CFO's OPTIMISTIC ON ECONOMIC GROWTH

An overwhelming 86 per cent of Indian chief financial officers (CFOs) are bullish about the growth prospects of domestic economy and they want to aggressively increase spending and investments across business categories this year, according to a survey. The survey by American Express (Amex) is based on responses from 507 senior finance executives at global companies across a wide range of industries in the US, Europe, Canada, Latin America, Asia and Australia. "With more than 86 per cent Indian CFOs expecting the Indian economy to expand over the next year, their confidence level is the highest that our report has shown in last three years," American Express India Vice-President and General Manager (global corporate payments) Manoj Adlakha said. He said a positive sign is that these CFOs plan to aggressively increase their spending and investments across categories, including IT, financial reporting, business travel this year. According to the findings, 100 per cent Indian CFOs said they will increase spending and investment this year, while 93 per cent said they are likely to increase spending on business travel. The survey noted that 79 per cent of the Indian CFOs foresee expansion in the Asia's third-largest economy as the key driver for business growth. A large 77 per cent of Indian CFOs expect their company's sales to rise the most in the Indian subcontinent, while another 67 per cent expect growth from within Asian markets.