Indian businesses express low confidence over revenue expectations in the next 12 months, as per a survey.
India has lost its position as the second best in the quarterly global survey on business optimism. The country slipped to the 7th position in the September quarter, as per Grant Thornton's International Business Report (IBR).
The new ranking shows Indonesia at the top, followed by Finland (2nd), the Netherlands (3rd), Philippines (4th), Austria (5th) and Nigeria (6th).
Indian businesses have expressed low confidence over revenue expectations in the next 12 months, as per the survey.
There were clear signs of lag in the economy which caused the drop in ratings, PTI quoted Grant Thornton India LLP Partner India leadership team Harish HV as saying.
"However, the Government actions and reforms coupled with the significant jump in Ease of Doing Business Rankings should bring back optimism in Indian Business in the next few quarters," he said.