Sanjeev Krishan, chairperson of PwC India, stated that Indian chief executive officers are more interested in their domestic business rather than aligning with global businesses, during an interview with NDTV on the sidelines of the World Economic Forum in Davos.
"The survey that we released today said that a lot of Indian CEOs want to focus on India and do not necessarily want to align themselves with the global business," Krishan said. He was referring to a report from PwC India that stated that Indian CEOs are a lot more positive on their domestic businesses and the country's economy, as compared to their global peers.
Krishan stated that geopolitical uncertainty is influencing the volatility of markets. However, he has a positive outlook for the Indian economy due to the country's healthy macro-economic fundamentals, and the upcoming trade deal with the European Union.
"Certainty has a premium, no question about it. But when there is so much uncertainty as there is now, markets would behave this way. Just the fact that the India-EU deal will get announced very soon is a huge positive that we will take away from Davos. From our perspective," he said.
The PwC India chief credited India's trade diversification for his favourable economic outlook.
Krishan also advocated for the ramping up of productivity in the industrial and agricultural sectors, as well as embracing scale in the upcoming Union Budget. "For the longest time, we have felt that small is good. I think it's now time to embrace scale in everything that we do, because that is how the factor cost will go down and we will become more competitive," he added.
"Most of it (Union Budget) has to be on the spending side rather than the collection side," he said, adding that measures should be taken to boost productivity across services, industrial and agricultural sectors.
Krishan also recommended upskilling of the workforce to maintain the demographic dividend.
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