A recent survey conducted by PwC, the renowned consulting and auditing firm, has unveiled a striking sense of optimism among Indian chief executives regarding the country’s economic prospects. The findings were part of PwC’s 27th Annual Global CEO Survey, which involved responses from 4,702 CEOs across 105 countries and territories, including 79 from India. The survey was conducted between October 2 and November 10, 2023.

Remarkably, a substantial 86% of Indian CEOs expressed confidence in the nation’s economic improvement over the next year. This figure marks a significant increase of 30% from the previous year’s survey. This upbeat sentiment among Indian business leaders stands in stark contrast to their global counterparts, with only 44% of CEOs worldwide sharing a similar optimism for their respective regions.

India has also seen a resurgence as a prime investment location, ascending to the fifth most favoured destination globally, a notable rise from its ninth position in 2023.

The survey’s results were announced during the commencement of the World Economic Forum’s annual meeting in Davos. In terms of business confidence, 62% of Indian business leaders expressed extreme or considerable confidence in their company’s growth in the coming year, compared to a global average of 37%.

Indian CEOs identified inflation and cyberattacks as the most significant threats to their businesses in the upcoming year. The survey highlighted a growing concern about cyber threats, with 28% of Indian CEOs considering it a top risk, up from 18% in 2023. Retail inflation in India peaked at 7.44% in July 2023 but later eased to around 5.5% by November.

Health risks were also a prominent concern, with 27% of Indian leaders expecting their companies to be highly exposed to such threats in the next 12 months. The focus on health is further underscored by employees seeking employers who provide extensive health insurance coverage for their families.

Sanjeev Krishan, the Chairperson of PwC in India, commented on the findings, stating, “Despite ongoing global challenges, the Indian economy has shown resilience, with expectations of robust growth shortly. While Indian CEOs will play a crucial role in achieving a $5-trillion economy, they must also innovate their business models and workplace cultures to ensure lasting success.”

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