India second most economically confident country: Report

Discussion in 'Economy & Infrastructure' started by Blackwater, Apr 22, 2012.

  1. Blackwater

    Blackwater Veteran Member Veteran Member

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    New Delhi: Indians continue to be among the world's most confident people about their economy on account of moderating inflationary pressure and the easing of tight money policy stance of the Reserve Bank, says a report.

    According to global research firm Ipsos, India has emerged as the second most economically confident nation for the second consecutive time.

    India's economic confidence jumped by five points to 75 percent in March compared to the previous month, to retain the second most economically confident nation title after Saudi Arabia which tops the table with 89 percent.

    China is the third most economically confident country, where 71 percent are optimistic about their economy, followed by Sweden (70 percent), Germany (68 percent), Canada (64 percent) and Australia (62 percent).

    "India has overtaken Japan to become the third-largest economy in terms of purchasing power parity (as per IMF report) and is heading for accelerated growth, following RBI cutting repo rate by 50 bps and inflation moderating to acceptable level," Ipsos India CEO Mick Gordon said.

    "This should provide some confidence to the overall sentiments and help in stimulating investment. If the inflation momentum eases in near future, it will give RBI more room to cut rates further to boost investments and growth," he added.

    More than half of Indian citizens (56 percent) believe their economy, which impacts their personal finances, is good and 57 percent people expect that the economy in their local area will be stronger in the next six months, the report said.

    Gordon said global economic indicators are disturbing, as it is evident that the sources of external growth that the Indian economy has been relying upon in the last few years will be week.

    "In order to further strengthen domestic demand and improve investor confidence, government has to improve the conditions for private investment, address infrastructure bottlenecks, enhance governance and public service delivery," he added.

    The report, which examined citizens' assessment of the current state of their country's economy said the overall global average economic confidence remained swung up one point at 39 percent last month.

    Looking ahead, 34 percent global citizens surveyed said their local economy would be stronger six months from now. The natives of Brazil are the quite optimistic about about the state of their economy in the next six months, followed by Saudi Arabia and India.

    The survey was conducted in March this year among nearly 19, 000 people in 24 countries.

    PTI

    India second most economically confident country: Report
     
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  3. ejazr

    ejazr Stars and Ambassadors Stars and Ambassadors

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    What does this economic confidence actually mean?

    The top 5 list basically is
    Saudi Arabia
    India
    China
    Sweden
    Germany

    I am not sure what does that mean. Does it just refer to how happy people are with the economic performance of thier country?
     
  4. p2prada

    p2prada Stars and Ambassadors Stars and Ambassadors

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    It is a survey. No big deal.
     
  5. Oracle

    Oracle New Member

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    /\/\/\ Survey to shift focus from policy paralysis of the Government, owing to regionalistic politics. We are fed into believing offsets, which do not find resonance through a common man's daily life. Economically, India too is going through a tough time, and until our leaders address those issues, there would be sheer disaster. FII's would pull out, and no longer would India be seen as an attractive economic hotspot.
     
  6. cir

    cir Senior Member Senior Member

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    The laurel of the most confident Indian about the economy must go to the FM。:rofl:
     
  7. sob

    sob Moderator Moderator

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    ejazr, for people in KSA as long as the price of Oil remains above US $ 100/barrel they will be happy, because the Govt. will have money to offer them a lavish lifestyle.

    In the Indian context and to some extent Chinese context, there is lot of pride associated with strong growth in the economy. A stronger economy has meant more money with the middle and upper class which it seems has been covered by the survey.
     
  8. sob

    sob Moderator Moderator

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    Govt. has no role in the survey, so no question of shifting of focus. However FM may use this to Tom Tom his so called achievements.
    Listening to the various leaders over the last week, it seems that the Govt. is going to push through many important bills related to banking, insurance and pension to which BJP has assured their support. These are very important bills to move the economy forward.

    The smooth passage of these three bills will definitely boost investment climate in a major way.
     
  9. LalTopi

    LalTopi Regular Member

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    Its a measure of how much dope is smoked in a given country.
     
  10. sob

    sob Moderator Moderator

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    If the Captain of the ship is not confident then do you feel the ship will survive the stormy seas.
     
  11. Godless-Kafir

    Godless-Kafir DFI Buddha Senior Member

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    Left to our Entrepreneur skills alone we will over take USA or China for sure but the BIGGEST bottle neck is government. :rolleyes:

    1) The roads in our cities are messed up and congested, just shows the contribution on the government side.

    2) They enforce draconian tax laws that take money from Industry and squander it in a corrupt system that leaks every where and as a result no school or road is built neither are power plants set up. The money is better off with the Industrialist and Businessmen who may do it himself.

    3) The growth in India is not because of Government but despite it. The growth is because of the sheer talent in the nation and not because of Government setting up an conducive environment. Government is destroying the economy.
     
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  12. Mad Indian

    Mad Indian Proud Bigot Veteran Member Senior Member

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    ^^ exactly GK. They say in China, the growth happens because of the Government. But in India, the growth Happens AGAINST the Government. See how true it is. Imagine what we can achieve when the growth happens on its own, I mean without having to go against the govt, if not along with the Govt:nod:??

    India will surely be a great economy:fyeah:. But i can only dream about it:tsk:. Its not happening any time soon:nono:
     
  13. Godless-Kafir

    Godless-Kafir DFI Buddha Senior Member

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    Your right MI, growth of economy needs an hyper sensitive and quick government planing.

    However that is not the case in India. While TN is almost comeing to a stand still because of the lack of power our leaders are sitting on their fat asses betraying the public. Slow work is almost equal no work in this case.
     
    Last edited: Apr 23, 2012
  14. Godless-Kafir

    Godless-Kafir DFI Buddha Senior Member

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    Atleast we know what our public is thinking thanks to free press. The thoughts of the Chinese is neither heard, expressed or needed to know. :laugh:
     
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  15. sob

    sob Moderator Moderator

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    GK, you nailed the fundamental point correctly
     
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  16. nrj

    nrj Stars and Ambassadors Stars and Ambassadors

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    Why not?

    But why I have a feeling that this confidence in domestic players is coming at expense of narrowing enthusiasm of foreign investors?
     
  17. ejazr

    ejazr Stars and Ambassadors Stars and Ambassadors

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    Well I'm not belittling the poll, obvioulsy its done by Ipsos which is a reputable company. And obvioulsy it will be a shot in the arm for the GoI because they can "show" that Indians "feel" that they are doing economically well.

    But what information does it provide other than the opinion of the people. It should be treated as just an opinion poll and that is it. 7% growth rate for India might be good, but not good enough.

    Why don't we just get an opinion poll from the people to decide the poverty line or decide what India's GDP growth is as well then?
     
  18. ejazr

    ejazr Stars and Ambassadors Stars and Ambassadors

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    Agreed,

    Although the biggest reform is the GST and the DTC. And there is still opposition to it. Because GST in particular needs a constituional amendment, it can't be done until both oppositon and govt. agree on it.
     
  19. sob

    sob Moderator Moderator

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    For the long term health of the economy both GST and DTC need to be passed ASAP. But looking at the prevailing conditions of the center- state relations, it will require deft work and some give and take by both the stake holders. They are too important for the govt. to let them hang loose.
     

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