New Delhi, March 11 -- When Sunil Mathur was given a five-year extension two years ago, Siemens in India was already a compelling story. Today, with three years still left on his clock, the narrative has shifted from promise to proof.

The numbers speak plainly: revenues doubled at Siemens Ltd, as the Indian unit of the German conglomerate is named, margins tripled, the share price is up 380% over five years, and India is now ranked the fourth-largest country in Siemens AG's €78.9 billion ( Rs.8.44 trillion) universe and, like several other MNCs, is its fastest-growing market.

And now, after years of waiting, the one missing ingredient in India may finally be arriving for Siemens. The government's reductions in income tax and good ...