New Delhi: Indian finance professionals have witnessed more business opportunities over the past six months but are frustrated due to their inability to use such situations, a survey says.
According to the latest global economic conditions survey, undertaken by the Association of Chartered Certified Accountants and the Institute of Management Accountants, the surge in optimism among Indian accountants at the beginning of the year has passed.
Around 46 percent of respondents in the six months to September expect economic conditions to improve while 51 percent are expecting deterioration or stagnation, the survey shows.
Business confidence is also clearly down year on year, with 49 percent reporting a loss of confidence in the prospects of their organisations in the last six quarters, up from 24 percent over the six months to March.
"This lack of confidence and optimism reveals increased levels of frustration among respondents, who have pointed to a substantial increase in business opportunities over the last six months, but are unable to exploit them," said the survey.
In fact, business investment in both capital and staff has been falling steadily since its peak in Q3 2012, it added.
"A greater number of business opportunities are arising, but finance professionals share the frustrations of business owners, that a lack of finance and investment is hampering their efforts," ACCA Head of International Development Aziz Tayyebi said.
Economic recovery is a crucial time for businesses who have survived the downturn, since they need access to finance to enable them to recruit more staff and buy new machinery or equipment to enable them to meet increased demands, he added.