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Competition to grow for Indian biz: E&Y

Competition among Indian firms is set to intensify over the next two years as businesses are expected to focus on strategies to grab a larger market share, a survey by consulting firm Ernst and Young (E&Y) said on Wednesday. HT reports.

business Updated: Dec 29, 2010 23:44 IST

Competition among Indian firms is set to intensify over the next two years as businesses are expected to focus on strategies to grab a larger market share, a survey by consulting firm Ernst and Young (E&Y) said on Wednesday.

Competing for Growth surveyed 1,400 executives around the world, 56 of whom were Indians.

As much as 95 % of the Indian respondents said their market will be more competitive over the next two years while globally, 85% believed the same.

“With over 8.5% growth, India continues to offer enormous potential. It is getting competitive, particularly on key aspects such as building market share and accessing talent,” said Farokh Balsara, partner and national leader, markets, E&Y India.

The results also showed that the next two years will see a more intense focus on growth, with respondents reporting that markets are more varied and volatile than before the crisis.

Executives expected competitiveness to increase the most in emerging markets, as companies from developed markets enter and local players intensify focus.

Half of the Indian respondents cited existing players from emerging markets and 38% cited new players from developed markets as the most prominent factors driving increased market competitiveness.