Improvement in business confidence seen within days of Prime Minister taking over FinMin, ASSOCHAM survey

NEW DELHI: An improvement has been witnessed in the country's business confidence within days Prime Minister Manmohan Singh taking over the Finance portfolio, as revealed by a survey conducted by ASSOCHAM.

The survey has found a sense of renewed energy infusion in the economy among the industry and investors in a quick survey of 150 chief executive officers (CEOs).

“Over 80 per cent of the CEOs polled felt that the Prime Minister, with the Finance Ministry under his charge, will now act without further loss of time, as he realises that the economy cannot afford any more indecisiveness,” the survey said.

Country's business environment was harmed because of global conditions and perception of slow domestic policy actions which was aggravated by global credit rating agencies.

The industry chamber raised expectation that the draft guidelines on the General Anti- Avoidance Rules (GAAR) would give a platform for the issue to be debated threadbare.

“We would urge the government not to rush in. Instead, let the stakeholders- government, tax-payers, stock market, industry and even foreign players get into informed debates, before we get an acceptable view, win-win for all,” said ASSOCHAM president Rajkumar N Dhoot.