Indian CFOs are bullish on the domestic market and are the most optimistic towards indigenous economic expansion among global peers, says a new American Express Survey.

Uncertainties in the global economic and political scenarios are also prompting Indian chief financial officers (CFOs) to stick to domestic and nearby markets, says the survey, which took responses from 30 senior finance executives with companies with annual turnover of $500 million or more located in India.

“Indian CFOs are bullish about the domestic market even though the level of optimism among Indians has seen some dip as compared to last year. Nearly 86 per cent of those surveyed expect the Indian economy to further grow in the next one year,” Saru Kaushal, Country Business Head, Global Corporate Payments, American Express, told BusinessLine .

Most CFOs surveyed see Indian economic growth outpacing the current fiscal’s performance.

This survey — part of the ninth annual global business and economic outlook survey — showed that Indian executives plan to focus more on expansion of activities at the home turf in the next one year, Kaushal said.

Around 77 per cent executives are planning to expand activities such as sourcing, distribution and production among others for their businesses within India

Despite the increased caution due to economic and political uncertainties among executives, they are still positive about their companies’ plans to increase spending and investment, she added.

As many as 28 per cent executives are planning aggressive spending and investment to boost top line revenue. About 66 per cent are looking at moderate spending and investment to support top line growth while improving profitability.

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