Thriving in an age of continuous reinvention
PwC
The March edition of The Hub highlights a global CEO survey report from PwC which specifically covers the Indian perspective.
The CEO Survey shows that India has risen to the fifth position as an investment destination for global CEOs, up from the ninth position it held in 2023.
Despite three years of global macroeconomic headwinds — including a pandemic that severely impaired businesses and conflicts in Europe and West Asia — India is looking at robust gross domestic product (GDP) growth. Global companies are hopeful about the future, too, though – unlike their visibly upbeat India counterparts – they are still somewhat cautious in their predictions for the year. As per our survey results, 86% of India CEOs said they believed the Indian economy would improve.
Key India findings
- Almost 9 out of 10 India CEOs believe that the Indian economy will improve.
- 7 out of 10 India CEOs are very confident about their company’s prospects for revenue growth over the next three years.
- Changing customer preferences, agree India CEOs, is the top reinvention driver.
- Cyber and health risks along with inflation are the three key threats in the next 12 months.
- Generative AI (GenAI), India CEOs anticipate, will deliver significant top- and bottom-line benefits and enhance their company’s ability to build trust with stakeholders.
- For India CEOs, the top three reinvention actions to create, deliver and capture value are:
- adopting new technologies
- developing novel products/services
- forming new strategic partnerships.
The report is built around three themes that emerge from the survey findings:
- India's growth story: Reviews the state of the Indian economy, India market and factors that account for the long-term viability of business models. The India Development Update, the World Bank's half-yearly report on the Indian economy, observed in October 2023 that despite significant global challenges, India was one of the fastest growing major economies at 7.2% in FY 2022–23. Its growth rate was the second-highest among G20 countries.
- Impetus to reinvent: Examines two megatrends, climate change and technological disruption caused by GenAI, that compel further reinvention. For longterm viability and growth, companies will have to reinvent themselves keeping in mind a host of direct and indirect issues. Cyber and health risks, and inflation figured high among India CEOs' concerns around factors impacting the growth of their businesses, while changing customer preferences and technological shifts, primarily evolving GenAI, were identified as top drivers of reinvention. Climate change was the other megatrend expected to accelerate the impetus to reinvent. For India CEOs, the customer is central and 61% said customer preferences had led to changes in how their companies created, delivered and captured value in the last five years.
- Roadmap to reinvention: Outlines four essential actions to jumpstart continuous reinvention. Reinvention is the formula for the long-term survival and sustenance of businesses. The key is to foresee disruption, anticipate a changing future, understand when to go for a strategic transformation through a change of business models or even core products and solutions, and recognise the obstacles in the way. The following four actions can help companies jumpstart continuous reinvention:
- Turn barriers into growth opportunities
- Develop forward-thinking strategies to be fit for purpose
- Realign expectations in response to climate priorities
- Keep your antennae up
Note: Views expressed in the report are of the publisher / editor and do not represent the IICA's stand / view.
(IICA duly acknowledge the authorship / ownership of the Survey Report and republishing the same only for educational purpose of Independent Directors)
