Optimism Peaks As India Inc Invests In Growth, Tech And Upskilling: IBR Survey

The survey reveals that a remarkable 80 per cent of Indian businesses maintain a positive economic outlook for the next 12 months, showcasing an increase from 78 per cent in the first half of 2023

In the face of waning global economic sentiment, India emerges as a beacon of positivity, according to the latest findings from the International Business Report (IBR) by Grant Thornton. The survey, which delves into the perspectives of mid-market companies globally, reveals that a remarkable 80 per cent of Indian businesses maintain a positive economic outlook for the next 12 months, showcasing an increase from 78 per cent in the first half of 2023.

Conducted from June to December 2023, the survey highlights India's flourishing economic landscape amidst a broader decline in confidence within the Asia-Pacific (APAC) region, where the outlook dropped from 67 per cent to 66 per cent.

Siddhartha Nigam, partner at Grant Thornton Bharat, commented on the survey, stating, "The bullish outlook extends beyond just profit expectations. 83 per cent of Indian mid-market firms expect growth in revenue in the coming year, buoyed by India's expansive domestic market and government initiatives such as 'Make in India'."

The survey indicates that this growth trajectory is poised to generate employment opportunities, with 78 per cent of Indian mid-market firms anticipating a surge in hiring, surpassing the global average of 51 per cent.

Furthermore, there is a discernible trend towards the adoption of advanced technologies, notably artificial intelligence (AI), with 72 per cent of Indian mid-market leaders foreseeing increased investments in technology to harness AI's potential. However, concerns regarding the potential rise in upskilling costs due to AI implementation have been acknowledged by 44 per cent of respondents, necessitating strategic planning during this transition period.

Raja Lahiri, Partner and Tech Leader at Grant Thornton Bharat, emphasised the importance of agility and technological investment, stating, "Dynamic advancements and innovations can quickly disrupt traditional business models. To counteract these challenges, companies must maintain agility, consistently invest in technology, and embrace digital transformation."

The International Business Report (IBR) by Grant Thornton is a biannual survey conducted with chief executive officers, managing directors, chairpersons, or other senior executives across various industries worldwide.