Indias economic confidence revives says Ipsos study

MUMBAI: India’s economic confidence revived substantially due to healthy farm output, a sharp boost in exports and narrowing of current account deficit, according to a report by global research firm Ipsos.

According to the “Ipsos Economic Pulse of the World” study, India's economic confidence jumped sharply by 11 points to 51 per cent in the month of November compared to the month of October 2013. India now stands as the seventh most economically confident country in the world after Saudi Arabia, Germany, Sweden, Canada, China, and Australia.

Three in ten (32 per cent) Indians believe a health increase of five points. Indians are very hopeful about stability and growth in future with general election in the first half of 2014; four in ten (42 per cent) people expects that the economy in their local area will be stronger in next six months, a slender rise of one point.

“Indian economy has bottomed out after a two-year slump and it is likely to see a positive growth trend from here on with positive indicators like narrowing CAD, revival of exports, growth of manufacturing sector and increasing investor confidence,” said Ipsos in India CEO Mick Gordon.

“Good Monsoon resulted in bumper crop output, which in turn generated rural demand for goods such as tractors, motorcycles and consumer goods leading to growth of the manufacturing sector,” added Gordon.

The online Ipsos Economic Pulse of the World survey was conducted in October 2013 among 18,083 people in 24 countries.

After a significant decline last month, the average global economic assessment of national economies surveyed in 24 countries took a one-point turn for the better this month as 37 per cent of global citizens rate their national economies to be “good.”

Saudi Arabia (85 per cent) continued to dominate the global ratings of national economies, followed in a distance by Germany (68 per cent), Sweden (67 per cent), Canada (66 per cent), China (65 per cent) and Australia (64 per cent). Once again, only a handful of those in Spain (four per cent) rate their national economies as ‘good’, followed by Italy (five per cent), Hungary (10 per cent), France (10 per cent), and South Korea (19 per cent).

Countries with the greatest improvements in this wave were Indonesia (45 per cent, 14 points), India (51 per cent, 11 points), South Africa (27 per cent, six points), Brazil (35per cent, five points), Great Britain (29 per cent, five points) and China (65 per cent, four points).

Those from Brazil (62 per cent), once again, hold the strongest future outlook for their local economy in the next six months. The other high-ranking countries, which followed at a distance, were: Saudi Arabia (48 per cent), India (42 per cent), China (39 per cent), Indonesia (37 per cent) and Argentina (37 per cent).

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