US-based diversified group Honeywell is likely to expand its business in India which is currently estimated at $75 million.
Speaking at the CII-CEO forum, David M Cote said: "I firmly believe that Honeywell must take advantage of the tremendous benefits of doing business in high opportunity markets, which provide us with significant opportunities to source and manufacture our products as well as develop new technologies and market our products and services to new customers."
Cote said the biggest challenge is growth in an environment of mediocre global economy.
Cote said Honeywell's aerospace business is facing many challenges. The automation and controls solutions business is currently dealing with weakness in capital spending and industrial production, while the specialty materials business has been affected by raw material costs, he said.
CII vice president and Hero Corporate Services MD Sunil Kant Munjal said India has great growth opportunities and at the same time strong challenges. He said India needs to move beyond the 5-6 per cent economic growth.
Munjal said while unemployment will become severe in India in the future, the developed countries are poised to face an employee shortage.
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