New Delhi: Corporate finance executives in India are willing to loosen the purse strings and hire more workers in 2010 on prospects of better economic growth, according to a recent survey.
The annual American Express/CFO survey of senior financial executives at large global companies said 85 percent of those polled in India are already adding or plan to add to their workforce.
"In general, respondents in India are more likely than their peers in other countries to say they expect their companies will begin hiring relatively soon -- by third quarter of 2010," the survey said.
The April survey of 479 senior executives across North America, Asia, Europe and Australia covered firms with revenues ranging from $500 million to $20 billion.
Nearly three-fourths of respondents in India, the world's second-fastest growing major economy, see firms raising capital expenditure this year with 89 percent also planning to sustain or increase business travel spending.
More than nine-tenths of the respondents from India expect a "sustained increase in demand for their companies' products and/or services" this year with 56 percent predicting a rise in demand in the middle two quarters of 2010.
Of those polled globally, 71 percent, the highest in the three years the survey was conducted, anticipate economic expansion for their countries, with India, Australia, Hong Kong and Singapore most optimistic about prospects for economic growth.
Two-thirds of those surveyed in India see regulatory barriers as a threat to their companies' expansion plans in the next 12 months, compared to 44 percent respondents from other regions.
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