Indian CEOs top the global average on plans to cut operating costs
- IBEF
- January 18, 2023
As per a Global CEO Survey released by Price Waterhouse Coopers (PwC), a majority of Indian Chief Executive Officers (CEOs) have indicated that they are planning to reduce the operating costs as they are more upbeat than their global peers on their country’s economic prospects. The survey also indicated that some of the Indian CEOs (about 57%) are hopeful about the country’s economic growth and express optimism about India’s economy over the next 12 months.
Regarding the actions that the companies might be taking, about 67% of Indian CEOs said that they are adjusting supply chains, 59% said they are diversifying their products and services, 50% highlighted they are increasing the investments in cyber security and data privacy, 48% are adjusted their presence in current markets and expanding into new markets. Whereas, in response to the current environment, about 93% of Indian CEOs are planning to reduce operating costs and increase revenue growth to mitigate economic challenges and volatility.
In October-November 2022, the survey was conducted among 4,410 CEOs from 105 countries and territories and 68 CEOs were from India. The Indian CEOs said that the key threats in the next 12 months are inflation, macroeconomic volatility, climate change, and geopolitical conflict.
According to the World Bank, the economy of India will remain one of the fastest-growing major economies in the world because of its robust domestic demand. The 2022-23 gross domestic product (GDP) has also been revised to 6.9% from 6.5% by the World Bank.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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