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Growth in India highest across the globe: Honeywell

With $1 billion domestic sales and exports and 15 per cent growth annually, India tops the chart for US-based multinational conglomerate Honeywell International, says a top company official.

Growth in India highest across the globe: Honeywell
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A $40 billion company, Honeywell last year registered a growth of six per cent in organic sales globally.

“In India, we are actually growing at two times the rate of GDP growth. Our goal is to grow 2-3 times the GDP growth rate. We feel very confident that we will be able to achieve it,” said Akshay Bellare, VP-GM, Honeywell Technology Solutions, India.

The company is going aggressive on developing smart products as these are driving higher growth for it. “This is a topic that goes all the way up to our CEO. He is tracking performance of ‘India for India’ products because it is an important growth driver for us as a company,” he added.

Honeywell, which began the transformation to be a software industrial leader two years ago, is revamping legacy products to make them smart and connected.

“We have an unmatched ability to combine advanced software with great physical products to provide value to our customers across verticals,” Bellare noted.

Honeywell is focusing on emerging technologies like AI, Machine Learning (ML) and Blockchain.

A reflection of this focus is also showing in Honeywell’s overall performance. “While historically, our growth was similar to most industrial companies, in the last three quarters, we are registering about 5-6 pc growth. This extra boost is coming from all the software offerings,” Bellare emphasised.

Bellare believes India’s contribution to Honeywell’s global operations is much more than sales. “We have 7,000 engineers in India out of a global engineering team of 23,000. So, almost one-third of our engineering and technology function is based out of India. A significant portion of Honeywell’s growth is from new products and a large part of the engineering work being done in India,” the executive said.

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