95 percent Indian firms abroad to expand in next 2 years
Friday, 09 July 2010, 14:23 IST
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95 percent Indian firms abroad to expand in next 2 years
Mumbai: Undettered by global economic uncertainties, 95 percent mid-sized Indian companies abroad plan to expand their international business in the next two years, a report said. Despite the global economic turmoil, 93 percent of the Indian mid-sized companies, which do international business, saw growth in revenues from their overseas business, shows a HSBC survey. It added that 95 percent of the companies with global footprint plan to expand their current international business in the next two years. In global expansion plans, India's 95 percent is the highest in the world against the global average of 74 percent, the report said. "These findings reaffirm our focus to support internationally minded corporates by enhancing visibility of market opportunities and help them overcome the challenges they face in overseas markets," HSBC India, Commercial Banking Managing Director Puneet Chaddha said. The survey covered mid-size companies with an annual turnover of $5 million to $1 billion. According to the study 63 percent of the Indian firms surveyed do international business. Interestingly, almost 50 percent of them have reported that their revenues from abroad have grown faster than domestic revenues in the past 12months. While 69 percent of the firms saw their international business growing faster or at the same pace as their domestic business, the report said. Globally 90 percent companies saw a growth in their international business with UAE and China leading with 95 per cent of their companies recording growth. The report said that the top international locations where mid-size Indian companies are currently conducting business are the U.S. with 36 percent of the total global exposure, followed by the UK, 25 percent, the UAE 24, percent and China, 19 percent. China, which was ranked fourth, is otherwise ranked second after the U.S. as one of the top global locations for doing business, followed by Germany, UK and Japan, the survey said. World over, mid-size corporates cited the complexities of international markets as the main barrier in doing business. However, in India, majority of companies said that dealing in foreign currency, local regulations, legal complexities and financing are the key hurdles in doing international business, the report said.
Source: PTI
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