Majority of Indian CEOs expect revenues of their companies to increase to pre-crisis level in a year's time with a turnaround in economic recovery, says a PricewaterhouseCoopers survey.
Studying the confidence levels of Indian chiefs, a report by global consultancy firm PwC found that 63 per cent of Indian CEOs are "very confident" of their revenue growth prospects over the next 12 months, while 34 per cent were 'somewhat confident'.
"Many CEOs believe the country's manufacturing sector has become increasingly competitive and the economy is shifting away from its reliance on the services sector, a path that could take advantage of the broad spectrum of the nation's labour force," said PwC Leader, Markets and Industries, Jairaj Purandare.
Industry, represented by the Index of Industrial Production grew by 10.4 per cent in August, against 1.7 per cent in the same month a year ago. The manufacturing sector contributes about 80 per cent to the industrial output.
Further, according to the survey, CEOs expect growth to come primarily from existing markets, with 58 per cent citing that as a primary opportunity, besides new product development and new geographic market.
The report, however, added that the business confidence levels of CEOs is on par with last year when 70 per cent were 'very confident'.
