India Inc is upbeat on the country's economy as it projects growth in the range of 6-7 per cent this fiscal but slackening global demand remains a major concern for the community,a CII survey said. The industry optimism was also expressed in the Business Confidence Index that rose 7.4 points to 66.1 points for October-March 2009-10,compared to a 2.4 points increase during the first half of the fiscal,according to the survey. "The sharp rise in the index reflects better prospects for the coming six months and indicate the economy has indeed bottomed out," CII Director General Chandrajit Banerjee said. However,an uncertain global economic outlook and slackening consumer demand still remain among the major concerns for the business community,he said. The CII's bi-annual Business Outlook Survey also said the economic recovery is at nascent stages and do not yet suggest any clear trend. Eighty per cent of the 450 respondents felt it is only in the second half of 2009-10 and beyond,that economy would witness a turnaround and begin returning to normal growth. "54 per cent of the respondents expect GDP growth for 2009-10 to range between 6-7 per cent. On inflation,82 per cent.expect inflation to be below 5 per cent," it said.
