99% CEOs expect better India growth in next 12 months: PwC

99% of Chief Executive Officers (CEOs) in India surveyed by PwC believe that the country’s economic growth will improve in the next 12 months. Also, 94% of these CEOs are optimistic about improving global economic growth during this period, compared to 77% of global CEOs.

PwC’s 25th Annual Global CEO Survey selected 4,446 CEOs in 89 countries and territories between October and November 2021. 77 CEOs were selected in the India portion of the survey.

According to the survey, India’s CEOs also remained optimistic on their companies’ revenue prospects, with 98% confident about growth over the next 12 months.

The survey showed that while CEOs globally are more optimistic about economic growth prospects this year than 2021, people in India showed an increase in optimism at 94% from 88% last year.

“While Omicron has cast a shadow and CEOs are currently focusing 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. Perhaps due to the futuristic groundwork done during tough times, 97% of India’s CEOs are confident about their company’s prospects for revenue growth not only in the near term, but also over the next three years,” said Sanjeev Krishna, President, India PwC said.

Certainly, business leaders in India expressed concern over some pending issues. Last year, 70% of CEOs saw the pandemic as a top threat to growth, while 62% considered cyber threats to be a hindrance. This year, 15% of CEOs in India are apprehensive about cyber risks that hinder their company’s ability to raise capital. India’s CEOs also agreed that cyber exposure could cause serious revenue disruption, with 64% of respondents fearing a breach could disrupt sales.

Also, 47% of CEOs believe that cyber threats can hinder their ability to develop products and services.

Nearly 89% of CEOs in India are concerned about health risks – 9% more than their global counterparts. This is perhaps a sign that despite the worldwide vaccination campaign, business leaders will want to exercise caution when it comes to making early investment and business decisions, the survey said.

Adding to the threat from COVID-19 is escalating geopolitical conflict, which has disrupted global commerce.

Krishna said that “after a challenging year, business leaders are under pressure to deliver top-line results. This will require them to take proactive steps to mitigate current and future risks-be they technology, cyber, Be it around security, talent or health. It also becomes increasingly important to focus on the long-term challenges and issues around climate change and social inequality, as we are in a highly uncertain, volatile environment that will define how we live in the world of and pass on to the next generation.”

Despite the growing interest in environmental, social and corporate governance or ESG, corporate strategy is largely driven by business metrics, both globally and in India. Most CEO’s goals are tied to non-financial outcomes such as customer satisfaction, employee engagement, and automation or digitization in their long-term strategy. Less well represented in strategies and compensation are goals related to workforce gender representation and climate mitigation and adaptation.

About 81% and 75% of CEOs in India incorporate customer satisfaction and employee engagement metrics, respectively, into their company’s long-term corporate strategy, as against 71% and 62% of global CEOs. Also, 78% of CEOs in India incorporate automation and digitization goals into their company’s long-term corporate strategy, as against 54% of global CEOs, the survey showed.

The survey said 17% and 14% of India’s CEOs factor in gender representation and greenhouse gas emissions in their company’s annual bonus or long-term incentive plans, respectively, compared to 11% and 13% of global CEOs.

Of the companies in India that took part in the survey, 27% already have net-zero commitments (22% globally), 40% are in the process of developing and clarifying their commitments (29 globally) %), and only 30% have neither made nor are in the process of making any net-zero commitments (44% globally).

At the sector level, energy, utilities and resources are most under-represented among those who have made net-zero commitments. This reinforces the fact that high-emitting (and hard-to-find) industries are often front and center when it comes to climate action, placing them in the complex but important role of problem-contributors and problem-solvers. .

“We have seen business leaders navigate the tides of uncertainty during the past 25 years of our Global CEO Survey and lead the way in driving not only economic growth but also social change. Businesses as change makers The role of U.S. leaders will rapidly unfold, and leaders must ensure that their efforts create lasting value while building trust with the communities and stakeholders they serve. Effective across all stakeholders – organizations, individuals and governments Cooperation – can meaningfully increase not only their own possibilities but also the prosperity and vitality of the society as a whole,” Sanjeev concluded:

PwC surveyed 4,446 CEOs in 89 countries and territories (including 77 from India) in October and November of 2021.