'This is the highest percentage for any country globally that thinks recession would be over in the next 12 months. A little less than half (38 percent) think that India is not currently facing an economic recession (third highest globally),' says Vatsala Pant, associate director of consumer research at Nielsen.

'The recent elections in India have had a positive effect on Indians' sentiments towards its economy. With the UPA government back in power for the second term, consumers are more confident that political and policy continuity will help recover the Indian economy,' Nielsen said.

It also said Indian stock markets saw a rise soon after the elections, reflecting the all-round confidence of Indians in the economy and their belief that the country would come out of the downturn.