homeauto NewsABB’s Peter Voser optimistic on India; don't think country is ready for full EV transformation
ABB’s Peter Voser optimistic on India; don't think country is ready for full EV transformation
“India is not immune to the world economy, so you will see some slowdown but what we have seen in India over the last 5-6 years with the reforms coming through, giving incentives into the infrastructure investments etc., said Peter R Voser, chairman & CEO, ABB.
Peter R Voser, chairman & CEO, ABB is of the view that India in the longer term will be one of the biggest economies in the world, where there will be growth and so they remain optimistic on the country.
“India is not immune to the world economy, so you will see some slowdown but what we have seen in India over the last 5-6 years with the reforms coming through, giving incentives into the infrastructure investments etc., I am optimistic that this will work out in the right way and am not too much hang-up because we have a slowdown for a few months or quarters,” he said.
He said they are strong believers of investing throughout the cycle because one has to be ready when the cycle comes up again. From that point of view, they are not slowing down and continue to invest in new robot factories etc.
However, from customer perspective in some areas, in some industries capital expenditures have been postponed for example automotive, electronics but on the other side that many industries are still investing, he said.
"It is a world of two halves at the moment; some are slowing down and the others are still going strong. So it’s very difficult to predict 2020; we see a first half which is constraint in terms of growth but the second half most probably taking off again,” he added.
“India is one of the countries where we do everything -- we have research and development, digital development centers, we have the back office services etc., and we have a very strong business here as well operating in our 4 main businesses because we are selling one which is the power grids business. Therefore, in India we are positioning our company at the heart of 2 major revolutions which are happening. One is the energy revolution and the other one is automation robotics revolution and we see the upsides because India will go through these revolutions as well,” he said, adding that he is not too worried about short-term slowdown on investments in infrastructure etc because longer-term investments will take off over the quarters to come.
Talking about electric vehicle infrastructure, Voser said, “Infrastructure wise India is most probably not yet ready. So I am having the EV chargers where ABB is a global leader and in that we now need to invest or the government or some private entities need to invest. We also need to invest also in the infrastructure of electricity. So we need to invest in infrastructure and at the same time in the charging infrastructure.
According to him, there is a huge opportunity for the country to reduce the fossil fuel type of combustion engine and use EV going forward.
First Published: Nov 29, 2019 3:26 PM IST
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