CXOs bullish on India’s growth prospects

India is emerging as a ray of hope despite the global economic downturn. As per the outcome of a poll conducted recently, a majority of business leaders are optimistic about the health of the economy in 2023.

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India is emerging as a ray of hope despite the global economic downturn. As per the outcome of a poll conducted by Benori Knowledge recently, a majority of business leaders are optimistic about the health of the economy in 2023.

According to the poll results, about 84% of CXOs confirm that they are optimistic about growth with the leaders from the automotive and industrial manufacturing (77%) and pharmaceuticals (85%) industries, as these are most upbeat.

With the pharmaceuticals and automotive & industrial manufacturing sectors being the most enthusiastic, the industry experts anticipate decent growth in 2023.

This is consistent with the expansion of the automotive and manufacturing industries in 2022, which is fueled by a number of factors including rising Foreign Direct Investment inflow (which reached US$ 21.34 billion in FY 2022), growth of electric vehicles, declining labour costs, and improved infrastructure and government initiatives, among others.

The pharmaceutical business in India is likely to experience tremendous expansion in the next years thanks to growing demand from multinational companies to outsource the production of medicines there.