86% Indian CEOs anticipate economic growth in 2024: PwC Survey

According to the study, 70% of CEOs in India have expressed confidence in their company's potential for revenue growth over the next three years.

January 16, 2024

The survey gathered responses from 4,702 CEOs across 105 countries and territories, including 79 from India

The study revealed that 59% of Indian CEOs (compared to 53% worldwide) believe their businesses would remain profitable for over ten years following their current trajectory

Cyber threats are expected to impact 28% of Indian CEOs significantly or highly, up from 18% the previous year

The survey indicated a heightened awareness among Indian CEOs regarding climate change challenges, with 82% actively working on projects to lower consumption and increase energy efficiency

India has ascended to the fifth position as a favoured investment destination for global CEOs, a significant improvement from its previous ninth-place ranking in 2023, as per PwC’s 27th Annual Global CEO Survey. The survey gathered responses from 4,702 CEOs across 105 countries and territories, including 79 from India. According to the study, 70% of Indian CEOs express strong confidence in their company’s potential for revenue growth over the next three years. Additionally, 86% believe in improving the Indian economy within the next 12 months.

When asked about their confidence in their company’s growth in the next year, 62% of Indian CEOs reported being “extremely or very confident.” In comparison, only 37% of CEOs worldwide expressed similar assurance. Sanjeev Krishan, Chairperson of PwC in India, emphasised the resilience of the Indian economy amid global challenges and highlighted the need for Indian CEOs to adapt their businesses and work culture for long-term sustainable success.

Despite the overall optimism, many Indian CEOs expressed concerns about embracing change to keep up with emerging trends. The study revealed that 59% of Indian CEOs (compared to 53% worldwide) believe their businesses would remain profitable for over ten years following their current trajectory, while 38% anticipate this to be the case for less than a decade.

The top short-term challenges identified by Indian CEOs include cyber threats and inflation. Cyber threats are expected to impact 28% of Indian CEOs significantly or highly, up from 18% the previous year. Health risks also ranked high on their list of concerns, with 27% anticipating extreme or high exposure in the upcoming year.

The survey indicated a heightened awareness among Indian CEOs regarding climate change challenges, with 82% actively working on projects to lower consumption and increase energy efficiency. However, only 8% reported having completed such projects. The CEOs cited legislative complexity (50%), a lack of climate-friendly technologies (49%), a lack of demand from external stakeholders (44%), and lower returns on climate-friendly investments (48%) as obstacles hindering Indian enterprises’ ability to decarbonise to a significant extent.

Source: Economic Times

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