According to a PwC study, the majority of Indian CEOs see a favorable future for the Indian economy

According to a study released on Tuesday by consulting and auditing firm PwC, the majority of Indian chief executives are positive about the economy's prospects for growth this year.

From October 2 to November 10, 2023, the business conducted its 27th annual global survey, polling 4,702 chief executives (CEOs) in 105 countries and territories, including 79 in India. As many as 86% of CEOs in India are convinced that the economy will improve, a 30 percent increase over the previous year.

In comparison, only 44% of global CEOs anticipate the economy will improve in their respective regions. The confidence surrounding the Indian economy is replicated around the world, with the country resuming its place as the fifth-best investment destination for global CEOs after ranking 9th in 2023.

The survey was issued on the opening day of the World Economic Forum's annual conference in Davos.

As many as 62% of Indian business leaders were "extremely or very confident" in their organization's growth over the coming year. Globally, only 37% of CEOs agreed.

In India, CEOs identified inflation and cyberattacks as the most serious dangers to their companies over the next year.

Cyberattacks were viewed as a top danger by 28% of Indian CEOs, up from 18% in 2023.  According to a press release from PwC, India's annual retail inflation reached a 15-month peak of 7.44% in July 2023 before falling to roughly 5.5% in November.

Despite ongoing global headwinds, the Indian economy has remained resilient, with prospects for a robust growth trajectory in the foreseeable future.

Also read: NITI Aayog: India’s poverty rates have significantly dropped in the last 9 years

While India's CEOs will play an important part in the country's transformation into a $5 trillion economy, they will also have to reinvent their company's operations and work cultures to ensure long-term success, according to Sanjeev Krishan, chairperson of PwC India.