Indian entrepreneurs optimistic about growth in 2012: Grant Thornton
Indian businesses are struggling with a shortage of right people with the right skills and needs a thorough overhaul of its education and training system, Grant Thornton Partner Vinamra Shastri said.
The business outlook of Indian entrepreneurs for 2012 is resilient despite economic turmoil the world-over, with "unreserved optimism" for the growth prospects of the Indian economy this year, says a survey by global consulting major Grant Thornton.
"Amidst widespread gloom, India appears to be the sole provider of cheer, where the outlook on human resources is concerned, as all six cities that was covered under our survey showed almost unreserved optimism for the growth prospects of the Indian economy in 2012," the Grant Thornton report said.
In the year 2011, India retained its position as one of the fastest growing economies of the world and even though the growth was toned down by the global slowdown, the scenario continues to be bright in comparison to the global outlook.
Barring Kolkata, where 31 per cent of the respondents expressed pessimism, cities such as Bangalore, Pune, Delhi, and Chennai remain optimistic about the Indian economy.
India's financial capital, Mumbai, was the most optimistic, with 95 per cent of the respondents expecting a positive economic environment over the next 12 months, the report, titled, 'India Ahead: A Quarterly Snapshot of India's Economic and Business Outlook', said.
However, Indian businesses are struggling with a shortage of right people with the right skills and needs a thorough overhaul of its education and training system, Grant Thornton Partner Vinamra Shastri said.
"The extent to which India can derive economic gains by increasing its workforce will be only be constrained by the lack of integration between education and skilling. India still lags far behind the developed economies and many other emerging economies in terms of education and training," the report said.
As per the survey results, Mumbai and Chennai had the highest availability, while Kolkata seemed to display the most acute shortage of a skilled workforce.
This report by Grant Thornton India draws on survey results from Grant Thornton's International Business Report, which is an international survey of the opinions of medium to large privately held businesses.