Team News Riveting
The Chief Executive Officers (CEOs) in India are skeptical about the economic growth post pandemic.
A survey conducted by KPMG India in August among 100 CEOs revealed that only 33 per cent industry captains were confident that Indian economy would be back on track. About 42 per cent were optimistic, the report said.
It added that 62 per cent of the CEOs have taken salary cuts as part of the overall cost management measures to sail their respective companies through the pandemic.
Arun Kumar, the chairman of KPMG India, said the CEOs here as compared to their global counterparts were less confident about global and domestic economic growth than they were at the onset of the year. “Their earnings outlook is clearly challenged,” he added.
As per the survey, a large number of respondents have identified “lack of skills and capabilities in the IT area” as one of the most important factors that challenged the growth.
The CEOs had already seen accelerated progress in digital transformation during the pandemic and preferring investments in new technologies to become future-ready, and 89 per cent of them plan to invest more on technology, the survey noted.
Moreover, CEOs globally feel a greater need to re-evaluate their purpose amidst the pandemic, than their domestic CEOs. About 79 per cent of CEOs globally have to re-evaluate their purpose, compared to only 37 per cent in India.
CEOs, while ensuring short-term survival of their companies, are likely to delve deeper into the impact of this crisis to realign strategies for long-term growth.
As much as 89 per cent would continue to build on use of digital collaboration and communication tools, while 77 per cent believe they have access to wider talent pools and 48 per cent will consider downsizing their office spaces, the survey said.
