May 5, 2011 7:12:50 pm
Executives across the world perceive India as one of the most important countries for future growth and a key source for products and raw materials,says a survey by global consultancy firm PwC.
According to the PricewaterhouseCoopers (PWC) 14th Annual Global CEO Survey,which covered 1,201 chief executives in 69 countries,India remains a key area of importance.
India was named by 18 per cent of CEOs as the most important country for future growth,trailing only China (39 per cent of CEOs),the United States (21 per cent) and Brazil (19 per cent).
“The international attention should come as no surprise. India grew faster than 5 per cent per year in the crisis years of 2008 and 2009,and was the 10th fastest growing economy from 2006-2010,” PwC India Chairman Deepak Kapoor said.
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The survey further said that India,along with China and the US,was seen as the most important future source for products and raw materials.
“India is no longer ‘the world’s call centre’,as some had taken to calling it; it’s a key market and supplier,and a vital source for talent,knowledge and innovation,” Kapoor added.
Meanwhile,the survey which covered 60 Indian CEOs found that Indian executives were either ‘somewhat confident’ or ‘very confident’ about their company’s prospects for revenue growth over the next 12 months.
Indian CEOs are also upbeat about their domestic market. As many as 80 per cent of the see India as having high potential for growth,versus 37 per cent of global CEOs of their respective home markets.
“A few years ago,India-based multinationals spent a lot of time selling in overseas markets. Now,with the strength of India’s economy in spite of the global recession,they’re spending time closer to home,” Kapoor said.
China was named by half of the polled Indian CEOs as one of their top three growth markets. While developed markets such as Germany,Japan and the United States were viewed as important,Indian CEOs also stressed emerging economies such as Brazil,Indonesia,Vietnam and South Africa as key destinations,PwC said.
A majority of respondents believe that Poor countries such as India can also benefit from public-private partnerships,where 88 per cent of CEOs responded that the inadequacy of basic infrastructure was a threat to growth.
The Indian government aims to increase investment in infrastructure to more than 9 per cent of GDP by 2012.
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