India Inc most optimistic about economy: Report
India Inc is the most optimistic around the world when it comes to their business outlook, unaffected by global credit crunch. Smart tax-saving strategies
By PTI |
NEW DELHI: India Inc is the most optimistic around the world when it comes to their business outlook, unaffected by global credit crunch and boosted by expectations of over 8 per cent growth of the domestic economy, says a new report.
Economic activity in 2008 is expected to proceed at a vigorous pace in the developing Asia, global consultancy firm Grant Thornton's international business report (IBR) said.
While China is likely to witness another year of double-digit growth, India is expected to grow at over 8 per cent, it stated.
"Indian businesses are buoyed by the ongoing success of their economy and their increasing integration into the world markets," Grant Thornton India National Markets Leader Monish Chatrath said.
Although, the optimism level in India is well above the global average, Indian businessmen are less positive than last year (dropping to +95 per cent from +97 last year), said the report, which tracks the attitudes and expectations of small and medium-sized businesses.
India's optimism relating to exports in 2008 has increased by 16 per cent. In contrast the global optimism on exports has risen marginally by two per cent.
Indian businesses are also relatively more upbeat about investments, with 61 per cent of the respondents feeling they would make new investments during the ensuing year.
Businesses across the world have shown resilience in the face of global financial turmoil. The annual report shows that despite the global financial crisis, 42 per cent of businesses across the globe are still optimistic about the economic outlook. This is only three percentage points lower than in 2007.
Economic activity in 2008 is expected to proceed at a vigorous pace in the developing Asia, global consultancy firm Grant Thornton's international business report (IBR) said.
While China is likely to witness another year of double-digit growth, India is expected to grow at over 8 per cent, it stated.
"Indian businesses are buoyed by the ongoing success of their economy and their increasing integration into the world markets," Grant Thornton India National Markets Leader Monish Chatrath said.
Although, the optimism level in India is well above the global average, Indian businessmen are less positive than last year (dropping to +95 per cent from +97 last year), said the report, which tracks the attitudes and expectations of small and medium-sized businesses.
India's optimism relating to exports in 2008 has increased by 16 per cent. In contrast the global optimism on exports has risen marginally by two per cent.
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Indian businesses are also relatively more upbeat about investments, with 61 per cent of the respondents feeling they would make new investments during the ensuing year.
Businesses across the world have shown resilience in the face of global financial turmoil. The annual report shows that despite the global financial crisis, 42 per cent of businesses across the globe are still optimistic about the economic outlook. This is only three percentage points lower than in 2007.
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