes, design, and the lifecycle of products. 

Rebellius highlighted that customers increasingly seek such information. The new label is attached to products like a new electronic circuit protection device, aiding Siemens in increasing sales and maintaining price stability.

Overall, Siemens sees India as a thriving market with ample growth potential, and the company is keen on leveraging the opportunities arising from India's economic boom and increasing focus on sustainability.