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With strong economic growth, a majority of Indian businesses are increasingly optimistic about their prospects, according to a new survey.
Almost all Indian respondents at 97 per cent reported confidence in the domestic economy, according to the global trade survey HSBC Navigator.
Key drivers
The three key drivers of growth of trade for Indian firms, according to the survey, are greater use of technology (41 per cent), increasing demand for their products (34 per cent), and growth of e-commerce (33 per cent). As many as 96 per cent of the respondents also had a positive outlook on the global trade environment, compared to the global average of 78 per cent.
“And a similar share believe that they are well placed to succeed in the current international trading environment,” HSBC said in a statement on Friday.
However, concerns over protectionism were also present and 81 per cent of respondents reported that governments in foreign markets were becoming more protectionist, which was far above the global average of 63 per cent.
The survey data also reveals that while the top three trading partners for Indian firms now are the US, the UK and China, going forward, they expect that key markets for their expansion will be the US, Australia and Canada.
The global survey was compiled from responses by decision-makers at over 8,650 businesses in 34 markets. In India, 350 businesses were surveyed.
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