India most bullish over business prospects in Asia

AC Nielsen survey finds firms upbeat

Indians are the most optimistic in Asia about the business prospects in 2004, according to a survey carried out by AC Nielsen among the readers of the Far Eastern Economic Review.

"In line with official forecasts of stronger growth in Asia, more than 63 per cent of the readers surveyed believe business will be better in 2004. Indian readers are the most upbeat, with almost 90 per cent expecting a rosier year," the magazine says in its December 25-January 1 issue.

The findings are a part of Review 200, its 11th annual survey that ranks the performance of companies in the region and explores what lies ahead for business in Asia.

The AC Nielsen Research (Hong Kong) survey asked the readers to rank 153 multinational corporations and between 29 and 40 local companies in each of the 12 countries.

According to the survey, 89.5 per cent of the respondents in India said that they expected better business prospects in 2004, while 8.6 per cent said the prospects would remain the same. While 13.6 per cent believed cost/resource allocations would remain the same, 29.6 per cent said it would be cut.

In addition, 57.2 per cent said the advertising/marketing spending would increase next year, even as 31.6 per cent thought it would be static.

As in the earlier survey for 2002, the company leaders are the same in the 2003 survey: Infosys technologies at the top, followed by Reliance Industries, Hero Honda, Wipro and Hindustan Lever Ltd. "It's tough to break into the top ranks of our survey of corporate India. The same five companies as in last year, in the same order, occupy the top five slots this year," the magazine noted.

For high quality of products and services, the survey has ranked Infosys number one, followed by Hero Honda, Wipro, Ranbaxy Laboratories Ltd and Dr Reddy's Labs.

As regards to innovation in responding to customer needs, ICICI Bank leads the pack, followed by Hero Honda, HDFC Bank, Infosys and Reliance Industries. For long term vision, Infosys is at the top , followed by Reliance, Tata Motors, Wipro and L&T.