Indian Business Leaders Expect Major Profit and Revenue Growth in 2024, Second Annual J.P. Morgan Survey Finds
17 Januar 2024 - 4:30AM
Business Wire
Indian companies are hopeful about the year
ahead as hiring plans, credit needs and AI integration influence
overall business outlook
According to J.P. Morgan’s second annual India Business Leaders
Outlook 93% of business leaders of midsized companies in India
expect their profits to rise in the year ahead, up 9% from 2023,
with planned revenue increases closely following at 92%. In a
further testament to the positive climate, a majority of Indian
business leaders surveyed expressed optimism in both the national
(76%) and global economy (69%) in the year ahead,
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Recession expectations for Indian midsize
business leaders in the year ahead (Graphic: Business Wire)
“Local business leaders have confidence in the economy despite
ongoing global economic and geopolitical challenges, as well as the
potential of a global recession,” said Pranav Chawda, Head of
Commercial Banking India, J.P. Morgan. “Entering an election year,
the optimism displayed by Indian industry leaders demonstrates
strong certainty that the country will continue to be among the
leaders in global economic growth in the coming years.”
Indian midsize businesses are galvanizing new ways to grow,
while staying grounded because of potential economic impacts. In a
survey of nearly 300 C-suite executives, 51% reported anticipating
a recession in 2024, down 10% from 2023. Additionally, two-thirds
plan to introduce new products (65%) over the next 12 months, with
more planning on expanding into new international markets (65%, up
7% from 2023) and strategic partnerships and/or investments (65%,
up 16% from 2023). Contrasting the overarching optimistic outlook,
83% of Indian business leaders cite costs are rising due to
inflation, up 5% from 2023—and their top concern in the year ahead
is rooted in navigating global unrest and geopolitical concerns
(35%).
“Since we started serving Indian-headquartered midsize companies
through our Commercial Banking division in 2019, the country
continues to prove it’s resilience, which is reflected in this
year’s survey results,” said Kaustubh Kulkarni, Senior Country
Officer, J.P. Morgan India and Vice Chair, Asia Pacific. “It’s
great to see local business leaders focused on their continued
progress and innovation, and we are excited to be able to support
them with our full suite of offerings—ranging from onshore banking
products to cross-border banking, including investment
banking.”
Creatively Embracing Credit and People to Support Growth
In order to support their growth, 80% of Indian business leaders
anticipate increasing their capital expenditure, and nearly the
same amount foresee an increase in their credit needs (78%).
As a result, 76% of Indian business leaders reported currently
using bank lines of credit, with the following leading alternatives
also being leveraged:
- Asset-based Financing (63%)
- Venture Capital (57%)
- Private Placement Debt or Equity (56%)
To further their growth plans, hiring is poised to accelerate in
2024, with 65% of business leaders looking to increase their
headcount in the next 12 months, up 9% from 2023—and 28% planning
to maintain their current staffing.
Integration of Artificial Intelligence Continues to Soar
While 27% of those surveyed cited the adoption of artificial
intelligence (AI) as a notable challenge facing their business in
the year ahead—almost all (93%) reported they are already using or
are considering using AI tools, such as generative AI and language
processing software, in the year ahead.
Of those currently using AI tools, more than half are using AI
tools for:
- Business Operations (63%)
- Human Resources/Training (59%)
- Financial Management/Accounting (59%)
For more information on the 2024 India Business Leaders Outlook
survey, visit jpmorgan.com/business-leaders-outlook-IND.
Survey Methodology J.P. Morgan’s India Business Leaders
Outlook survey was conducted online from November 16 – December 13,
2023. In total, 285 business leaders (CEOs, CFOs, heads of finance
and owners) from Indian midsize companies (annual revenues ranging
from 150 Cr – 16,000 Cr+) across various industries participated in
the survey. Results are within statistical parameters for validity,
and the error rate is +/- 5.5% with a 95% confidence level.
About JPMorgan Chase JPMorgan Chase & Co. (NYSE: JPM)
is a leading financial services firm based in the United States of
America (“U.S.”), with operations worldwide. JPMorgan Chase had
$3.9 trillion in assets and $328 billion in stockholders’ equity as
of December 31, 2023. The Firm is a leader in investment banking,
financial services for consumers and small businesses, commercial
banking, financial transaction processing and asset management.
Under the J.P. Morgan and Chase brands, the Firm serves millions of
customers in the U.S., and many of the world’s most prominent
corporate, institutional and government clients globally.
Information about JPMorgan Chase & Co. is available at
www.jpmorganchase.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240116176692/en/
J.P. Morgan India, Mollica Senapati,
mollica.senapati@jpmorgan.com J.P. Morgan Commercial Banking,
Bentley Weisel, bentley.r.weisel@chase.com
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