40% Indian CEOs doubt their businesses' viability over next decade
What's the story
PwC's 28th Annual Global CEO Survey indicates a major shift in the mindset of Indian business leaders. The study included responses from 4,701 CEOs across 109 countries.
According to the survey, while optimism about India's economic growth continues to be high, worries about the long-term sustainability of their companies are also increasing.
A whopping 42% of all respondents feel their firms would be economically viable only for 10 years or less on their current trajectory.
Economic optimism
Indian CEOs express high confidence in economic growth
The PwC survey revealed that 87% of Indian CEOs remain optimistic about the country's economic growth. Meanwhile, 74% are confident about their own companies' revenue growth.
However, this optimism is moderated by concerns over international headwinds, macroeconomic volatility, inflation, and a shortage of skilled workers.
Despite these challenges, the majority of Indian CEOs remain positive about the future prospects for their businesses.
Strategy shift
Need for intelligent reinvention in business strategies
The PwC report emphasizes the importance of businesses adapting and reinventing themselves to keep pace with technological advancements, sustainability pressures, and evolving market demands.
This is especially critical considering the growing concerns of long-term business viability among Indian CEOs.
The survey indicates that a higher number of Indian CEOs now feel the need to recalibrate their decision-making methods, and hit the intelligent reinvention reset button to survive in the marketplace.
AI trust
Trust in AI integration remains low among CEOs
The survey also touched on the topic of artificial intelligence (AI).
While 51% of Indian CEOs are positive about generative AI's impact on profitability, trust remains an issue.
Only a third of all CEOs, globally and in India, expressed high trust in AI's integration into business processes.
This suggests a need for further exploration and understanding of this technology among business leaders.