The Bosch Group sees strong signs of recovery in the Indian market and forecasts a positive development over the mid-term, they said in a new report. “The Indian economy is on the rise again and holds tremendous potential”, said Dr Volkmar Denner, the chairman of the board of management of the Bosch Group during his visit to India.
In 2017, the leading global technology and services company posted strong double-digit growth as sales went up of 15.4 percent to €2.2 billion. With a projected 7.7 percent GDP-growth for the Indian economy in 2018 and a similar level for the coming years, Bosch expects to continue with its momentum. Main contributors are the development of the local automotive industry, which holds opportunities for diesel technology, electromobility and connected mobility as well as the government initiatives for connected manufacturing and connected cities.
“To meet the rising demand in the Indian market with tailored solutions and expand India’s strong role in our global network, we will invest ₹17 billion ($250 million) over the next three years”, announced Denner. The German auto parts maker also added that a major share of this amount will be used to expand Bosch’s smart campus in Adugodi and modernise manufacturing facilities in the country.
Bosch has four key plans for India:
- Tapping into India’s potential: “The Indian economy is on the rise again and holds tremendous potential,” Denner said.
- Powertrain: Bosch is committed to addressing the transition from BS-IV to BS-VI in India and offers a new breakthrough in Diesel technology
- Connected mobility: Bosch is evolving into an end-to-end provider of mobility services
- Artificial Intelligence: India is a key location for global Bosch Group activities
“Most of the products in the near future will be linked to artificial intelligence. These products will either possess that intelligence themselves, or AI will play a key role in their development or manufacture,” said Denner.
In 2017, the company invested €300 million into its Bosch Center for Artificial intelligence (BCAI) across three continents — one of the main locations being in Bengaluru, India — next to centres in Sunnyvale, U.S. and Renningen, Germany. Additionally, Bosch has also partnered with IIT-Madras and set up a Robert Bosch Centre for Data Science and Artificial Intelligence at IIT- M with a fund of ₹4 crore per year for five years.
“Bosch India with its 31,000 highly-talented associates — thereof 18,000 in R&D – is well-equipped to take this success to the next level,” added Denner.