China may be the world's largest emerging economy, but India enjoys a distinct advantage over the Asian counterpart in terms of public approval of its growth, suggesting that Indian business has achieved a solid position on the world stage, says a report.
According to Edelman Trust Barometer study, as India Inc. increases its engagement with the world, whether entering markets abroad or acquiring assets, public perceptions and trust in Indian companies play a big role in ensuring the success of operations.
44 per cent of the public have shown trust in Indian business growth potential as compared to 36 per cent voted in case of China, said 2018 Edelman Trust Barometer, compiled by Edelman, a leading global communications marketing firm.
As per the study, 50 per cent of people between 8-34 years of age believe that Indian companies has significantly improved over the past few years, people between 35-54 age voted 47 per cent in favour, while it declined to 33 per cent in case of people over 55 years of age.
To succeed overseas, India lacks the kind of "hero brand" which typically raises awareness in other markets. In a bid to create stronger perceptions, India Inc. needs to proactively engage globally and clearly define what it stands for, said the report.
"To do so, Indian CEOs must elevate their company, brand, even their personal profile in the public discourse beyond more traditional business indices. There is a clear opportunity and need for India Inc. to grow its stature on the world stage," report highlighted.
But 'trust deficit' in western markets
The study finds a perception challenge in key western markets, backed by a worrying 54 percent gap between domestic and international trust in Indian business. This "trust deficit" is indicative of the kind of issues which weigh on Indian competitiveness overseas and are rooted in both the non-Indian public's perception of what Indian brands stand for and a fundamental lack of awareness about India's industrial prowess across sectors.
Globally, Indian business is challenged by low customer awareness of products and services that originate in India. The Trust Barometer survey suggests that there are three key steps that businesses can take to grow this awareness. First step is to invest in employees, followed by investment in brands and thirdly by building momentum among affluent and young people.
Edited by Chitranjan Kumar