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Indian CEOs confident

Davos: Amid global fears of economic recession, leaders of India Inc have emerged as most optimistic about their revenue growth over the next year, according to a global CEO survey.

In the survey conducted by international consultancy firm PricewaterhouseCoopers released on Wednesday, as many as 90 per cent of Indian CEOs said they are “very confident of revenue growth” in 2008.

The confidence level among Indian executives was highest for any country and compared favourably with the global average of 50 per cent. The global percentage of CEOs saying they were “very confident about revenue growth over the next 12 months” dipped from 52 per cent in the previous year.

Meanwhile, recession fears gripped the annual gathering of the global business elite, with heavy criticism of action by the Federal Reserve to ward off a U.S. contraction. Trade Minister Kamal Nath suggested that the rest of the world, and in particular emerging economies like India and China, may be more sheltered from a U.S. recession than in previous years.

“In a recession, this is the first time that the world is looking at the possibility of recession [in U.S.] with two engines of growth, China and India,” he said.

Russian Finance Minister Alexei Kudrin said Russia and other countries with large gold and currency reserves can help the world economy weather the crisis.

He said there would be “sharp discussions” i about how countries — including Singapore, China and Russia — can support the global economy by flexing the financial might of their sovereign funds. — Agencies

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