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
Recession concerns
More than three-fifths of businesses in India believe a recession is likely in 2023.
Views on economy
Even with recession concerns, the majority of leaders have a positive outlook on the global economy.
Workforce outlook
More than three-fourths of business leaders expect to add or keep staff in the coming year.
Capital expenditures
Nearly all businesses (94%) expect capital spending to grow or stay the same; only 6% believe it will drop.
Supply chain
Almost half of businesses say supply chain pressures are worse than they were a year ago.
Profit snapshot
Most business leaders in India believe profits will rise in the year ahead.
Our experts
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.
