India rises to second spot on global business optimism index: IBR Report
Posted on:07 Nov 2016 18:02:33
07 November 2016 Current Affairs GK: Grant Thornton released its International Business Report 2016. The report ranks India at the second position on the global business optimism index during the third quarter (July-September 2016).
During the April-June 2016 period, India was ranked at the third position after being on top for two consecutive quarters.
Indonesia took the top spot, with the Philippines coming in third.
Highlights for India : The report says, the improvement in the optimism ranking in the recent past clearly reflects that the reform agenda of the government and its efforts on improving the climate for doing business are having an impact.It says that the ranking rides on the recent policy reforms and Goods and Services tax (GST), which is expected to become reality soon.
The ranking was also complimented by the rise of employment expectations.India came into light in the global economy due to the programmes and initiatives along with its focus on building relationships with all major economic powers.
About 59 per cent of the respondents have voted in favour ofthe growth prospects.
In terms of revenue expectations, India slipped to third position from top in the previous quarter. In context of revenue, about 85 percent respondents have voted in favour of increase in revenue.
The report says that there are still concerns around creating jobs for the millions of young people entering the workforce every year and the issue of corruption.
International Business Report (IBR) was prepared on the basis of a quarterly conducted global business survey of 2500 businesses across 36 economies.
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