About 86 per cent of CEOs in India think that the economy will improve over the next 12 months, according to PwC’s 27th Annual Global CEO Survey.
The survey revealed that a majority of chief executive officers (CEOs) in India are optimistic about the country's economic growth in the next 12 months. The survey, which included responses from 79 CEOs in India out of a total of 4,702 CEOs worldwide, found that 86 per cent of Indian CEOs are confident in the economy's improvement, marking a significant 30 per cent increase over the past year.
In contrast, only 44 per cent of global CEOs share the same optimism about the economic prospects in their respective territories. India's positive economic outlook is also mirrored on a global scale, as the country has climbed to the fifth position as a preferred investment destination for global CEOs, up from the ninth rank in 2023.
The survey further highlights that 62 per cent of business leaders in India expressed "extreme or very confident" expectations regarding their companies' growth over the next year, while only 37 per cent of global CEOs shared similar confidence levels. CEOs in India identified inflation and cyberattacks as the primary threats to their companies in the coming 12 months.
Sanjeev Krishan, Chairperson at PwC in India, commented on the resilience of the Indian economy despite global challenges.
“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.
The survey found that 28 per cent of Indian CEOs considered cyberattacks a top threat, up from 18 per cent in the previous year. This reflects a growing concern among business leaders about the risks posed by cyber threats.
While the CEOs in India are optimistic, the World Economic Forum recently reported that over half of chief economists expect the global economy to weaken in 2024. Challenges include tight financial conditions, geopolitical rifts, and the rapid development of generative artificial intelligence (AI). Additionally, India's retail inflation reached a four-month high of 5.69 per cent in December 2023, driven by an increase in food prices, according to data from the National Statistical Office (NSO).
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