CEOs confidence 'muted' in comparison with earlier years: PwC

Says this year in terms of CEO optimism, India lags behind countries like Korea, Taiwan, the Middle East

Business leaders in India continue to be confident of growth prospects, although their enthusiasm is muted in comparison with earlier years, a survey by PwC has found.

According to the 17th Annual Global CEO Survey (India report), 49% CEOs continue to be confident of growth prospects in the short term (12 months) and 70% are very confident of revenue growth over the next three years.

Ten years ago, CEOs from India were the most confident of all CEOs and this trend continued till last year. However, this year in terms of CEO optimism, India lags behind countries like Korea, Taiwan, the Middle East, Russia and Africa, the report said.

The report further noted that India still figures in the plans of global companies, several countries consider India important for overall growth.

Moreover, CEOs in India have started looking at new markets to grow revenues as well as to improve their competitive position.

These new markets include venturing across borders as well as tapping new pockets of opportunities within India driven by rapid urbanisation and rising incomes in rural and semi-rural regions.

Over-regulation was considered as a common threat for Indian as well as global CEOs, while exchange rate volatility and the availability of key skills are concerns specific to India.

The survey said the three mega trends that are likely to impact and shape businesses in the long term include technological advances, demographic shifts and shifts in global economic power.

"For CEOs in India, radical changes are underway. The interplay between the megatrends will yield opportunity as well as challenge," Deepak Kapoor, Chairman PwC India network of entities said.