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71% of India Inc optimistic about economic recovery in 2021, higher than global average.

Date: 05-03-2021
Subject: 71% of India Inc optimistic about economic recovery in 2021, higher than global average
Around 71 percent of India Inc leaders are optimistic of an economic recovery in 2021, higher than the global average, said the report released by Grant Thornton International on March 4.

Globally, around 57 percent of the top business leaders are expecting an economic recovery this year, the study claimed.

The findings of bi-annual Grant Thornton report are based on the inputs received from business leaders in 29 economies, including the G-20 nations.

On the higher rate of optimisim in India, Grant Thornton Bharat CEO Vishesh C Chandiok said this could be attributed to the government's focus on 'Make in India' campaign.

"The government’s consistent push for ‘Make in India’ and rising interest from companies and governments across the globe in meeting their sourcing requirements from India will pave the way for robust exports," he said.

Among Indian businesses, the report claimed, 65 percent are expecting a growth in their exports in 2021. The expectation rate is way higher than the Asia-Pacific region, where 30 percent of businesses are hopeful of export growth, it added.

In North America and Europe, 46 percent and 24 percent of the surveyed business leaders predicted growth in exports this year, the Grant Thornton study claimed.

Notably, the report also found that 43 percent of businesses in India claimed to grow their exports by more than 5 percent in 2020, despite the onset of the COVID-19 pandemic.

"In our research, increasing investment in infrastructure and reduction in tax and compliance costs have been highlighted as key pillars of recovery," Livemint quoted Chandiok as saying.

He further noted that the government's announcements related to Aatmanirbhar Bharat (self-reliant India) campaign, followed by the Union Budget 2021 have provided the economy with a "big push".

The economic momentum needs to be sustained to expand growth over the next decade, Chandiok added.

The Grant Thornton report also claimed that 61 percent of Indian business leaders surveyed by them said "ease of access to capital" will help India emerge as a cost-competitive alternative to attract companies. Fifty-nine percent sought more simplification in tax and labour laws, and 55 percent called for further development in logistics and infrastructure, it added.


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