Indian SMEs are most optimistic of economic recovery: Study

MUMBAI: Indian small and medium enterprises (SMEs) are most optimistic of economic recovery this year amongst other countries in Asia, a study has found.

The Indian SMEs expect growth to come from IT, building and construction, healthcare, pharmaceuticals, manufacturing and auto, according to a study by UPS Jetair Express.

"This year's survey reveals that SMEs in India have more positive outlook towards their development and business prospects than their regional counterparts," UPS APAC president Derek Woodward said in a release.

Though Indian SMEs are more optimistic than their regional counterparts on growth this year, but their trade outlook has fallen.

However, trade within the Asia Pacific remains the strongest at 48 per cent compared to 69 per cent last year, the study found.

"While external trade has fallen, India's domestic market continues to grow, so the impact of the economy affects businesses differently, depending on where their key markets are," UPS Jetair India MD Pirojshaw Sarkari said.

Indian businesses are known to be resilient and resourceful, he said. "We expect them to bounce back quickly when the economy recovers," he said.