India a bright spot amid world disorder
The economic situation globally is tense. Though the fall in US inflation to 6.9 per cent may bring a bit of relief in the aggressive rate hikes by the Federal Reserve, recession fears still loom large. Amid the gloomy scenario, various reports, leaders and economists believe that India will be different. The World Bank has forecasted India’s FY23 GDP at 6.9 per cent and said India will be the fastest-growing economy among the seven largest economies. JP Morgan's 2023 Business Leaders Outlook survey also reveals the optimism of Indian Business Leaders.
Business leaders across India are optimistic about the economy despite the gloomy world outlook, according to the survey. Nearly two-thirds (63 per cent) of Indian business leaders, including promoters, CEOs and CFOs, have a positive outlook about the global economy, and 68 per cent are upbeat about the national economy, the survey said.
Still, 61 per cent of business leaders said they expect a recession in 2023. Compared with other countries surveyed at the same time, leaders in India are less worried about a recession than their counterparts in the United Kingdom (69 per cent) and the United States (65 per cent)—but more concerned than leaders in Germany (59 per cent), France (53 per cent) and Australia (46 per cent).
About 20 per cent of business leaders rated competition as the top external business threat, while 17 per cent cited cybersecurity and fraud. About 14 per cent saw energy prices as the top external threat, 13 per cent said it was the cost of debt while 12 per cent pinned it on general market volatility.
The majority of leaders in India are confident in their own companies, with a commanding 95 per cent expecting their revenues to increase or remain the same in the current year.
About 84 per cent of business leaders in India believe profits will rise in the year ahead, while 76 per cent of honchos see capital expenditures rising while 18 per cent view it remaining the same.
A majority of 82 per cent see credit needs rising while only 6 per cent anticipate a decline.
Read more at: https://cfo.economictimes.indiatimes.com/news/india-a-bright-spot-amid-world-disorder/96955534