It has been reported that The total business-to-business spending in India is expected to rise by 10.3 per cent in 2022 with the spend of the country’s businesses growing three times faster than the expectations from its comparable peers in other countries in the third quarter of last year, according to a study.
The total business-to-business (B2B) spend for India rose 9.4 per cent in Q3 2021 on a year-on-year basis, as per the India Business Spend Indicator (IBSI) report by American Express, India and Invest India in partnership with the Centre for Business and Economic Research (CEBR).
Stating that the India spending is on the rise across nine key B2B categories, the report said, “it is expected to rise by 10.3 per cent in 2022.”
The study, which interviewed 500 financial decision makers in India on how their business spending habits are changing, found bullishness and greater confidence with 74 per cent of businesses expecting to spend more on technology and 72 per cent planning to make more capital investments in 2022.
Manoj Adlakha, SVP and CEO, American Express Banking Corp, India said, “India saw the highest B2B spending growth compared to expectations of six other major economies. This year, the total B2B spend for India is expected to rise by 10.3 per cent compared to 2021”, the report said.
This, he said, “Shows that the Indian economy is very much in its bounce-back phase from the economic difficulties caused by the pandemic crisis.”
The survey also reveals that some of the trends that have emerged or accelerated during the pandemic such as payments automation and new approaches to manage the supply chain are likely to stay, Adlakha added.
The trend includes benefits of digital payments, which 59 per cent of B2B sellers considered to be the speed of payment and ability to track spends, while 83 per cent of eligible respondents said that the government’s ‘Make in India’ campaign has helped their business, the report said.
Invest India MD, CEO Deepak Bagla said the report attempts to facilitate understanding of the present state of B2B payments in the country and bring out businesses’ positive response to major government policies, the report said.
The IBSI report is based on a survey of more than 500 small, medium, and large companies in India and is similar to the Global Business Spend Indicator (GBSI) report, conducted in six other countries – Australia, Canada, Japan, Mexico, the United Kingdom, and the United States. (Economic Times)
