labels: economy - general
Western business executives lack basic knowledge of Indian economy: Study news
22 June 2007

Bangalore: Western business executives would rather do business in India than its international competitors, but lack basic knowledge of the Indian economy and industry, according to a new international study by British Telecom.

In a startling revelation, the study reveals that more than half (55 per cent) of company board directors in the US, UK, France and Germany do not know the Indian currency unit.

Ten per cent could not even give an example of India's main export or industry, and five per cent believe it is tea, even though more than six out of 10 (64 per cent) accept that emerging economies such as India will "reshape" the global business landscape.

The survey polled 800 directors of large American, British, French and German corporations to assess their knowledge about Brazil, Russia, India, China and South Africa (BRICS).

India ranked significantly higher in comfort level among BRICS economy to do business compared to China, while Russia ranked as the least comfortable.

Sixty-one per cent of respondents said it is "crucial" for their business to work with the economies of BRICS to succeed in the long term.

India was perceived by four out of ten (41 per cent) Western directors to be the most advanced in terms of technology support for business, followed by China with 29 per cent.

also see : Directors of Western businesses lack awareness of the basic facts of BRICS economies

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Western business executives lack basic knowledge of Indian economy: Study