India is back on the investment radar and a survey done by the Swedish Chamber of Commerce gives a vote of confidence to the economy. The likes of Tetra Pak, Ikea, Volvo, Scania, Eriksson and 100 other Swedish companies have given a big thumbs up to the business and investment climate in India, report CNBC-TV18's Rituparna Bhuyan and Ashmit Kumar.
According to a survey, 90 percent of the respondents perceive a favourable climate this year compared to just 50 percent last year. In fact, no surveyed company has given a negative outlook this year as against 40 percent last year.
"The reason is the change in government and the positive reform agenda that the government has put in place," says Anna Ferry, Trade Counsellor, Embassy of Sweden
The survey shows that 42 percent of the Swedish companies have reported higher operating margin versus only 28 percent last year. Moreover, 73 percent of India-based Swedish companies expect higher revenues.
That's not all, 7 out of 10 Swedish companies are planning to add to their workforce. Kandarp Singh, MD, Tetra Pak India, says: "Several more Swedish companies are waiting to set up base in India. Make in combined with reforms will make a big difference."
But the surveyed companies have also listed problems which have to be resolved. Problems identified by Swedish companies include taxation, import regulations, high custom duties and red tapism. In fact, one fourth of the respondents maintain that they have to spend substantial time dealing with the government.
"Eighty percent of the companies have said that they will increase investments in India in the next 3 years. But some long structural shifts have to me made," says Singh.
It remains to be seen if Budget 2015 resolves issues raised related to tax and to boost manufacturing but for now sentiment is certainly on the side of the government action.
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