Business Leaders Outlook India

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.

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.

Economic outlook for 2023
Business expectations

Business challenges

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

Top ways companies are adapting to inflation
What’s driving up the cost of doing business
Top responses to the labour shortage
Top external business threats
95% are considering investing in renewable sources of energy as a result of rising energy prices
Cyberattacks experienced in last 6 months

Social responsibility

Top areas of focus within corporate responsibility
Top objectives motivating corporate responsibility

Business transitions and growth plans

Plans for business transfer
Timeline to transfer business
Growth strategies for the next 12 months

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.

Who took the survey
Company size by number of employees
Company size by annual revenue

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.


Kaustubh Kulkarni, Head of India, Senior Country Officer

Kaustubh Kulkarni

Senior Country Officer, India and Vice Chair, Asia Pacific J.P. Morgan

Pranav Chawda, Head of Commercial Banking, India

Pranav Chawda

Head of Commercial Banking, India J.P. Morgan

Navin Wadhwani, Head of Investment Banking, India

Navin Wadhwani

Head of Investment Banking, India J.P. Morgan

Nitin Maheshwari, Head of M&A, India

Nitin Maheshwari

Head of M&A, India J.P. Morgan

Gautam Viswanathan, Head of Commercial Banking Treasury Management, India

Gautam Viswanathan

Head of M&A, India J.P. Morgan

JPMorgan Chase Bank, N.A. Member FDIC. Visit for disclosures and disclaimers related to this content.