Breaking News

You are here » Indian-Commodity  :  Economy  :  India tumbles to 7th spot in Grant Thornton business optimism ranking

09-Nov2017

India tumbles to 7th spot in Grant Thornton business optimism ranking

Grant Thornton in its latest International Business Report (IBR), a quarterly global business survey, has said that India slipped to the 7th position in the September quarter from the 2nd spot in the previous three months in its 'business optimism index', showing clear signs of lag in the economy. According to the survey report, Indonesia is at the top, followed by Finland (2nd), the Netherlands (3rd), Philippines (4th), Austria (5th) and Nigeria (6th).

According to the report, Indian businesses have expressed low confidence over revenue expectations in the next 12 months. They also saw a drastic fall in confidence for profitability with 54 percent showing optimism as against 69 percent in the last quarter. Other parameters like expectations of increase in selling prices and exports have also suffered a slight fall in optimism in the quarter. However, Indian businesses remained optimistic about increase in employment as 54 percent respondents expressed the need to increase hiring in the next 12 months, a three- point rise from June quarter. Other areas where the optimism remained intact were investment in plant and machinery and Research & Development (R&D).

The report further stated that India tops the chart in citing regulations and red tape and lack of ICT infrastructure as the biggest growth constraints with 69 percent and 46 percent voting for it respectively. Indian businesses also identified shortage of finance and lack of skilled workforce as pain points of India Inc taking the 2nd and the 3rd spot respectively. But, the Government actions and reforms coupled with the significant jump in 'Ease of Doing Business Rankings' should bring back optimism in Indian Business in the next few quarters.


Related News

View all news

CPI inflation hits 6-month high of 2.92% in April

India's retail inflation based on Consumer Price Index (CPI) continued northward journey for third straight month and inched up to a 6-month high of 2.92% in April 2019 due to a spike in food prices, including......

Indian economy to grow at 7% range in current fiscal: Subramanian

Chief Economic Advisor (CEA) Krishnamurthy V. Subramanian has said  that the Indian economy would grow at 7% range in the current financial year (FY20) powered by the effects of the strong structural......

Banks take 57% haircut in 94 cases resolved in FY19: ASSOCHAM-CRISIL study

A joint study carried out by the industry body Associated Chambers of Commerce & Industry of India (ASSOCHAM) and rating agency CRISIL stated that banks have taken a huge 57% haircut in the 94......

Top News

View all news

SRF, NIIT Technologies and United Bank of India to see some action today

SRF has entered into a definitive agreement to sell its Engineering Plastics Business to DSM, the Life Sciences and Materials Sciences Company in an all-cash transaction, amounting to Rs 320 crore. The......

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......