India Among Top 5 Most Promising Markets Globally
India offers one of the best opportunities for both domestic as well as global companies
India has emerged as one of the five most promising markets for businesses globally as it offers one of the best opportunities for both domestic as well as global companies, says a survey. According to the annual global CEO survey of consultancy giant PwC released at the WEF Annual Meeting, the top five markets considered as most important for overall growth prospects by the respondents are USA, China, Germany, the UK and India.
“India, which has continued to do well under Prime Minister Narendra Modi’s pro-business government, is now among CEOs’ five most promising overseas markets,” said the survey which covered 1,409 CEOs spread across 83 countries.
It further noted that the confidence level among Indian CEOs remains higher than the global average although they have also become less confident since last year about the growth prospects of their own companies.
As per the findings, CEOs are less optimistic about prospects this year and those who think global growth would improve over the next 12 months have declined to 27 percent from 37 percent seen in 2015.
Further, those who think the situation would worsen have increased to 23 percent from 17 percent. “Against this tide of pessimism, CEOs in India (64 percent), Spain (54 percent) and Romania (50 per cent) stand out as more optimistic,” it said.
PwC India Chairman Deepak Kapoor said CEOs in India have given strong indication of general uplift in sentiments by showing much more confidence than their global counterparts when it comes to revenue growth for their companies.
Recent policy reforms and a consequent pick up in investment and the government’s aim to boost infrastructure are also playing a role in boosting CEO confidence.
However, Kapoor said the CEO community continues to be concerned by lack of infrastructure and over-regulation.
As many as 90 percent of the Indian CEOs cited inadequate basic infrastructure as a major threat and 80 percent mentioned exchange rate volatility and 77 percent cited over-regulation.
Of business threats, 81 percent stated availability of key skills, 79 percent stated speed of technological change, 78 percent stated bribery and corruption.
“With India as the fastest growing large economy in the world, it offers one of the best opportunities for both Indian and global companies in a world that is still coming to terms with a slower growth paradigm and increasing geopolitical uncertainty,” he added.
(The Quint is available on Telegram. For handpicked stories every day, subscribe to us on Telegram)
Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.