Indian cos optimistic about their growth prospects: HSBC
Indian businesses have the second most optimistic outlook after Indonesia, as almost nine in ten (89 per cent) Indian firms expect to grow over the next two years, says an HSBC survey.
New Delhi: Indian businesses have the second most optimistic outlook after Indonesia, as almost nine in ten (89 per cent) Indian firms expect to grow over the next two years, says an HSBC survey.
The survey on more than 2,500 companies across 14 markets in the world showed that businesses in India are very optimistic about their growth prospects, despite subdued macro-economic conditions.
In the last fiscal, Indian economy grew at a 5-year low pace of 6.8 per cent. The survey showed that Indian businesses have the greatest investment appetite across the 14 markets, and none mentioned any plans to decrease their level of investment.
Moreover, just like Indonesia, the UK, the US and Mexico, Indian businesses are more likely to fund from their existing profits.
Indian businesses, second only to Indonesia, intend to invest in activities ranging from skills and training to selling more products/ services online, enhancing customer experience and on research/innovation and sustainability.
"The strength of the Indian economy and its demographic potential offer multiple opportunities for growth.
We believe that innovation as well as effective utilisation of technology, will be critical in driving the next phase of growth for Indian businesses," said Rajat Verma, Head of Commercial Banking, HSBC India.
Besides being hopeful about the growth prospects, more than three quarters (77 per cent) of Indian firms are more optimistic than they were a year ago, the survey noted.