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Journalism of Courage
Indian executives are the most confident about the short-term economic prospects of their respective countries and industries, at a time when globally business managers are losing confidence, reveals a McKinsey global survey.
The consultancy’s global confidence index has fallen by 11 per cent since January 2004, according to a poll carried out among more than 9,300 businesspeople from 130 countries. A recent World bank too had concluded that global recovery had peaked.
While this is most evident among executives in the Asia-Pacific’s developed nations like Japan and South Korea, over 80 per cent of Indian businesspeople polled said their country’s economy was better than what it was six months ago. The same proportions also believed that conditions would improve six months forward and 74 per cent saw better prospects for their own industry.
In general, executives from developing ecopnomies were the most upbeat about their countries and industry’s prospects.
Globally, over 65 per cent of IT and telecom executives polled said they expected substantially or moderately better prospects in the next six months for their industries.
In India, consumer products, IT and telecommunications were seen as the industries with the highest growth potential in the next five years, the report said. While Indian business leaders were more focussed on growth in the domestic market, the US was still seen as the most important external market.
While 43 per cent of global respondents said the workforce in their company was likely to remain stable over the next half year, 37 per cent expect to hire workers. In comparison, over 66 per cent of Indian managers polled said they had plans to hire more employees.
Koizumi visit to boost Indo-Japan co-operation
NEW DELHI: Ahead of Japanese PM Junichiro Koizumi’s visit to India on April 28, business chambers have called for greater bilateral co-operation in the private sector and in various economic fields between the two Asian countries. They have identified IT & ITES, biotechnology, HR development, agriculture, financial services, tourism and environment, for future collaboration. According to a paper titled India-Japan: The Road Ahead, prepared by CII, 45 pc of Japan’s global trade is with Asia. However, India’s share is a meagre 1 pc. The CII paper has observed that as a destination for India’s exports, Japan’s share has been declining. — ENS
