Despite a number of challenges, primarily brought on by the covid-19 epidemic, chief executive officers in India have a very positive outlook for the possibilities of a stronger economy in the upcoming year.
According to the results of PwC’s 25th annual global CEO survey, 99% of chief executives in India are hopeful that India’s economic growth would increase over the next 12 months, compared to 77% of CEOs worldwide, who are just 74% optimistic.
Between October and November, the survey questioned 4,446 CEOs in 89 nations and territories, including 77 Indian CEOs. The majority of CEOs—98%—remain upbeat about growth over the upcoming 12 months and are equally optimistic about their own companies’ sales forecasts.
According to the study, while CEOs worldwide are generally at least as enthusiastic as they were last year about the chances for economic development in 2022, the optimism of Indian CEOs stands out at 94%, up from 88% the year before.
The CEO’s confidence and optimism throughout the past year is evidence of the resiliency of Indian companies, even though Omicron has cast a shadow and CEOs are currently concerned with the health and safety of their staff. According to Sanjeev Krishan, chairman of PwC in India, “Maybe as a result of the futuristic groundwork done during the difficult times, 97% of CEOs in India are positive about their own company’s prospects for revenue growth not only in the near term but also over the next three years.
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Although there is optimism, worries about several obvious dangers to India’s CEOs still exist. The pandemic was ranked as the main threat to growth by 70% of India’s CEOs last year, while cyber risks were ranked at 62%. 15% of CEOs in India are concerned that cyber concerns may make it more difficult for their business to borrow finance this year. CEOs in India concur that cyber threats might result in significant revenue disruptions, with 64% of respondents concerned that a breach might make it more difficult to sell goods or services.
47% of chief executives think cyber threats could hinder their ability to create new products and services in addition to causing commercial interruptions.
Indian CEOs are 9% more concerned about health concerns than their international colleagues, at roughly 89%. Despite widespread immunization campaigns, the poll said that this may be a sign that business leaders would like to go cautiously when it comes to making early investments and corporate decisions.
Rising geopolitical turmoil, which has caused global disruptions in commerce, adds to the ongoing threat posed by the virus COVID-19 that is still evolving. After a difficult year, Sanjeev continued, “Enterprise leaders are under pressure to produce top-line outcomes. They will have to be proactive in reducing potential hazards, whether they pertain to technology, cyber security, talent, or health. Given the highly unstable, uncertain situation we currently find ourselves in, focusing on long-term problems and difficulties related to social inequality and climate change becomes even more vital. These concerns will determine the kind of world we live in and leave it to the following generation.
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Despite growing awareness of ESG, business metrics continue to dominate strategy globally and in India. Most CEOs incorporate objectives relating to nonfinancial outcomes in their long-term strategy, including customer happiness, employee engagement, automation, and digitization. Targets connected to workforce gender representation and climate mitigation and adaptation are less well-represented in plans and compensation.
As opposed to 71% and 62% of worldwide CEOs, about 81% and 75% of CEOs in India integrate metrics for employee and customer engagement in their long-term corporate strategy. Additionally, 78% of CEOs in India, compared to 54% of CEOs worldwide, incorporate automation and digitization targets in their long-term organizational strategy.
According to the report, 17% and 14% of CEOs in India and 11% and 13% of CEOs worldwide, respectively, consider gender representation and greenhouse gas emissions when determining their company’s yearly bonus or long-term incentive schemes.
A net-zero commitment has been made by 27% of the Indian companies that took part in the survey (22% globally), another 40% are in the process of developing and articulating their commitments (29% globally), and only 30% have not yet made any net-zero commitments (globally 44%).
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The three industries with the most representation at the sector level are energy, utilities, and resources. This serves as more evidence that high-emitting (and difficult-to-abate) companies frequently play a pivotal but complex role in climate action as both problem-contributors and problem-solvers.
“Over the past 25 years of our Global CEO Survey, we have observed business leaders navigating the wave of uncertainty and leading the way to generate not only economic growth but also societal change. Business leaders will play a bigger role in bringing about change, therefore they need to make sure that their initiatives add value over the long term and foster trust with the communities and stakeholders they work with. The prosperity and vitality of society as a whole may be effectively improved via effective collaboration across all stakeholders, including organizations, people, and governments, Krishan said.
