India most confident nation economically: Report

Tags: Economy
Formation of "business-friendly" government led by Narendra Modi has made India the most optimistic country economically, looking ahead six months, says a report.

As many as 60 per cent Indians surveyed have predicted that domestic economy would be stronger in the next six months, placing it at the top of the 25 nation-list compiled by global research firm Ipsos.

Besides, India's economic confidence shot up by 6 points to 66 per cent in May compared to the previous month, making it the fourth most economically confident country after Saudi Arabia, Germany and China.

Saudi Arabia led on the parameter with 87 per cent of its people surveyed being optimistic about their economy.

Canada was behind India at the fifth place with 65 per cent economically confident citizens.

"India's economic confidence has got a major boost primarily due to a landslide victory of the business-friendly government led by Narendra Modi, who has vowed to boost growth, control inflation and restore investor confidence," the Ipsos report said.

The survey conducted among 19,242 people in 25 countries, also found that Indians, for the first time, emerged at the top for being the most optimistic about the economic growth for the coming six months.

India is followed by Brazil at second rank, Saudi Arabia (3rd), Indonesia (4th) and China (5th), in this category.

"All the data points in the Ipsos report indicate India's economic confidence has shot up substantially, which is also corroborated by the fact that India's current account deficit has significantly eased, the currency has stabilised, inflation has substantially pulled back, stock market has had a dream run so far and corporate earnings are improving," Ipsos India CEO Mick Gordon said.

"However, recent high food inflation, conflict in oil-producing Iraq and the fear of a below normal monsoon is big challenge for the new government," Gordon added.

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