Indian CEOs remain more optimistic about growth prospects than their global counterparts, but that confidence is increasingly tempered by caution over rising risks, slower global momentum and the speed of technological change, according to PwC’s 29th Annual Global CEO Survey.
The survey, based on responses from nearly 50 Indian CEOs and over 4,400 executives globally, shows that 77% of Indian business leaders expect economic growth in the country to improve over the next 12 months, significantly higher than the 55% global average.
Confidence in revenue growth also remains stronger in India, with 57% of CEOs saying they are very or extremely confident about near-term revenue prospects, almost double the global figure.
However, the optimism is more guarded than in previous years. Indian CEOs are increasingly conscious of macroeconomic volatility, cyber risks and the rapid pace of technological disruption, particularly around artificial intelligence (AI).
The survey suggests that while India continues to stand out as a bright spot in a subdued global environment, corporate leaders are recalibrating expectations and sharpening focus on execution and resilience.
The contrast with global sentiment is stark. Globally, CEO confidence in growth has softened amid concerns around inflation, geopolitics and slowing demand.
Nearly half of global CEOs are not planning any major investments over the next year, while Indian executives remain comparatively more willing to deploy capital, supported by domestic demand, government-led infrastructure spending and policy reforms.
Top Investment Destination
India’s attractiveness as an investment destination also comes through clearly. The country now ranks among the top three destinations globally for cross-border investment, alongside the US. Indian CEOs themselves continue to prioritise overseas investments in the US, the UAE and the UK, reflecting both trade linkages and market access considerations.
Yet, the survey highlights that optimism is no longer unqualified. Macroeconomic volatility and cyber threats have emerged as the top risks for Indian CEOs, overtaking inflation and supply chain disruptions that dominated earlier surveys.
Cybersecurity in particular has moved sharply up the risk agenda, with nearly half of Indian CEOs saying they plan to significantly strengthen cyber defences over the next year as digital adoption deepens.
Artificial Intelligence Paradox
Technology, especially AI, sits at the centre of both opportunity and anxiety. Two-thirds of Indian CEOs say they are concerned about keeping pace with AI, a far higher proportion than globally. While many companies have begun deploying AI in pockets of their operations, relatively few believe they are extracting its full value.
Only about a third of Indian CEOs say AI has already delivered revenue gains, even as expectations around productivity improvements and cost reductions remain high.
The survey notes that companies with stronger AI foundations are significantly more likely to report revenue growth and cost efficiencies, yet many Indian firms still lack the data infrastructure, talent and governance frameworks needed to scale AI meaningfully.
Concerns over data security, ethical use and integration with legacy systems are slowing adoption, even as competitive pressure to move faster intensifies.
Business Model Reinvention
At the same time, Indian CEOs appear more willing than global peers to reinvent their businesses. More than half say their companies have entered new sectors over the past five years, driven by a push to diversify revenues and reduce dependence on traditional markets.
Technology, manufacturing and aerospace and defence are among the most favoured areas for expansion, reflecting both domestic demand and government policy support.
Despite this, execution challenges persist. Over a third of Indian CEOs admit their organisations are slower than peers in bringing new products to market. Many also acknowledge gaps in innovation culture, risk appetite and external collaboration, limiting their ability to fully capitalise on emerging opportunities.
The survey also points to a growing emphasis on trust and governance. Issues such as data privacy, AI safety and climate impact are attracting greater scrutiny from investors and regulators. Indian CEOs, while less exposed to stakeholder pressure than their global peers, increasingly view trust as a strategic asset that directly influences long-term performance.
Overall, the message from India’s top executives is one of cautious confidence. Strong domestic fundamentals and policy support continue to underpin optimism, but leaders are acutely aware that sustaining growth will depend on how effectively they manage technology transitions, cyber risks and organisational transformation.