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Winning today’s race while running tomorrow’s
CEOs are optimistic about India’s economic growth over the next 12 months
CEOs think their firms will not be economically viable a decade from now if they do not transform
of India companies are currently innovating new, climate-friendly products or processes
CEOs do not plan to reduce the size of their workforce, while 96% do not plan to reduce compensation
Despite evidence of a global economic slowdown, continuing high inflation and repercussions across the world of the conflict in Europe, the prognosis for India’s economic growth has largely been positive. Our Chairperson, Sanjeev Krishan, discusses the threats and opportunities that lie ahead for CEOs in India, as reported in the India perspective of the 26th Annual Global CEO Survey.
For business leaders in India operating in an interconnected world, the slowing growth in major economies — along with inflation, macroeconomic volatility, climate change and geopolitical risks — is of urgent concern. Their worries are reflected in India CEOs’ responses to a set of nine questions that fall under the following three groups - the race for the future, today's tensions and a balanced agenda - in PwC’s 26th Annual Global CEO Survey. This dual imperative — of overcoming near-term obstacles while reinventing business for the future — runs through much of this year’s survey.
The three questions – on the time horizons of critical risks, on corporate climate change strategies, and on the potential for widespread business disruption – reflect the race that today’s CEOs must run to stay ahead of longer term threats to their companies, to society, and to the planet itself.
Not all figures in the bar will add up to 100%.
“Blessed with abundant sunshine, India is naturally positioned to exploit solar energy to decarbonise our economy. The challenge is to bundle various forms of renewable energy – green hydrogen, wind and biomass – with storage technology, be it around batteries or pumped hydro. There is an urgent need for a commercially viable technological innovation.”
The three questions – on the relationship between today’s conditions and tomorrow’s outlook, between strategies for business resilience and workforce retention, and between geopolitics and contingency planning – speak to day-to-day tensions that leaders are facing as macroeconomic conditions deteriorate, uncertainty rises, and inflation hits levels not seen in decades.
Base: All respondents who answered 'slightly exposed' to 'extremely exposed' in Q3A (Geopolitical Conflict)
“Building flexibility in the supply chain is a more appropriate strategy than aiming for complete resiliency in the first place. The COVID-19 pandemic and the Russia-Ukraine conflict required Dr. Reddy’s Laboratories to bring in this flexibility by vigilant day-to-day monitoring of the situation and by reacting to these developments with agility. This flexibility led us to attaining resilience in our supply chain.”
The three questions – on the time and money CEOs are investing in the future, on their role as leaders to drive and empower change, and on the ecosystems they are building to create new sources of value – epitomise the balancing act that CEOs must perform to deliver on their dual imperative.
While upskilling (85%), automating processes (82%) and deploying technology (81%) are the three top areas where companies are investing, deploying technology (61%) and decarbonising the company’s business model (59%) are two top priorities for reinventing the business for the future.
Base: Those respondents who are making an investment in any of these areas in the next 12 months
“Many millennials are now in mid-management functions and, therefore, in influencing positions. They often have a strong sense of values and prioritise fairness and value addition to customers over making money. These employees remain with the organisation once they realise the firm is offering tangible value to its customers.”