Millennium Post

India’s biz confidence slips in Q1 amid economic uncertainty

Global business confidence stayed constant, but slipped marginally in India in the April-June period of this year amid economic uncertainty, says a survey.

According to audit and advisory firm Grant Thornton's International Business Report (IBR), while global business optimism stood constant at 27 per cent, Indian confidence slipped marginally to 75 per cent in April-June from 78 per cent in January-March 2013.

Notwithstanding the relatively weak growth over the past 12 months, Indian businesses are the fifth most optimistic globally. Chile was the most optimistic country globally with 88 per cent of businesses being optimistic, followed by Peru (86 per cent) in the second place, United Arab Emirates (86 per cent, 3rd), Philippines (84 per cent, 4th) and India with (75 per cent, 5th). Around 46 per cent of Indian businesses cited economic uncertainty to be a major growth constraint, which means businesses are more likely to delay investment in machinery or their staff, and thus leading to slower growth or lower confidence levels.

The survey further noted that one-in-three respondents found accounting and money laundering frauds as a major concern for organisations in recent times, followed by bribery and corruption at 59 per cent.
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