Optimism level among businesses bounce back: Grant Thornton

Optimism level among businesses globally has increased and as many as 70 per cent of the companies surveyed in India are bullish about the future, says global consultancy firm Grant Thornton.

The study by Thornton found that optimism among privately held businesses (PHBs) worldwide bounced back and businesses in Chile, India, Australia, Vietnam and Brazil were the most hopeful lot in the world.

However, India has lost its top position in the Index for the first time in five years, and is placed as the second most optimistic country after Chile.

The International Business Report survey of over 7,400 PHBs across 36 economies, shows that optimism level in Chile, India, Australia, Vietnam and Brazil are over 70 per cent.

"This optimism is evident in the marketplace as companies find access to capital improving, see exports growing and see demand increasing. The changes in the World economy over the last 12-18 months would only hasten the pace of emergence of India as a major economic power," Grant Thornton India National Managing Partner Vishesh C Chandiok said.

Most Indian PHBs believe that the economy will see a significant upturn only by the second half of 2010 or indeed only by early 2011, the survey stated, adding that Kolkata is most optimistic about the country's economy over the next 12 months followed by Mumbai and Delhi.