Indians have emerged as the second most confident people about their economy across the world on easing inflationary pressure and increased foreign investments, says a report.
According to global research firm Ipsos, India's economic confidence jumped by 9 points to 74 per cent in the month of February compared to the previous month, becoming the second most economically confident country after Saudi Arabia which tops the chart with 90 per cent.
Sweden is the third most economically confident country, where 73 per cent are optimistic about their economy, followed by China (72 per cent), Germany (71 per cent), Australia (66 per cent) and Canada (65 per cent).
“The Indian economy has continuously recorded high growth rates and has become the second most preferred destination for foreign investments and business. India’s economic growth is expected to remain robust in 2012 and 2013, despite likely headwind of double-dip recessions in Europe and the US,” Ipsos India CEO Mick Gordon said. More than half of Indian citizens (51 per cent) believe their local economy, which impacts their personal finance is good and 56 per cent people expect that the economy in their local area will be stronger in next six months, Ipsos said.
Mick further noted that inflationary pressure eased as the wholesale price index fell, making daily consumption items relatively affordable and giving hopes that Reserve Bank of India will ease its monetary policy stance by reducing the policy rates in the coming months which will further fuel economic growth of the country.