India inc cautiously optimistic on India's eco revival: PHDCCI

NEW DELHI: India Inc divided on the chances of revival of the country's economic growth in 2009-10 as about half of them do not see any recovery, while the rest are optimistic of growth picking up in the first six months of the fiscal, an industry survey said.

India Inc is cautiously optimistic about the chances of a substantial economic recovery in this financial year, PHDCCI said in its study.

"Around 52 per cent are not hopeful of an economic revival in 2009-10, while around 48 per cent of the respondents feel that a revival in the economy could be expected during the first half," it said.

The chamber has based its findings on responses from 240 industrial units.

Prime Minister's Economic Advisory Council (PMEAC) has said it expects the country's economy to grow at over seven per cent in the current fiscal as it has already started showing signs of recovery.

Despite three stimulus packages announced by the government, the Indian economy grew by 5.3 per cent in the third quarter of the last fiscal, its lowest rate in over five years, against a whopping 8.9 per cent a year ago.

PHDCCI said that over 35 per cent of the firms surveyed anticipate a negative growth in their business.