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Bangalore, June 13 In a ‘Perception Survey’, commissioned by the All India Management Association, though 75 per cent Indian mid-level managers believe that the world economy has had a limited impact on the country’s economy, almost 35 per cent of those surveyed also believe that the economic recovery in India and rest of the world will not be too spaced out — which reflects the fact that Indian economy is not isolated from the global market.

Besides the US, BRIC countries, especially India and China, will be the primary growth drivers in the global recovery, the report says. Corporate India is optimistic about the economic situation and believes that the situation will improve in the next 18 months.

The survey highlights the voice of 450 mid-level managers of the Indian corporate structure, across MNCs, private companies and public sector companies in all the major metros of the country — New Delhi, Mumbai, Chennai, Kolkata, Hyderabad, Bangalore, Pune and Ahmedabad.

Key Highlights:

*Among the Indian managers surveyed, only about one per cent was very pessimistic about the overall economic scenario.

*The lowest optimism was found among managers in the automotive and BFSI sectors, who were clearly affected by the US auto industry and other manufacturers across the globe, according to the survey. However, IT/ITeS managers believe the situation is clearly worse globally, compared to India.

*Commenting on the recovery period, though the global economy has been given about 18 months’ time, the Indian recovery is not set too far away from this period, say managers. This only highlights the fact that the Indian economy is completely isolated from the global economy.

*On the economy’s response to combat the slowdown, almost half the managers (47 per cent) believe that organisations have cut down on their operational expenses and almost a third said that there has been a reduction in benefits. While layoffs are being cited only in 17 per cent cases, 56 per cent feel that the biggest HR impact on Corporate India has been the freeze on hiring.

*On the other hand there has been no impact on employee benefits or HR costs in PSUs.

*There has also been an impact on the consumer sentiment, thus driving down consumer expenditure with 38 per cent saying there’s a decrease in their household expenditure.

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