Table of Contents
Introduction
In this article, you will get information about Rajkotupdates.News: Indian CEOs Expect Economic Growth. The majority of India Inc’s 57% bosses remain optimistic about the country’s economic growth over the next 12 months, though 78% of global CEOs predict a slowdown in global economic growth in 2023, according to the 26th PwC annual global survey of CEOs.
The survey also found that around four in ten CEOs (40% of global respondents and 41% of Indians) do not expect their companies to be financially viable in 10 years if they continue on their current path.
Additionally, about 78% of Indian CEOs, 73% of global CEOs, and 69% of Asia Pacific CEOs believe global economic growth will slow in the next 12 months. But the survey also showed that Indian CEOs are hopeful about the country’s economic growth despite grim global prospects. More than five in ten CEOs (57%) are optimistic about the Indian economy over the next 12 months. According to the source on the website economictimes.indiatimes.com
57% of India’s CEOs Remain Bullish on the Country’s Growth
According to a PwC report, around 57% of India Inc. CEOs expect the country’s economic growth to improve in the next 12 months, while 78% expect global economic growth to slow in the next 12 months.
This is the most pessimistic CEO assessment of global economic growth and a significant departure from the optimistic outlook for 2021 and 2022, according to PwC’s 26th Annual Global CEO Survey.
Indian CEOs Believe Economic Growth will Improve Next Year
Indian CEOs’ confidence in their company’s growth prospects fell to 60% from 83% a year earlier. While cost reduction tops the list of priorities globally, 85% of Indian CEOs do not plan to reduce their headcount, and 96% do not intend to minimize compensation, a testament to their determination to retain talent.
“Indian CEOs remain optimistic about the country’s economic growth despite signs of a global economic slowdown, persistently high inflation, and the widespread impact of the conflict in Europe. However, to survive in the coming years, CEOs must manage external risks and increase profitability,” said Sanjeev Krishan, Chairman of PwC India.
41% of Indian CEOs believe their organizations will not be commercially viable in a decade. Adding to a challenging environment, 41% of CEOs believe their companies will not be financially feasible in a decade if they continue on the current path.
62% of CEOs in the country believe that changing customer demand will have an immediate or significant impact on their industry’s profitability over the next decade, while 54% are concerned about changing regulations.
99% of CEOs in India Expect Better Economic Growth in 2023
The report, titled PwC’s 25th Annual Global CEO Survey, states that 99% of CEOs in India believe that Indian economic growth will improve in the next 12 months, and 94% of CEOs in the country are optimistic that world economic growth will recover in the next 12 months. next 12 months, in contrast to 77% of global CEOs.
“While Omicron has cast a shadow and CEOs are currently focused on the health and safety of their employees, the confidence and optimism of CEOs over the past year is a testament to the resilience of Indian companies,” said Sanjeev Krishan, Chairman of PwC India. “The vigor with which most Indian business leaders faced the challenges posed by the pandemic, coupled with a willingness to emerge stronger from adversity, has resulted in sustained growth for companies in India.”
Data From the Survey Indian CEOs are Confident at 94%, up from 88% Last Year
The survey data shows that CEOs around the world are at least as optimistic about the growth prospects of their economies as they were last year. Indian CEOs are confident at 94%, up from 88% last year.
15% of Indian CEOs are concerned about cyber risks that could hamper their company’s raising of capital, while 89% of Indian CEOs are concerned about health risks.
What is the Current World Economic Situation?
Despite signs of a global economic slowdown, persistently high inflation, and the global impact of the conflict in Europe, India’s economic growth outlook was generally positive.
According to the World Bank, although the Indian economy will show slower growth in 2022-23 than in 2021-22, it will remain one of the fastest-growing major economies in the world due to its strong domestic demand.
The World Bank has also revised its GDP forecast for India 2022-23 upwards to 6.9% from 6.5% (in October 2022), while the Reserve Bank of India slightly revised its forecast to 6.8% in their last report % for the current fiscal year. , attributing the same to a global slowdown.
Conclusion
This is the most pessimistic outlook for global economic growth since PwC began asking this question in the survey 12 years ago and represents a significant departure from the positive outlook for 2021 and 2022.
For the survey, 4,446 CEOs were surveyed in 89 countries between October and November 2021. Highlights in India include perspectives from 77 CEOs.