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Indian businessmen most confident

According to an IBR survey, Indians are most optimistic about their growth.

india Updated: Jan 12, 2007 13:04 IST

With robust domestic economic growth and growing acceptance of 'India story' on the global arena, Indian business owners have emerged as the most confident lot worldwide about the prospects of their economy for fourth year in running, a new study shows.

Besides higher level of confidence in the overall economy, Indian business owners are most optimistic globally about growth of their business turnover as well, according to an International Business Report (IBR) survey published on Friday by Grant Thornton International.

Asian business owners continue to be the most confident in the world with India, Philippines, China and Singapore, taking the top four positions in the IBR survey.

"It is remarkable to note the jump in confidence over the Indian economy among Indian business owners," Grant Thornton India Partner & Director- International Business Vishesh Chandiok said.

"For the fourth consecutive year, Indian business owners are the most optimistic among over 7,000 others in 32 countries globally," he said.

This business confidence of Indian business owners that is marking the steady stream of global acquisitions by large and medium Indian corporates.

"The inflow of foreign investment, both in terms of FDI and FII, as a result of confidence in the Indian economy is bringing a transformation in several sectors and has resulted in making Indian industry globally competitive," Chandiok said.

Meanwhile, for the first time in five years business owners in the EU have surpassed their US counterparts in the confidence league, the study shows.
The findings reflect the growing confidence of EU economies in the past year, in particular Germany, France and Italy.

Overall, the IBR shows businesses in 29 out of 32 countries surveyed are optimistic about their economy's performance in 2007 with 24 being more optimistic than last year.

By contrast, Turkey has shown a massive drop in optimism in the past year with confidence ratio - the optimism/pessimism balance - dropping from 58 per cent to zero, probably reflecting frustrations it has faced in its negotiations to join the EU, the study says.