India key to doubling revenue in Asia-Pac by 2020: Bosch

Betting big on India's auto industry, German components major Bosch expects the country to be a key growth driver in its bid to double business in the Asia Pacific region by 2020.
The Stuttgart-based firm, which posted a turnover of 46.1 billion euro in 2013, had 24 per cent of the revenue coming from the Asia Pacific region.
Bosch expects India's GDP to grow by 6 per cent next year with a projected growth of 4.8 per cent this year. It sees the country becoming the world's 5th largest vehicle manufacturer by the end of this decade.
"This makes the country one of the global engines of growth alongside China," Bosch Board of Management Chairman Volkmar Denner said.

According to the data released by the Society of Indian Automobile Manufacturers, domestic car sales in FY'14 stood at 17,86,899 units as compared to 18,74,055 units in the previous fiscal.
The German firm, which reported a turnover of around Rs 13,200 crore in India last year, sees India as a key pillar of its growth strategy in the Asia Pacific.

"Over the past ten years, Bosch has doubled its sales in Asia Pacific. By 2020, we are aiming to double our sales in the region again," he added.
Highlighting the significance of the Indian market in the process, Denner said: "As the world's third biggest economy in terms of purchasing power, India has an important role to play in fulfilling this target."

"The economic indicators give us much cause of optimism - especially after the recent elections. We believe that the new government is poised to accelerate economic growth and introduce strategic reforms," Denner said.
Bosch, which has ten manufacturing facilities in the country and seven R&D centres, has been active in the Indian subcontinent since 1922.
Since 2010, the Bosch Group has invested around Rs 5,400 crore in the expansion of manufacturing and research facilities in the country, of which nearly Rs 1,200 crore were invested in the current year alone.
"This money has been used to establish new production plants and to expand research and development centres," Denner said, adding that the company currently employs more than 27,000 associates in India.

"The number has doubled within five years and is expected to grow further. This also reflects our firm belief in the country's growth potential and our commitment to this region," Denner said.
The Bosch group manufactures power tools, industrial machinery and home appliances, apart from auto components in India.