86% Indian CEOs optimistic about country's economic growth: PwC survey
New Delhi, Jan 16, 2024
44% of global business leaders expressed a similar opinion about the economy in their countries or territories
Most Indian chief executives are optimistic about the economy and believe it will grow in the coming 12 months, said a survey by advisory firm PwC on Tuesday.
The company’s 27th annual global survey polled 4,702 chief executive officers (CEOs) in 105 countries and territories, including 79 in India. As many as 86 per cent of CEOs in India are confident that the economy will improve, a 30 per cent increase over the last one year.
In comparison, only 44 per cent of global CEOs believe the economy would improve in their territories. The optimism about the Indian economy is reflected worldwide, with the country becoming the fifth top investment destination for global CEOs compared to the ninth rank in 2023.
As many as 62 per cent business leaders in India told the survey they were “extremely or very confident” about their companies’ growth over the next 12 months. Only 37 per cent of global CEOs said the same.
CEOs in India listed inflation and cyberattacks as the biggest threats to their companies in the next 12 months.
India’s annual retail inflation hit a 15-month high of 7.44 per cent in July 2023 before cooling down to around 5.5 per cent in November 2023, said a press release by PwC. As many as 28 per cent of India CEOs regarded cyberattacks as a top threat compared to 18 per cent in 2023.
“Despite continuing global headwinds, the Indian economy has remained resilient with expectations of a strong growth trajectory in the near future. While India CEOs will indeed play a big role in the country becoming a five-trillion-dollar economy, they will also need to reinvent their businesses and work culture to ensure long-term sustainable success,” said Sanjeev Krishan, chairperson, PwC in India.
“India’s business leaders will need to strategically tackle barriers such as regulatory constraints and lack of tech capabilities to turn them into growth opportunities, which will create lasting value for businesses, society and the environment,” he said.
[The Business Standard]
