India's economic confidence revives: Study

Written By Unknown on Jumat, 06 Desember 2013 | 22.23

MUMBAI: India's economic confidence has revived substantially due to healthy farm output, a sharp boost in exports and narrowing of current account deficit, according to a report by global research firm Ipsos.

The study says India's economic confidence jumped sharply by 11 points to 51% in November compared to October 2013. India now stands as 7th most economically confident country in the world after Saudi Arabia, Germany, Sweden, Canada, China, and Australia.

"Indian economy has bottomed out after a two-year slump and it is likely to see a positive growth trend from here on with positive indicators like narrowing CAD, revival of exports, growth of manufacturing sector and increasing investor confidence," said Mick Gordon, CEO, Ipsos in India.

"Good Monsoon resulted in bumper crop output, which in turn generated rural demand for goods such as tractors, motorcycles and consumer goods leading to growth of manufacturing sector," he said.

Three in ten (32%) Indians believe that the local economy which impacts their personal finance is good, a health increase of 5 points. Indians are very hopeful about stability and growth in future with general election in the first half of 2014; four in ten (42%) people expects that the economy in their local area will be stronger in next six months, a marginal increase by 1 point.


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