Majority of fin professionals feel Indian eco deteriorating

Majority of finance professionals feel that Indian economic conditions are "deteriorating" and confidence levels are low in terms of expectations about growth prospects of their organisations, says a survey.
About 58 per cent of financial professionals in India were convinced that country's economy were deteriorating or stagnating, according to the survey conducted by Association of Chartered Certified Accountants (ACCA) and Institute of Management Accountants.
The figure for the 2013 December quarter is much higher than 38 per cent registered in the year-ago period.
The findings are part of the 'The Global Economic Conditions Survey'.
As per the survey, 52 per cent reported a loss of confidence in the growth prospects of their organisations as against 31 per cent in the same period a year ago.

"The second half of 2013 was a stressful time for business in India, with both business confidence and finance professionals' faith in the economic recovery falling and few businesses left unaffected," it said.

"Although business opportunities proliferated, access to growth capital became much more difficult, leading to stagnation in business investment, which was already subdued following a steep fall earlier in the same year," the survey added.
Globally, as much as 55 per cent of finance professionals surveyed during the 2013 December quarter felt that economic conditions were improving or were about to do so.
"One of the key concerns for Indian finance professionals was the fact that many business opportunities are being lost because there is a major problem in accessing growth capital," ACCA Head of International Development Aziz Tayyebi said.