India only market to promise substantial growth in next 2 years: Bosch Global Chief

economictimes.indiatimes.com:

Bosch said he was optimistic India could be the only region to have a substantial growth path in the next two years, at a time China faces a slowdown and economic uncertainty dogs Europe and US. Introduction of economic regulations such as GST, interventions to incentivise industrial production are key developments seen as enablers for growth, which also fuel the bullishness, said Stefan Hartung, chairman, Bosch. For Bosch, India isn't among its top markets yet. Home market Germany, and China are. However, the German major still has high stakes in the country, where its subsidiary Bosch India clocked sales of ₹1.67 billion (₹14,929 crore) in 2022-23. That's because, he said, «It has contributions far beyond that sales as it's involved in many projects globally. That gives it a special role.»

The biggest stake in India for Bosch is in its Bengaluru headquartered global engineering centre, Bosch Global Software Technologies (BGSW), which has seen the number of its employees jump from 650 in 2000, to 36,000 in 2022. What was only a «Bangalore company» as Robert Bosch Engineering and Business Solutions earlier, is now an international one with subsidiaries in Mexico and Vietnam, among other countries. «And we are also thinking about other locations,» said Hartung. The large engineering base has expanded capabilities from being «purely only software» earlier to now hardware design, functional design, and «hardcore engineering services, Hartung said. A team of around 200 engineers in India are also involved in Bosch's new focus area of Hydrogen technology.

Bosch has established itself as a leading player in the Indian automotive industry. For it to remain so, the focus is to tap