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India's businesses better-placed globally: Study
By siliconindia
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Friday, 13 July 2007, 19:30 IST
New Delhi: According to a study on medium to large privately held business around the world by Grant Thornton across 32 countries and 7,200 participants , India's business owners have amalgamated their position as "the most positive" regarding their country's prospects.
The global economy is enjoying its strongest and most sustained expansionary phase since the early 1970s, on course for its fifth year of vigorous growth. The report stated that the one of the reasons for the current expansion is that dependence on the U.S. to propel international growth is greatly reduced.
Asia's large dynamic economies are acting as a regional and global economic growth drivers. As per the report, this year even though the U.S. has encountered problems in the wake of its housing crisis; its growth is set to slow markedly and healthy global expansion can still continue.
India emerged the first in turnover, profitability and employment in key business performance. In selling price, India is ranked second after Botswana and third in investment in new buildings.
20 percent of business owners in India view financial constraints as less of a barrier to growth, particularly with regard to shortage of working capital unlike other emerging markets.
The report forecasts that a huge increase in spending on consumer durables and services such as travel as the BRIC (Brazil, Russia, India, China) economies enjoy income level equal to or higher then, the current U.S. level.