Dave Cote, Chief Executive Officer of the company said that Honeywell expects sales from India to grow to about 600 million dollars in 2009. This would represent a 'slight growth' over 2008 apart from increasing a higher employment in the country.
"We grew from $22 billion to $37 billion, India has played a major role in doing that. If we go back six to seven years ago we had 500 employees in India, today we are about 11,000," he added.
The company is collaborating with state-owned Hindustan Aeronautics Ltd (HAL) in India to produce aircraft engines, Honeywell said in a statement. It is also pursuing a programme to re-engine the Indian Air Force's strike aircraft Jaguar with its turbo fan engine.
Honeywell has manufacturing and engineering operations for its automation, turbocharger and refining businesses in India.
Earlier this week US president Barack Obama said he planned to scrap tax incentives that encourages American firms to ship job overseas. The proposal, if implemented, will hurt more US-based companies that have significant overseas operations. Cote expressed concern on Obama's statement.
"I get extremely worried when I hear any kind of discussion about protectionism in India, China, United States in Europe. It is the worst possible thing that can be done," said Cote.
The company, the world's largest maker of cockpit electronics, was one of several US industrial firms to report lower earnings and cut its 2009 profit forecast last month due to sharp economic downturn.