The Hindu Business Line : Work on infrastructure, have fabulous future: Immelt

Mr Immelt, who is visiting India for the first time since taking over as head of the $134.2-billion conglomerate, said, "I have not seen a bigger mismatch between the power and capability of people and the infrastructure to support it."

He said the country needs to realise the tremendous talent available and ensure investments in infrastructure to help this valuable resource grow. "If you work on infrastructure, the country has a fabulous future," he said.

Urging Indian businesses to address the issue, Mr Immelt said, "A globally competitive company is only as good as the infrastructure available to support its people."

Commenting on India's economic growth, he said while the country's progress has been consistent, there is a need for more substantial growth. He cautioned the Indian industry, stating that other Asian countries, particularly China, were growing at a tremendous pace primarily because of their focus on infrastructure. Mr Immelt said GE has had success in India because it has invested in developing local skills. From information technology to healthcare and financial services, GE has been able to gain a strong foothold in the country. "We have made a long-term commitment to India, and we will see it through thick and thin."

Explaining GE's strategy in becoming a successful multinational corporation, with a presence in 100 countries, he said the company focuses on four major areas.

To begin with, "technology is the life blood of our company." GE spends about $5 billion annually on technology research and development. Second, it was imperative to have a culture of competitiveness and compliance. Further, GE's goal is to be number one with the customer. "We try to develop approaches that work in that particular area." The company is constantly working towards understanding the customers' needs and attempting to satisfy those requirements, he said.

GE places a huge amount of importance on investment in people, he said.

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