February 24, 2023
60% of Indian Chief Executive Officers have plans to increase their spending
33% aim to maintain current levels of expenditure in anticipation of a projected upswing
75% of Indian CEOs aspire to surpass or keep pace with market growth
Half of the CEOs surveyed plan to expand into new areas, and 30% think they will grow faster than the market as a whole
Around 62% of Indian CEOs expect a stable or favourable global economic outlook over the next three to five years, despite current obstacles and gloomy macroeconomic forecasts for 2023, according to a study by Arthur D. Little (ADL), a global management consulting firm.
The study found that 60% of Indian CEOs have plans to increase their spending, while 33% aim to maintain current levels of expenditure in anticipation of a projected upswing. Additionally, 75% of Indian CEOs aspire to surpass or keep pace with market growth.
Media reports said that the study surveyed 250 CEOs from companies with annual revenue of at least $1 billion, including 21 CEOs from Indian companies.
Exports said that despite global macroeconomic challenges, half of the CEOs surveyed plan to expand into new areas, and 30% think they will grow faster than the market as a whole. Additionally, 40% of CEOs intend to increase their spending, and 55% plan to maintain current expenditure levels.
The report said that technological innovation is the most critical factor in growth. Additionally, 83% of Indian CEOs in the last three years focused on digital transformation as their primary area of interest, and 40% will continue to prioritize digital transformation as disruptive technology like sustainability, ML, AI, robotics, and automation are the new priority.
Interestingly, 80% of CEOs believe that prioritizing Environmental, Social, and Governance (ESG) initiatives are a way to gain a competitive edge, and 41% of CEOs even place ESG above all other business initiatives in terms of priority. The report shows that CEOs are trying to achieve true ambidexterity by combining innovation with a strong focus on cost efficiency.
Source: Economic Times