Optimism Among Phbs On The Rise
confidence, particularly among SMEs in India, which dropped sharply during the recessionary period
, is now rising back again. Signs of global economic improvement have boosted positive sentiment among small businesses not only in India but also globally.According to a recent study by Grant Thornton, a global consulting firm, about 70% of the companies surveyed in India, including small businesses, are bullish about witnessing enhanced growth in the coming days.
Optimism going upward
According to the International Report (IBR) findings, which surveyed about 7,400 privately held businesses (PHBs) in 36 economies, the level of optimism about witnessing positive business growth stood at over 70% in countries such as India, Australia, Chile, Vietnam and Brazil. Although India has lost its top slot, which it occupied in the business confidence index for long, it managed to get the second position after Chile.
Emergence of green shoots in some key sectors, including resurgence in export sector growth in the last few months, has made SMEs in India hopeful that the economy is finally coming back on track, said Vikas Goyal, senior analyst at Ambuj Research, a small-sized investment advisory firm in Kolkata.
Forecasts of a grim 2009-10 and a long recessionary period have failed to dent the buoyancy of the SME sector in India. Government-backed measures such as extension of stimulus packages, tax sops and improved access to loans in wake of the global economic slowdown helped small units to survive the challenging times and adopt an optimistic outlook for the coming years.
Initiatives undertaken by the government during the global financial turmoil have played a crucial role in enabling SMEs weather the recessionary storm, said Hemant Ajmera, proprietor of Marble Kingdom, a small-sized marble exporting unit in Chennai.
However, as per survey findings, most Indian PHBs, including SMEs, expect the market to witness a significant upward growth only by the second half of 2010 or early 2011.
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