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.
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 leaders in India face several challenges today. Among them: persistent inflation, snarled supply chains and a tight labour market.
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.
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.
Kaustubh Kulkarni
Senior Country Officer, India and Vice Chair, Asia Pacific J.P. Morgan
Pranav Chawda
Head of Commercial Banking, India J.P. Morgan
Navin Wadhwani
Head of Investment Banking, India J.P. Morgan
Nitin Maheshwari
Head of M&A, India J.P. Morgan
Gautam Viswanathan
Head of M&A, India J.P. Morgan
JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/cb-disclaimer for disclosures and disclaimers related to this content.