HSBC survey: Indian business optimistic towards their growth
Indian businesses stood at second position in an a business optimism outlook survey over their growth prospects over the next two financial years after Indonesia, according to a survey of HSBC.
Indian businesses stood at second position in an a business optimism outlook survey over their growth prospects over the next two financial years after Indonesia, according to a survey of HSBC. The survey shows that nine out of ten companies are hopeful and confident they will grow in next two years.
The 'Navigator: Made for the Future' survey was conducted in 14 markets in the world including Australia, Canada, mainland China, France, Germany, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore, UAE, UK and US in May 2019. It showed that businesses in India are very optimistic about their growth, in spite of gloomy conditions of macro-economic.
Here are the highlight of what survey showed :
- Indian economy grew at a 5-year low pace of 6.8 per cent in the last fiscal
-Indian businesses have the greatest investment appetite across the 14 markets and none mentioned any plans to decrease their level of investment.
-Indian businesses are likely to get fund from their existing profits like Indonesia, the UK, the US and Mexico.
- After Indonesia, Indian business is intended to invest in activities such as skills and training to selling more products, online servicing enhancing customer experience and on research/innovation and sustainability.
- The head of HSBC India Rajat Verma, said that Indian economy's strength and its demographic potential offers multiple opportunities to grow further. Its innovation as well as effective utilization of technology will be critical in driving the next phase of growth for Indian businesses.
-Survey showed that the 77 per cent of Indian companies are more optimistic in comparison to last year.
-Almost half of the exporters who expected to grow their businesses are looking at an increase of more than 5 per cent in exports.
-According to the survey, there is a shift to sustainable investing. A high proportion (59 per cent) of Indian businesses, second only to the level in mainland China (60 per cent), plans to increase their investment in sustainability.
-The survey noted that around 33 per cent of Indian business companies feel the need to become environmentally sustainable in order to recruit and retain the best people. This is the highest across all markets,"
-Artificial intelligence (AI), the internet and 5G technologies will provide the most opportunities for growth for Indian firms.