India ranked second on global optimism index

India witnessed a surge in business optimism and was ranked second in the July-September quarter reports a Grant Thornton's International Business study. India was ranked fourth in the same report between April-June.

The report says, as India Inc grows more optimistic towards the country's economy, their confidence has also improved on the revenue front. The survey shows that 86 percent Indian businesses are optimistic about an increase in revenue compared to 83 percent last quarter.

Indian businesses are also positive about profitability as it ranked third in Q3 compared to 6th position in the last quarter with 69 percent respondents expecting a rise in the profits. However, it foresees a continuous fall in optimism on the rise of employment aspect with only 52 percent Indian businesses hoping for the same compared to 62 percent last quarter and 75 percent in Q1 2015.

“The slowdown in China is a major concern for the global economy at a time of stuttering growth and heightened uncertainty. The past three months have shown how reliant global growth has become on China, which 20 years ago was the top export destination for just two countries. Today, that figure is 43,” said Francesca Lagerberg, Global Leader for tax services at Grant Thornton.