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Business Leaders Outlook

2023 Business Leaders Outlook: India

This year’s inaugural survey shows optimism is high about the global and national economies—even as inflation challenges linger.

Business leaders across India are optimistic about the economy, according to our 2023 Business Leaders Outlook survey. Nearly two-thirds (63%) have a positive outlook about the global economy, and 68% are upbeat about the national economy.

Still, 61% of business leaders said they expect a recession in 2023. Compared with other countries surveyed at the same time, leaders in India are less worried about a recession than their counterparts in the United Kingdom (69%) and the United States (65%)—but more concerned than leaders in Germany (59%), France (53%) and Australia (46%).

The majority of leaders in India are confident in their own companies. A commanding 95% expect their revenues to increase or remain the same in 2023.

Inflation continues to weigh on businesses. Sourcing materials and shipping goods is also a challenge: 44% said supply chain pressures have gotten worse over the last 12 months.


Top takeaways


Pie chart showing 61%

Recession concerns

More than three-fifths of businesses in India believe a recession is likely in 2023.

Big number showing 63%

Views on economy

Even with recession concerns, the majority of leaders have a positive outlook on the global economy.

Pie chart showing 81%

Workforce outlook

More than three-fourths of business leaders expect to add or keep staff in the coming year.



Double ring pie chart showing 94% and 6%

Capital expenditures

Nearly all businesses (94%) expect capital spending to grow or stay the same; only 6% believe it will drop.

Pie chart showing 44%

Supply chain 

Almost half of businesses say supply chain pressures are worse than they were a year ago.

Big number showing 84%

Profit snapshot

Most business leaders in India believe profits will rise in the year ahead.



Our experts

Kaustubh Kulkarni, Head of India, Senior Country Officer

Kaustubh Kulkarni

Senior Country Officer, India and Vice Chair, Asia Pacific

J.P. Morgan

Navin Wadhwani, Head of Investment Banking, India

Navin Wadhwani

Head of Investment Banking, India

J.P. Morgan

Gautam Viswanathan, Head of Commercial Banking Treasury Management, India

Gautam Viswanathan

Head of Commercial Banking Treasury Management, India

J.P. Morgan

Pranav Chawda, Head of Commercial Banking, India

Pranav Chawda

Head of Commercial Banking, India

J.P. Morgan

Nitin Maheshwari, Head of M&A, India

Nitin Maheshwari

Head of M&A, India

J.P. Morgan



Economic outlook and expectations

Indian business leaders are optimistic about the global, national and regional economies. And their optimism carries over to how they feel about their own industries and companies.


Business challenges

Business leaders in India face several challenges today. Among them: persistent inflation, snarled supply chains and a tight labour market.


Social responsibility


Business transitions and growth plans


About the survey

In its first year, the J.P. Morgan Business Leaders Outlook: India survey is a snapshot capturing the concerns and expectations of senior business leaders of midsize companies.

This year, 302 respondents completed the online survey between 21 November and 8 December, 2022. Results are within statistical parameters for validity; the error rate is plus or minus 5.7% at the 95% confidence interval.

Company by industry

Government: 4%; healthcare: 6%; higher education: 4%; home services: 4%; industrials: 3%; manufacturing: 17%; media/entertainment/advertising: 2%; oil and gas: 2%; other professional/non-finance: 3%; real estate: 1%; restaurants/food services: 1%; technology: 39%; transportation/logistics: 1%; wholesale/retail: 8%; other: 5%

Note: Some numbers may not equal 100% due to rounding.

© 2023 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content.

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