John Chambers, executive chairman of Cisco, is betting big on the future of India, which is poised to become the manufacturing hub for Asia, and strongly suggested businesses to invest in the country for its rapid growth of innovation in the digital age. Chambers said the US-based networking equipment manufacturer will set up its first manufacturing plant in Pune.

At the CNN Business Forum 2016 conference in Mumbai on Sunday, Chambers said India is growing quickly in the digital era with several initiatives like Digital India, the Smart Cities Project, Start-Up India and Make in India in place.

The former CEO and the current executive chairman of Cisco applauded to India's growth in the auto industry and said other fields such as electronics, high-tech and pharmaceuticals will meet the same fate.

"India will become a country that will leapfrog your counterpart in global basis and India will be a country that no longer follows what others have done but leads in terms of innovation and leadership," Chambers said, according to the Economic Times.

Chambers also said that 40 percent of the non-tech companies failing to digitise will disappear in the next decade.

The company has invested heavily in the start-ups in India. Chambers said most jobs in the US and India will be created by start-ups, The Hindu reported. Cisco has invested in 25 start-ups in India so far.

"India also has a young population of 1.2 billion people and the current government is presenting an end-to-end strategy for future economic growth, which includes re-skilling people and initiatives like Make in India, Startup India and Digital India," Chambers said.