Majority of Indian investment professionals are optimistic about prospects of domestic as well as globaly economies even though they are concerned about lack of ethical culture in financial firms, says a survey.
“Indian members are even more upbeat about their local market. Six in ten (61 per cent) respondents here expect the Indian economy to expand in 2014.
“However, concerns about political instability may affect the outlook. An overwhelming eight in ten (78 per cent) cite this as the biggest risk to the local economy – the highest among the major markets surveyed,” as per CFA Institute’s annual Global Market Sentiment Survey (GMSS) released on Monday.
When it comes to global economic recovery, majority of members from India (56 per cent) are optimistic.
Globally, 63 per cent of those surveyed said they expect the global economy to expand. Most optimistic are members in the UK (78 per cent) and Brazil (74 per cent) while the least are Hong Kong (54 per cent) and China (48 per cent).
The findings are based on a survey of 6,500 CFA Institute -- a grouping of investment professionals -- members spread across 110 countries. About 162 people were surveyed from India.
“Indian members are also significantly concerned about the lack of ethical culture within financial firms, with 62 per cent identifying that as the main factor causing the current lack of trust in the finance industry.
“Only Switzerland (71 per cent) and Singapore (63 per cent) are more critical,” the report noted. As many as 96 per cent of respondents from India felt that effects on energy prices caused by unrest in the Middle East would have a negative impact.