India's business owners have consolidated their position as "the most positive" regarding their country's economic prospects, according to a study on medium to large privately-held businesses around the world by Grant Thornton across 32 countries and 7,200 participants.

"The global economy is enjoying its strongest and most sustained expansionary phase since the early 1970s, [and is] on course for its fifth year of vigorous growth. One of the reasons for the sustainability of the current expansion is that dependence on the US to propel international growth is greatly reduced," stated the report.

The report concludes that the large dynamic economies of Asia are acting as regional and global economic growth drivers. So, even though the US has encountered problems in the wake of its housing crisis, and growth is set to slow markedly this year, healthy global expansion can still continue.

In key business performance expectations, India emerged first in turnover, profitability (followed by mainland China on both parameters) and employment. After Botswana, India was ranked second in selling prices and third in investment in new buildings.

However, it did not feature in the top five for the other two parameters - exports and investments in plant and machinery.

Unlike other emerging markets, business owners in India view financial constraints as less of a barrier to growth, particularly with regard to a shortage of working capital. Only 20 per cent of respondents (3 per cent less than the global average) consider this a major constraint on expansion.