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With the markets recovering gradually, India’s chief executive officers (CEO) are gearing up to ride the consumption wave, which is seeing a return, through improved operational efficiencies leading to higher profitability.
According to the PWC’s 24th Global CEO Survey, 88% of India CEOs are confident about global economic growth improving over the next 12 months, while 70% are confident about their revenue growth in the same period.
While Indian CEOs is undoubtedly poised for recovery and profitable growth, they are equally aware and ready for the challenges of a post-pandemic world. It reveals that organisations have also witnessed an accelerated pace of digital adoption along with emerging new business models. That explains why 93% of Indian CEOs are willing to invest long-term in digital transformation, and an almost equal percentage – 90% – would like to invest in leadership and talent development over the next three years. Initiatives to realise cost efficiencies also top the priority list for 88% of India CEOs, while 80% are set to invest in cybersecurity.
Given the pace at which technology is being embraced and the fact that organisations are witnessing year worth of transformation and adoption of technology within months, the cyber threat as a major concern comes as no surprise. A majority of Indian CEOs see the US as their largest export growth market.
In fact, for Indian CEOs, the top territories of growth other than the US are the UK, China, Bangladesh, Germany, and the UAE. The strong economic performance of the US on the back of a large stimulus and less disruptive decision-making will provide an additional boost to the exporting companies.
The CEO Survey findings reveal that the pandemic has accelerated the pace of digital adoption. It also highlights the need for improved operational efficiencies and alternative delivery models. While 85% of Indian CEOs are seeking operational efficiencies to drive growth, in many companies the pandemic has catapulted the mindset of Gen X decision-makers to that of the Gen Y and Gen Z digital natives.