Global Ceos Head For India

MUMBAI: India's significance as an emerging market is growing steadily with more global CEOs flying into the country to review operations and look at growth opportunities. While the trickle used to start closer to the winters, this year it seems to have picked up pace early. The latest to join the list is GlaxoSmithKline CEO, Andrew Witty who will be in Mumbai on September 26 for a two-day visit.

Around the same time the top leadership team of GE, including CEO Jeff Immelt, top bosses of Tokio Marine Holdings, Shuzo Sumi, and EMA Partners International, James Douglas, would also be flying down, while that of German giant Siemens Peter Loescher and Reckitt Benckiser, Rakesh Kapoor are already here. Other top bosses like that of Walt Disney and ANZ Grindlays were also on a visit here recently.

Sources said Witty will hold a review of the domestic company's operations and discuss future plans of the subsidiary. GSK India has 4.2% share of the Rs 60,000 crore organized retail market, and grew around 8% in August ( IMS Health). Overall, the pharma market had a growth of around 16%. One of the top products of the company, antibiotic drug Augmentin is the largest selling retail brand with sales of around Rs 240-odd crore. The company is ranked fourth in terms of market share and has been posting a strong growth over the last couple of years. In an attempt to improve access to medicine, Witty has been making key changes in the company's strategy, and `tier pricing' policy in developing countries like India is a step in this direction.

India is becoming a key driver for global companies, with its growing domestic market, steady growth rate and burgeoning middle class.

Emerging economies like China, Russia, Brazil and India are attractive to global companies across sectors as most developed markets are stagnant. As against this, emerging markets, particularly for pharma, are growing at a faster rate, mostly double-digit.

Not just the global CEOs, even celebrity Paris Hilton is in India this weekend to get a piece of the growing luxury market, and launch her exclusive line. Other CEOs slated to visit later this year include Jeffrey Joerres of Manpower group, and Ben J Verwaayen of Alcatel-Lucent France.