86% of CEOs in India believe the Indian economy will improve in the next 12 months: PwC – Republic World

Updated on January 16, 2024 at 05:16 PM IST

10 Indian CEOs are very confident about their company's prospects of revenue growth in the next three years.

Annual CEO Survey: PwC | Image: Republic

PwC CEO survey: India Inc's optimism about India's growth story is no longer hidden. A recent 27th annual global CEO survey by PwC showed on Tuesday that around 86 percent of CEOs believe the Indian economy would improve, compared to 44 percent of global CEOs who believed so in their respective territories. According to the report, almost 9 out of 10 Indian CEOs believe that the Indian economy will improve. Similarly, 7 out of 10 Indian CEOs are very confident about their company's prospects for revenue growth over the next three years.

Business growth

It's not just economic growth that CEOs are optimistic about. The survey found that CEOs are more optimistic about their company's growth than last year. “Indian leaders' optimism about their own territory's economic growth increased by almost 30 percent compared to 2023, with a staggering 86 percent saying India's economy would improve,” the report said on Tuesday .

Indian leaders are confident that their companies are on the right track. When asked how confident they were about their company's growth in the next 12 months, 62 percent of Indian CEOs said they were “extremely or very confident,” compared to 37 percent of global CEOs. About 70 percent of Indian CEOs – compared to 49 percent of global CEOs – said they were confident in their company's prospects for revenue growth over the next three years.

Digging deeper, India's top CEOs highlight that the top three reinvention actions to create, deliver and capture value are to introduce new technologies, develop novel products/services and forge new strategic partnerships.

Necessary labor reforms

Most Indian CEOs are optimistic about India's growth story, but at the same time a significant portion are concerned about the need to embrace change to keep up with future trends.

The report said 59 percent of Indian CEOs – compared to 53 percent of global CEOs – believe their companies would remain economically viable for more than 10 years if they continued on their current trajectory. On the other hand, 38 percent said their companies would remain economically viable for less than 10 years in this scenario.

Changing customer preferences

The report mentioned that changing customer preferences are the key driver of the transformative agenda. According to the survey, Indian CEOs put the customer first and 61 percent said customer preferences have led to changes in the way their companies create, deliver and capture value over the last five years.