India was ranked 6th on Global Optimism Index released as part of Grant Thornton’s International Business Report (IBR) in the first quarter of 2018. The report was prepared based on the results of a survey of 2,500 businesses in 37 economies.
The top five nations are Austria, Finland, Indonesia, the Netherlands and US. India with a score of 89 was ranked at the sixth place in the index. India had topped the chart for four years, but business optimism in India deteriorated while entering the last year of the current Government led by Prime Minister Narendra Modi.
Underlying pessimism in India’s Business Optimism is reflected in other parameters as well including revenue, selling prices, profitability, employment and exports expectations. Indian businesses have been citing regulations and red tape, availability of skilled workforce, lack of ICT infrastructure and shortage of finance as biggest growth constraints. Even aftersignificant jump in World Bank’s Ease of Doing Business ranking, India still continues to rank first or second in quoting these reasons as the key hurdles for growth.