Philips eyes strong double-digit growth as India nears top-five market spot

Philips is expecting double-digit growth in the short to mid-term in India, a "key market" for the Dutch multinational, a top company official said on Tuesday

India has the potential to come into its top five markets over the next five years, helped by the double-digit CAGR growth here, said Vidyut Kaul, Head of Personal Health, Philips Growth Region (JAPAC, ISC, META & LATAM).

The company is encouraging domestic sourcing not only for the local markets but also for its global markets, he added. "We have committed to India being the key market, and we have been both for personal health products as well as our med tech products. We do a lot of sourcing out of India. So, that continues with the ambition. So, we continue to look at opportunities to scale back," Kaul told PTI.