Mumbai: While chief financial officers (CFO) from China, Hong Kong and other Asian countries have significantly scaled back their expectations for their local economy, 86 per cent of Indian CFOs have demonstrated a leap of faith in the domestic economy compared to last year.
According to a survey done by American Express, Indian CFOs lead the Asian region in terms of their investment plans across various business functions including transportation and logistics, computer hardware, enterprise IT, and business and professional services. It pointed out that a phenomenal 100 per cent of Indian CFO’s plan to increase their spending and investment activities this year.
“With more than 86 per cent Indian CFOs expecting the Indian economy to expand over the next year, the confidence in the domestic economy is the highest that our report has shown in last three years.
A particularly positive sign is the CFO plans to aggressively increase their spending and investments across categories including IT, financial reporting, and business travel among others,” said Manoj Adlakha, V-P and general manager, global corporate payments, American Express India.
With the environment looking positive for India, the survey pointed out that a high 93 per cent of Indian CFOs are likely to increase spending on business travel in 2014. The survey noted that corporate India are likely to increase spending on four major categories like travel to meet with current or potential customers, travel for internal meetings and engagements, travel for industry engagement or professional development and travel to meet with suppliers or vendors.
