Indians have found their pillar of strengths in their self-confidence that ushered the turnaround in their economy slowly despite the odds all through.
Globally Indians are one of the most confident people expecting a prosperous turnaround in the national economy. The recently conducted survey by global research firm IPSOS, suggests that` 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.’
The survey conducted on 24 countries with nearly 19,000 participants across the globe in March this year suggests ` 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 per cent 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 per cent.’
Among the others in the race were China is the third most economically confident country, where 71 per cent are optimistic about their economy, followed by Sweden (70 per cent), Germany (68 per cent), Canada (64 per cent) and Australia (62 per cent).
“India has overtaken Japan to become the third-largest economy in terms of purchasing power parity and is heading for accelerated growth, following RBI cutting repo rate by 50 bps and inflation moderating to acceptable level,” Ipsos India CEO, Mr 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.
As per the noted financial analysts, `hope shall move mountains’, hope shall kindle goodwill across the globe. This in turn attracts investments in the country and these investments will give ample scope to restructure the financial structure along with positive growth in per capita income. It is cyclic and that simply show that the country despite all the odds is united on its positive thinking that a turnaround is eminent.
It may be noted that IPSOS in December noted that India's economic confidence declined by one point to 68 per cent in December, compared to November. And Gordon said then, `Central Government has been suffering from policy paralysis due to a combined attack by the opposition and some of its own allies which has forced the Government to hold back its decision on allowing FDI in retail sector, which puts a big question mark on its ability to go for any further economic reforms.’ On the whole the turnaround in confidence is admirable. (With inputs from internet- AarKay)