Indian firms upbeat about opportunities

■ growth of trade for Indian firms, according to the survey, are greater use of technology ( 41 per cent), increasing demand for their products ( 34 per cent) and growth of e- commerce ( 33 per cent).

Further, optimism amongst Indian firms about growth prospects of their own company is largely driven by an expectation of global economic growth ■ ( 46 per cent), introduction of new technologies ( 38 per cent) and consumer confidence ( 34 per cent).

The US, the UK and China are the top three current trading partners for Indian firms, the survey revealed.

Going forward, companies expect the US, Australia and Canada to be the key markets for their expansion.

The threat of protectionism is one development that is worrying Indian firms. 81 per cent said the governments in foreign markets were becoming more protectionist, which was far above the global average ( 63 per cent), the survey showed.

On the other hand, Indian respondents do not necessarily believe that regulations are always negative for their business.

Although just under a third ( 31 per cent) felt complex approval systems made it hard to do business, nearly two in five firms said regulations are increasing competitiveness of their business and just under a third believed that it increased the value of their business, it said.