Cisco to invest $100 millions in India; to train over 250,000 students
Posted on:21 Mar 2016 14:47:08
21 March 2016 Current Affairs GK: Joining the league of global technology giants who are making a beeline to invest into and nurture the booming India startup ecosystem, US networking major Cisco has committed $100 million over the next 18 to 24 months. The series of investments will include $40 million that will be used to fund early-stage and growth-stage companies in the country, and train around 250,000 students by 2020. The rest of the funds will go towards opening six new innovation labs and three centres of expertise, apart from collaborating with universities and making other investments for skill development, Cisco announced on Friday in the presence of its executive chairman John Chambers. Cisco will collaborate closely with state governments on strategic initiatives, it said. "India is well positioned to lead in digitisation," said Chambers. India may have been slow to adopt technology but it is leapfrogging now as compared to other Asian countries, he said. "The entire economy is burgeoning because of digital economy," said Chambers who met Prime Minister Narendra Modi. He praised the government's flagship projects of Make in India, Digital India and Start up India.Dinesh Malkani, president at Cisco India and SAARC, said the company has expertise in areas such as security, cloud, and the Internet of Things which it can lend to emerging companies. "There is a lot of scope for development in IP driven technology software companies in India.The $143-billion firm has over 10,000 people in India. It is also setting up a manufacturing base in Pune to locally make products to "support the Digital India vision" and aims to eventually make it an export hub. Regulators and law makers have to understand that the decisions that they make today can't be the decisions that they would have made few years ago... They have to be educated about the implications and eventual fallouts... Governments and regulators and industry will have to come together and work together on this," he said. Several technology majors are investing in India.In February this year, Oracle global chief Safra Catz announced a $400 million expansion of their India facility, a host of incubation centres for startups and an extensive training programme to groom young talent in the country.
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