German conglomerate Siemens plans to launch a startup incubator, Next47, in India. The company also plan to set up digital services and consultancy arm, with India with a 4,000-strong team of ‘Internet of Things (IoT) and software experts.
Siemens has identified the digital business as a key driver, with India at the core of it. The company expects the business to grow 10% globally and its Indian business to outperform the local market, driven by opportunities arising from the government’s push to the digitization and smart technology.
In addition, the company aims to leverage India’s manufacturing sector’s increasing investments in technology to improve efficiency from existing capacity instead of making capital expenditure on new capacity.