Return Of 'Feel Good Factor' For Indian Economy

"The prime minister's foreign visits have brought in a qualitative change in the way our economic diplomacy is being pursued. Our missions abroad are much more aligned with the economic priorities while our efforts in Yemen crisis and Nepal earthquakes have come for great appreciation," Rawat added.

Another industry captain, A. Didar Singh, secretary general of the Federation of Indian Chambers of Commerce and Industry (FICCI), told IANS that the business confidence continued to be high and the investor community had begun gearing up to tap the huge potential of the economy.

"India today is in a far better situation than it was a year ago," Singh said.

"The GDP growth has improved, advance estimates for the current fiscal are higher at 7.4 per cent as against 6.9 per cent for fiscal 2014.

Industrial growth is slowly picking up. Major improvement has taken place with respect to inflation. Foreign direct investment inflows have seen 44 per cent surge during May 2014 to February 2015," he said.

"The policy direction set by the Modi government has definitely improved business sentiments. The government has given a huge impetus to infrastructure activities and taken several steps to revive the growth of the economy," he added.

As pointed out by Atsi Sheth, senior vice-president of ratings Agency Moody's, which had warned India of a downgrade some 18 months ago -- a move that would have been a major blow to India and would have rendered junk status to the country's bonds -- there has been much push on the policy initiatives, which is positive for growth, even though the pace has slow and uneven.

"But this pace is in line with what we at Moody's anticipated, given the diverse interests within India's polity and economy," Sheth told IANS.

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