Small and medium-sized enterprises (SMEs) with operations in India are optimistic that its economy is on the brink of lift-off, even as the rest of Asia remains mired in a slowdown.
Oil and gas equipment supplier Chase Resource Management, for instance, sees India as a bright spot amid the downbeat oil market.
The company set up its India office in 2008 “as a back office to support the business”, said Director Jayanthi Manian.
But its operations have since expanded substantially, and 60 per cent to 70 per cent of the company’s business is now churned through India.
“There is still a lot of (oil and gas) work happening on the east coast, and a lot of tenders that we have been bidding for and winning,” said Manian.
“It is not as bad as the market elsewhere in Asia.”
The company, which has about 20 employees in its Mumbai office, also hopes to start supplying its products to more sectors, such as infrastructure, water and waste management, and renewable energy.
“India is an interesting market and shaping up well for us… We are open to teaming up with other Singapore companies keen on the infrastructure sector there,” added Manian.
Source: The Straits Times
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