General Electric
General Electric expects a double-digit percentage growth in demand from emerging markets.REUTERS

Industrial equipment giant General Electric is expecting a double-digit percentage growth in demand from emerging markets, which will be the company's "huge engine" of growth in the foreseeable future.

Reuters, citing John Rice, vice chairman and president of GE's global growth organisation, reported that the company should see double-digit percentage increases in orders in developing countries.

"We should continue to grow at double-digit rates in those growth markets, even with a global economy that's kind of inching along," Rice said.

"We think that there is still a significant pent-up demand for infrastructure."

Rice specially pointed out sub-Saharan Africa and India as regions with great potential.

Despite its wide presence across the globe, GE has been unable to capitalise on the rising infrastructure needs in India. However, India's new government and the acquisition of certain assets of France's Alstom, which has a significant presence in India, could be game changer for the company, according to Rice.

The new government in India under Narendra Modi has earlier vowed to build world-class infrastructure in the country under public-private partnerships, in order to boost its economic growth.

GE is currently focussing on industrial products such as jet engines, power turbines and oil and gas equipment, while shrinking its finance business and divesting non-core units such as appliances.

As a prime infrastructure company, GE is looking to continue its acquisitions, but on a selective basis.

"We're going to look for selective opportunities in our other businesses, and oil & gas is a place where we've said we would spend more, but it will be on a selective basis," Rice said.