Confidence in India, hit in recent years by high inflation and a current account deficit, is returning, heralding better times ahead for Asia's third-largest economy, the country's tech industry leaders have told CNBC.
"The biggest thing about India is that in the last couple of years we had lost hope," Wipro CEO T.K. Kurien said Wednesday on the sidelines of the World Economic Forum in the Swiss ski resort of Davos.
"We had lost hope that anything would happen in India but that hope has come back and that is a huge positive," he added.
In its latest projects for world economic growth, the International Monetary Fund on Tuesday forecast India's economy would grow 6.3 percent this year. It expects that number to climb to 6.5 percent in 2016, overtaking economic growth in China which is forecast at 6.3 percent.
Reasons for the renewed optimism in India, one of the hardest hit emerging markets when fears about an unwinding of U.S. monetary stimulus gripped investors in 2013, are not difficult to find.
Inflation has slowed, helped by the tumble in oil prices, India's central bank last week delivered a growth-boosting cut in interest rates, while Prime Minister Narendra Modi has unveiled steps to lift investment in infrastructure and manufacturing since coming to power in elections last May.
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"What happens is that sentiment drives a huge bunch of things – consumer behavior and investment spending. We are seeing both come back," Kurien said. "My sense is that it will take a little time, the next couple of quarters for the economy to come back up, but the steps that Modi is taking to address long-term structural issues in the economy are positive."
Last week's rate cut followed official data showing wholesale price inflation in December rose 0.11 percent from the year-ago period, much lower than the 0.6 percent rise forecast by economists, as oil prices plunged and food costs stabilized.
Reflecting optimism towards India's economy, the country's benchmark stock index has risen 38 percent over the past year and has started 2015 with gains of about 5 percent so far.
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Asked whether he shared the bullishness on India's economy, Vishal Sikka, the new CEO of Indian tech firm Infosys, added there was a "tremendous enthusiasm."
"I was in India last week and went to all our delivery centres at Infosys and there is a positive energy, also across India, and it's only inevitable that leads to better results," he told CNBC in Davos.
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