New Delhi: In wake of goods & services tax (GST) set to be a reality, India was sorted second on the optimism index during the third quarter (July-September 2016).
India raised its ranking by one spot in a global index of business optimism, according to the latest Grant Thornton International Business Report.
Indonesia took the top position, with the Philippines coming in third. India was rated third in the April-June period after being on top for two consecutive quarters.
The improvement in the optimism listing in the recent past clearly reflects that the revamp agenda of the government and its efforts on progress the climate for doing business are having an impact, Grant Thornton India LLP Partner India Leadership Team Harish H V said.
High business optimism was also suited by the hike of employment expectations. India recouped its top position on this parameter, from second position in the April-June period, while profitability expectations also boost up.
While India pursue to be amidst the top five countries naming regulations and red tape as a constraint on progress, for the first time in the year, the country’s ranking on this parameter has dropped from second to fourth.
According to the survey, 59 % of the respondents have cited this as an impediment in the growth lookouts compared to 64 % in the last quarter.