Roughly three-quarters of respondents expressed confidence in the national economy (76%) and their industries’ (77%) and companies’ performance (75%). And more than 9 in 10 leaders expect their profits and revenues to increase in 2024. Most Indian leaders (69%) were also optimistic about the global economy.
Although more than half of business leaders said they expect a recession in 2024, that’s down 10 points from 2023 (61%). Top challenges for business leaders include global unrest and geopolitical issues (35%), cybersecurity and fraud (31%) and rising interest rates (28%). Inflation also continues to weigh on businesses—83% of respondents experienced rising costs.
Indian business leaders are embracing AI, machine learning and other powerful new technologies. Most companies are using or considering using AI tools (93%). Of those businesses, more than 9 in 10 are using or plan to use AI in a wide range of capacities, including business operations (97%) and human resources (94%).
As companies seek an optimal balance between data privacy and advancements in technology, more than a quarter of Indian business leaders consider AI adoption a top concern.
Contributors
Kaustubh Kulkarni
Senior Country Officer, India
Pranav Chawda
Head of Commercial Banking, India
Kerwin Clayton
Head of Commercial Banking, Asia Pacific
Navin Wadhwani
Head of Investment Banking, India
Nitin Maheshwari
Head of M&A, India
Gautam Viswanathan
Head of Commercial Banking Treasury Management, India
About the survey
In its second year, the annual India Business Leaders Outlook survey is a snapshot capturing the concerns and expectations of senior business leaders at midsize companies with annual revenues between ₹150 Cr and ₹16,000 Cr.
This year, 285 respondents completed the online survey between November 16 and December 13, 2023. Results are within statistical parameters for validity; the error rate is plus or minus 5.5% at the 95% confidence interval.
Read our other 2024 Business Leaders Outlook Reports.
JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/commercial-banking/legal-disclaimer for disclosures and disclaimers related to this content.
