Indian businessmen most optimistic in world

Indian entrepreneurs have retained their place as the world's most optimistic business owners for the fourth year in a row on the back of continuing economic reforms, global business advisory firm Grant Thornton said in a new report.

Business owners have taken full advantage of economic reforms and liberalisation of international trade and remain confident this would continue to drive the economy, Grant Thorton's International Business Report (IBR) said.

"Reforms since the early 1990s have helped unlock India's economic potential and positioned India as one of the fastest growing economies in the world. Growth is accelerating, boosted by a dynamic, knowledge-based service sector and expanding manufacturing sector.

"No wonder, for the fourth successive year, Indian businesses continue to be the most optimistic in IBR about economic prospects," Grant Thornton India's Vishesh Chandiok said.

The outlook for the Indian economy over the next one year remains extremely optimistic. India was followed by the Philippines and mainland China. Business owners in Japan and Taiwan remained generally downbeat about economic prospects over the next 12 months.

The optimism/pessimism balance in India has reached over 97 per cent as compared to 93 per cent last year, an exceptionally high balance reflecting the rapid progress achieved by Indian economy in recent years, the report said.

Three other Asian economies - Philippines, China and Singapore - also display strong optimism, with balances over 80 per cent as they made rapid progress.