A total of 86% of CEOs in India believe the country’s economy will improve over the coming year, according to PwC’s 27th Annual Global CEO Survey.

Furthermore, the survey shows that 62% of India’s CEOs are confident about their firm’s growth in 2024.

When questioned about their level of confidence in their company’s growth over the coming 12 months, 62% said they were ‘extremely or very confident’, compared to 37% of other global CEOs, Business Today reports.

In addition, around 70% of India’s CEOs stated they were confident of their firm’s prospects for revenue growth over the next three years, compared to 49% of global CEOs.

However, the survey also shows that India’s CEOs believe inflation and cyber risks will be the main threats to their business over the coming 12 months.

India’s annual retail inflation reached a 15-month high in July last year of 7.44% but declined to around 5.5% by November.

The risk from cyber threats rose 10% from last year amongst those polled, with 28% of India’s CEOs forecasting ‘extreme/high exposure’ to such threats.

Furthermore, 27% of India’s CEOs say their businesses could be ‘extremely and highly exposed’ to health threats over the coming year. 

“Despite continuing global headwinds, the Indian economy has remained resilient with expectations of a strong growth trajectory in the near future. While India CEOs will indeed play a big role in the country becoming a five-trillion-dollar economy, they will also need to reinvent their businesses and work culture to ensure long-term sustainable success,” said Sanjeev Krishan, Chairperson, PwC in India.

He added that business leaders in India will need to overcome obstacles such as regulatory constraints and a lack of tech capabilities to turn them into growth opportunities, creating long-term value for businesses, society and the environment, the Business Today report adds.

The survey polled 4,702 CEOs in 105 countries and territories, including 79 from India.