Earlier this week Siemens announced it was laying off more than 2,000 German workers, but now it turns out that it is actually hiring 8,000 Indians.

Siemens, said it would invest $346 million in India over three years. The German outfit already hires 25,000 in India, but insists that this is not a move to shift production to low-cost countries.

Chief Executive Peter Loescher said it was taking advantage of the Indian growth opportunity, we're adding specifically tailored products for the local market.

Siemens cut 2,000 jobs in Germany claiming that it was suffering from falling demand for its products.