Indian rich least optimistic of economic revival

High net worth individuals (HNIs) in India are least optimistic about a revival in the nation's economic performance, but with a new government in place, sentiments are likely to improve in the coming days, a report by Barclays Wealth has said.

The report said that only 22 per cent of high net worth individuals from India are confident of better economic growth in the country in next one year, while in case of China, it is as high as 45 per cent.

Out of the 10 countries for which more than 100 respondents took the survey, investors from India are most scathing about the performance of policymakers, despite their region being, relatively speaking, less severely affected by the financial crisis.

"Just 11 per cent of respondents from India say that the handling of the crisis by their domestic government has been successful and just 15 per cent rate the handling by their central bank as effective," Barclays Wealth said.

This negativism in Indian HNIs is despite the fact that the prime minister's advisory council has projected a growth rate of 7 per cent for the current fiscal and India's industrial production rose 1.4 per cent in April suggesting that the is on the road to recovery.