Despite global recession, 84% of Indian business leaders remain confident of growth in 2023: Benori Knowledge

According to a CXO poll conducted by Benori Knowledge, a cutting-edge custom research and analytics solutions provider, India is emerging as a ray of optimism despite the global economic downturn. Most Indian CXOs are optimistic about the economy’s health in 2023.

Leaders from the automotive and industrial manufacturing (77%) and pharmaceuticals (85%) industries are the most upbeat, with 84% of CXOs confirming their optimism about growth.

This is consistent with the expansion of the automotive and manufacturing industries in 2022, which was fueled by many factors, including rising FDI inflow (which reached US$21.34 billion in FY 2022), the growth of electric vehicles, declining labour costs, improved infrastructure, and government initiatives, among others. India’s pharmaceutical business will likely experience tremendous expansion in the following year thanks to growing demand from multinational companies to outsource the production of medicines there.

Increase in digital spending in 2023

Spending on digital transformation will keep rising as businesses realize how crucial it is to invest in cutting-edge technology to stay competitive. However, 50% of corporate leaders claim they will need to address issues, including calculating ROI, gaining support from stakeholders, and hiring knowledgeable tech people for new digital integrations.

Cloud computing, where approximately 80% of businesses report either improving the level of implementation or having realized the potential of the technology within the organization, was one of the top technologies that attracted the greatest investment in 2022.

In most Indian firms, AI and machine learning (61%) are well-established technologies after cloud computing. The usage of cloud computing and AI/ML in business processes is highest in the technology and telecommunications industry (92% and 42%, respectively).

Slightest danger to the growth of the Indian economy

Despite a high level of optimism, the nation’s business community is not impervious to the dangers that face its international rivals. The main risk factor was identified as talent acquisition and retention (52%), followed by supply chain bottlenecks (48%), technology disruption, and cyber risks (41%).

The CEOs of India Inc., in an exciting turn of events, named geopolitical unrest (6.8%) and climate change (3.4%) as posing the slightest danger to their company and having no impact on growth plans.

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