CEOs' confidence in growth of own companies declines: Report – Times of India
NEW DELHI: CEOs in India are confident of recovery in the global economy over next three years, but growth of their own companies keeps them awake at night.
Significantly, reputation risk – stemming from misalignment with customer and public sentiment – has emerged as one of the top three threats facing these leaders in India, says a study by KPMG shared exclusively with TOI.The other two threats include technological obsolescence and cyber security.
About 80% of CEOs in India are confident of the growth prospects for the global economy over the next three years, up from 69% in 2023, indicating a renewed optimism in navigating long-term growth trajectories. However, confidence in their individual company’s growth has declined to 68%, down from 71% last year, the KPMG CEO Outlook 2024 said. This decline underscores a cautious sentiment among executives, who face lingering uncertainties related to geopolitical complexities, economic instability and rapid technological advancements.
“CEOs today face vast and complex challenges from the race to embrace AI to mounting geopolitical concerns. The drive for innovation and the dynamics of hybrid working are pushing CEOs to be agile, to focus on their strategies around AI, talent and environmental, social and governance. Despite the challenges, CEOs in India express optimism in the growth prospects for the global economy, which depicts resilience to build a solid foundation either by strengthening their workforce, adopting newer technologies or by focusing on sustainability to cater to the evolving business needs.
Looking ahead, CEOs who have adapted themselves to the dynamic environment by investing in talent and technology would be able to deliver long-term sustainable growth,” Yezdi Nagporewalla, CEO, KPMG India said.
Over 70% of CEOs in India believe that cost of living, trade regulations, cyber insecurity and talent shortages will adversely affect their organisation’s prosperity over next three years.
