India will continue to be important, high potential market: Rolls-Royce

PTI, Mar 13, 2022, 9:38 AM IST

Source: Pixabay

Mumbai: Aerospace and defense technology major Rolls-Royce plc on Saturday said India will continue to be an “important and high potential” market for the company.

Speaking at The Economic Times Global Business Summit Rolls-Royce plc Chief Executive Warren East CBE said that India is not only among the few large economies to have managed a very quick and effective recovery, but it has also bounced back to its pre-Covid growth.

”For us at Rolls-Royce, India will continue to be an important and high potential market. We take a very long-term view. That long-term view, for example, is evidenced by the fact that we have been partnering in India for 90 years, ever since we first powered the first commercial aircraft for Tata Aviation back in 1932,” East said.

Noting that the company also powered the first military aircraft of the Indian Air Force Number One Squadron in 1933, he said, “We have actually been making in India for nearly 70 years.” “It has been a close partnership, and that encompasses engine technology and continuous capability development, and that’s helped create an aerospace ecosystem in the country. And we look forward to continuing to build on that now,” he said.

Pandemic has not only impacted human lives, but it has impacted economies worldwide, and economies are still feeling its impact, and that impact further affects human lives, he said, adding, now, nations have rightly prioritized people and health care, and the focus is now on building resilience for the future.

“Like many other countries, India, of course, has faced many challenges throughout the last two years. Not only is India among the few large economies to have managed a very quick and effective recovery, but it’s also bounced back to its pre-Covid growth outlook. As we look forward, India has also demonstrated a strong commitment to sustainability goals,” he said.

According to him, from the pandemic, the way to resilience is by making economies more inclusive and sustainable.

”And as far as technology is concerned, I am an optimist and I believe in the positive, transforming potential of technology. And I believe that technology can provide solutions to the world’s most difficult challenges. Investing in technology will be key to economic resilience, and self-reliance initiatives like digitalization and upskilling will be crucial going forward,” he asserted.

Later, speaking at a different session, private equity major General Atlantic’s Chairman and CEO Bill Ford said that in the next decade, India is poised for tremendous growth and innovation, which will create opportunities for investors.

”We have been investing in India for 20 years, I think the next ten (years) could be the most exciting of our time in India,” Ford said.

When asked about the policy framework or enabling environment required in India, he said there is a need to reduce the friction in the flow of capital in and out of the country.

”I think for private investors and public investors, the friction of getting capital in and getting capital out in the private capital market and public capital market needs to constantly improve itself,” Ford said.

He said the government is working on that and once it happens, India will continue to unlock not only private capital formation, but also public capital formation.