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Pvt. sector shrugs off negative reports to show world’s most bubbling optimism |
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20/08/2008 |
| Soaring inflation and global recessionary trends notwithstanding, India has emerged as the most optimistic economy with a majority in the private sector upbeat about their prospects for next year.
According to a recent report prepared by the advisory firm, Grant Thornton India, "Despite the global recessionary trends, mounting inflation and prospects of elections in the near future, privately-held businesses (PHBs) in India have shown the highest level of optimism about their prospects for next year.
"With an overall optimism/pessimism balance of +95 per cent, the Philippines has joined India at the top for the first time, while Japan has remained at the bottom this year with a balance of -49 per cent", the advisory firm notes.
Further, the optimism for exports this year, at 37 per cent, is also above the global average of 18 per cent.
"PHBs in India are less optimistic about their revenue prospects in 2008 (+84 per cent), as compared to 2007 (+92 per cent). However, their levels of optimism regarding revenue performance are well above the global average of +63 per cent", Grant Thornton India’s National Markets Leader, Mr Monish Chatrath, points out.
The report has examined the attitudes, plans and trends of 7,800 PHBs in 34 economies. For India, the advisory firm has looked at key issues that PHBs need to manage to survive the economic downturn.
In terms of advantages, 81 per cent PHBs feel that their brand strength is the "greatest source of competitive advantage", which is much higher than the global business average of 58 per cent.
Also, about 75 per cent find their workforce skills and innovation to be their source of competitive advantage, much higher than the global average of 55 per cent and 46 per cent, respectively.
The Country Focus International Business Report 2008 states that India’s expected employment growth is pegged at 74 per cent, as against the global forecast of 33 per cent. |
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