HSBC Trade Confidence Index for India stood at the highest -- 142 points, followed by UAE (132 points) and Indonesia (127 points)
Despite subdued economic growth, India has elicited a vote of trust from businesses worldwide, in a HSBC survey.
The HSBC Trade Confidence Index puts India at the highest spot, 142 points, followed by UAE (132 points) and Indonesia (127 points).
"The HSBC Trade Confidence Index reports a positive outlook for world trade prospects over the next six months, as companies expect demand to increase," said the HSBC Global Connections Report.
Armed with growing demand because of its population, India offers a huge market for consumption goods, the report said. "Despite its recent slowdown, the economic promise of India remains substantial, with the growing population and nascent domestic middle class generating a burgeoning market for consumption goods."
This, it said, signals that businesses are generally confident about trade prospects in the country.
The report might give some respite to the government, trying hard to sell our growth prospects to investors. Finance minister P Chidambaram leaves on Wednesday for Washington and San Francisco to woo investors there.
On long-term prospects, HSBC said Asia was expected to see the fastest growth in merchandise exports till 2030, with China, India and Vietnam averaging over 10 per cent annual growth.
The report also said India was set to overtake America as the biggest importer of inputs for infrastructure by 2020, as it builds new transport networks and power plants, among other amenities. India has pegged infrastructure spending at $1 trillion in the 12th five year plan (2012-13 to 2016-17) from a little less than $500 billion in the previous five years.
RBI governor says diesel price rise a must, as is a fiscal cushion; says net FDI flow same as last year
Three Darjeeling gardens have been bagged by Sanjay Bansal-controlled Ambootia group