'Eighty percent of the respondents in India are planning to optimise business processes to reduce costs,' said Wilbert Kannekens, KPMG's head of global international tax group.

'A vast majority see efficiency savings as the solution to their short term problems,' he added.

Most respondents think the government has already done enough to save the economy. About 48 percent believe that the next tax bill would be smaller than last year's and 54 percent want to create more tax efficient operations.