The view from India
What’s on the minds of CEOs in India? p4 / India’s CEOs continue to be confident of their
growth prospects p6/ Being Fit for Growth p10 / A strategy that works in a digital world p12/
Bringing together man and machine p16

20th CEO Survey
Being Fit for Growth

1,379
CEOs interviewed in
79 countries

106
CEOs from India

www.pwc.in

Preface‘Part of being optimistic is keeping one’s headpointed toward the sun, one’s feet moving forward.’– Nelson Mandela
Against the backdrop of uncertain economic growth,
emerging protectionist trends and rapid technologicalchanges, CEOs in India continue to be confident about
their company’s growth prospects in the coming 12months. In addition to revenue growth, they areembracing the mantra ‘cut costs to grow stronger’—tounlock resources and invest to fuel growth. A
transformational agenda is on the cards.
Disruptive innovation is a priority for India’s CEOs.
Closely linked to this is their digital agenda, and theneed for talent with unique skillsets in a highly
automated world. Innovation, problem solving,leadership, creativity and adaptability—skills thatcannot be performed by machines—are increasingly
becoming important on the CEO’s agenda.
Our findings this year also reveal that India’s CEOs
continue to be concerned about issues such as
uncertain economic growth, over-regulation, andspeed of technological change. Like in previous years,
inadequate infrastructure and paucity of skills remain
top concerns.

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The India summary of PwC’s 20th CEO Survey focuseson three key themes important for India’s CEOs:• Building a transformation agenda, to make theircompanies fit for growth• Crafting a winning business strategy that fits in an
increasingly digital world• Bringing together man and machine to drive
efficiencies at the workplace
I would like to take this opportunity to thank the 106
CEOs from India who have shared their insights.
I hope you enjoy reading our analysis.

Shyamal Mukherjee
Chairman, PwC India
Twitter: @ShyamalM_20th CEO Survey

3Chapter 1: What’s on the minds of CEOs
in India?

71%

CEOs are optimistic‘Very confident’ about their company’s
prospects for revenue growth over theabout their growth prospects

next 12 months vs 38% forglobal counterparts

Equal focus on both organic initiatives and cost reduction to fuel growth

69%
Cost

80%
Organic
growthreduction

Top three global markets, besides
India, as key contributors to growthThree themes highlighted inthis year’s CEO Survey report

UK
US

China
India

Being Fit
for Growth

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Crafting a
Leveraging
strategy that man andworks in amachinedigital world

The skills CEOs consider
as important

Top CEO concerns
Problem solving

87%

Availability of key skills

82%

Uncertain economic growth81%

Inadequate basic infrastructure81%

Over-regulation

77%

Speed of technological change

64%

Adaptability

Leadership
Creativity
and innovation

56%of the CEOs in India are
exploring the benefits ofgetting humans andmachines to work together.

Protectionism

Digital and the CEO in India

81%

Stated that it is important to have digital skills

47%

Believe that in the next five years, disruptive
technological innovations will have a significant
impact on competition in their industry

77%

Concerned about the speed of technological change

66%

Revealed that they have already added digitaltraining to their organisation’s learning experiences

77%

Mentioned the need to create differentiation in theirproducts and offerings by managing data better

20th CEO Survey

5Chapter 2: India’s CEOs continue to be
confident of their growth prospects
In this year’s survey, 71% of India’s
CEOs are very confident of theircompany’s prospects for revenue
growth over the next 12 months as
opposed to 64% in the previous year.

confident of their company’s revenue
growth prospects over the next three
years. The India findings of the survey
over the last two years indicate that
this has been a consistent trend.

In terms of optimism, CEOs in India
surpass their global counterparts(38%) and their counterparts in China(35%) and Brazil (57%). In addition,
75% of CEOs in India are very

How confident are you about your company’s prospects for revenue growth over the next 12 months?
(respondents who replied ‘very confident’)High optimism among CEOs in India

71%

57%
38%

India

GlobalBrazil37%

35%

Asia Pacific

China

Source: 20th CEO Survey
Base: All respondents - India (2017) = 106, Global (2017) = 1,379, Asia Pacific (2017) = 493, China (2017) = 130, Brazil (2017) = 42

Steady rise in confidence levels of India’s CEOs

49%

2014

62%

2015

64%

71%

2016

2017

Source: 20th CEO Survey, 19th Annual Global CEO Survey, 18th Annual Global CEO Survey, 17th Annual Global CEO Survey
Base: All respondents - India (2017) = 106, India (2016) = 107, India (2015) = 73, India (2014) = 77

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In addition to the domestic market,
India’s CEOs consider select large
markets important for their overall
growth plans over the next 12 months.
This year, outside India, 55% of India’s
CEOs consider the US as an important
destination, followed by China (30%)
and the UK (22%). With increasing
global protectionism, a few CEOs might
be faced with a dilemma—should they
continue to globalise or focus on the
Indian market?

Why the burgeoning optimism?
Strong growth fundamentals: A
favourable demographic profile, risingincome levels and urbanisation are someof the key factors that are shaping India’s
growth story. Today, around 47% of thecountry’s population is below the age of
25 years and the median age is around27 years. Consumer demand is expected
to grow, fuelling India’s GDP growth ona sustainable basis.1 A PwC forecast
report predicts that India’s contribution
to the incremental planet’s grossdomestic product (GDP) could reachalmost 17% this year.2 To provide
quality of life for its growing population,
the nation is expected to provide 10–12
million jobs every year in the coming
decades.3 India has witnessed a risinghousehold income as well as massive
urbanisation, with 31% of its population
now living in cities.4
Upcoming policy reforms: Alongside
growth in consumer demand, a host ofpolicy reforms, including the Goods andServices Tax (GST), are expected to berolled out in the near term and are
giving CEOs reasons to be optimistic
about the overall business environment.
Foreign direct investment (FDI) into thecountry has grown by 53% in the past
two years to reach 55 billion USD in
FY 2016. Passenger airlines, defence,broadcasting carriage services andpharmaceuticals are some of thesectors that are expected to attract
growth capital.5

Top CEO concerns
The perceptions of India’s CEOs of someof the economic, policy, social andenvironmental threats to growth areconsistent with those of their global
counterparts. This year, 82% of CEOs in
India are concerned about uncertain
economic growth, while 81% areconcerned about over-regulation. These
concerns, coupled with the threat ofprotectionist trends and policies, areperceived as acute threats to growthambitions. This year, 64% of CEOs in
India are concerned about protectionism
as opposed to 59% globally.

Inadequate infrastructure and lackof availability of key skills in the
country—key enablers for growth—
continue to be major concerns.
Eighty-one per cent of CEOs in India
rated inadequate basic
infrastructure as a top threat to
growth as opposed to 54% of CEOs
globally. Further, 87% of India’s
CEOs rated availability of key skills
as a key threat to growth compared
to 77% globally.

How concerned are you about the following economic, policy, social, environmental andbusiness threats to your organisation’s growth prospects?
Respondents who stated ‘somewhat concerned’ or ‘extremely concerned’

77%
87%

Availability of key skills

82%
82%

Uncertain economic growth

Inadequate infrastructureOver-regulation

Speed of technological change

Protectionism

Global

54%
81%
80%
81%
70%
77%
59%
64%

India

Source: 20th CEO Survey
Base: All respondents - Global (2017) = 1,379, India (2017) = 106

1 PwC and FICCI. (2016). Shaping consumer trends. Retrieved from http://www.pwc.in/assets/pdfs/publications/2016/shaping-consumertrends.pdf
2 PwC. (2017). Global Economy Watch: Predictions for 2017: globalisation takes a backseat. Retrieved fromhttp://www.pwc.com/gx/en/issues/economy/global-economy-watch/predictions-for-2017.html (last accessed on: 10 February 2017)
3 PwC. (2014). Future of India: The Winning Leap. Retrieved from: http://www.pwc.in/future-of-india.html (last accessed on: 10 February 2017)
4 PwC and the Express Group. (2017). How smart are our cities. Retrieved from: http://www.pwc.in/assets/pdfs/publications/2017/how-smartare-our-cities.pdf (last accessed on: 10 February 2017)
5 PwC. (2016). Winning in maturing markets. Retrieved from: http://www.pwc.com/gx/en/issues/high-growth-markets/publications/winningin-maturing-markets.html (last accessed on: 10 February 2017)
20th CEO Survey

7Three key themes on the
CEO’s agenda
Central to the CEO’s agenda is growth in theface of significant uncertainty and rapidchange. More than ever before, this calls forbuilding a transformation agenda along
three key themes, which are explored in thesubsequent sections of this report:• Crafting a strategy that fits in an
increasingly digital world: While digital
has been a buzzword for a few years, it isincreasingly becoming a question ofadapting business strategies that fit in adigital world, and building a clearer lineof sight into how digital investments will
drive top line and/or bottom line results.
We explore this aspect in Chapter 4.

• Being Fit for Growth: In this year’s
survey, 69% of CEOs in India expect to‘cut costs to grow stronger’ and reinvest
savings into fuelling growth. They mightneed to adopt a transformative approachto cost management, which connects
choices on cost management, capability
development, and organisational andcultural evolution. We provide aconceptual framework for such an
approach in Chapter 3.

• Leveraging man and machine: WhileCEOs in global markets are debating the‘man versus machine’ question, their
Indian counterparts believe that the twomust coexist to fuel growth. In addition,
our survey respondents from India
reaffirm that specific skill sets such as
innovation, problem-solving
methodologies and adaptability are
critical to future success. We delve into
this theme in Chapter 5.

8PwC

20th CEO Survey

9Chapter 3: Being Fit for Growth6
In this year’s survey, 69% of CEOs in
India expect to ‘cut costs to growstronger’ and reinvest savings into
fuelling growth. They might need toadopt a transformative approach tocost management which connects
choices about cost management,
capability development, andorganisational and cultural evolution.

Our experience of working withhundreds of companies across all
business sectors worldwide suggeststhat fit for growth companies do three
things consistently and continuously:• They align their cost structure tothese capabilities by over-investingin capabilities that matter andunder-investing or eliminating costs
from others.

• They focus on building a few
differentiating capabilities—thethings they do better than any
other company.

• They organise well for
future growth.

Fit for Growth framework
Company’s strategy
Clear articulation of the capabilities that really matter tostrategy and ability to win in the market

Build industryleading capabilities

Identify higher valueadded priorities forinvestments

Invest in sustainable anddifferentiated capabilities
funded by improvements inthe cost structure

Transform cost
structure

Enable andsustainDevelop a clear crossorganisational cost agenda,
making deliberate choices fromfront line to back office

Reorganise for
growthImplement an organisation
model, processes and systems
to unlock potential and enableagility for growth

Enable change and cultural evolution
Create an environment and culture that embeds change in the DNA andenables a sustainable future

6 Couto, V., Caglar, D., Plansky, J. (2017). Fit for Growth. New Jersey: John Wiley & Sons.

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Focus on building a few
differentiated capabilities
In our experience, fit for growthcompanies have a good sense of ahandful of capabilities which will givethem the right to surpass competition. A
capability is usually a combination ofprocesses, knowledge, tools or skills,
which together provide companies acompetitive edge. Since a company’s
most distinctive capabilities are crossfunctional and are applied to mostproducts and services, they require agreat deal of attention and investment.
Even the largest of companies have only
three to six distinctive capabilities intheir capabilities system.

Align cost structure to key
capabilities
Achieving true cost fitness requires
companies to appreciate costs as an
outcome of the choices they make toinvest their resources. In our experience,companies that are fit for growth havelean and deliberate practices when it
comes to spending money. They redirect
the organisation’s resources andinvestments towards a few
differentiating capabilities—thestrengths that set them apart fromcompetitors. Based on our observation,companies that become fit for growth do
not see cost optimisation as a single, ‘big
bang’ style event. Instead, they make it acontinuous process, embedded in thedaily fabric of business.

Organise well for future
growthIn our experience, fit for growthcompanies implement an organisation
model, processes and systems that
unlock potential and provide agility for
growth. A well-designed organisation
model is critical to enabling growth in
two important ways. First, it makes
possible and sustains cost reductions
that are required to invest indifferentiating capabilities. It does thisby sharing resources across businesses
and functions and by trimming
management overheads. Second, awell-designed organisation model canfuel dramatic growth by empowering
managers to act like owners of thebusiness. The managers of business
units are given explicit financial andoperational targets, along with clear
decision rights that spell out what they

can and cannot do by themselves toreach those targets. They are also given
greater control over the resources
assigned to them and can deploy theseresources more flexibly.
In our observation, a Fit for Growth
approach offers noticeable benefits:Companies with higher Fit for Growthindex scores (which measures thedegree to which a company aligns its
resources, organisation and strategy)
experience better financial
performance.7
Overall, we have seen that the Fit for
Growth approach has helped
companies strengthen core capabilities
that differentiate them from theircompetition, tailor solutions to theirunique needs, avoid the pitfalls of the
traditional approach of cost cutting bylooking at costs objectively and makechanges stick by transforming theirorganisation model and company
culture from top to bottom.

7 Strategy& analysis and Capital IQ database

20th CEO Survey

11Chapter 4: A strategy that works in adigital world
The term digital appears to evoke
both excitement as well as a senseof apprehension among CEOs
globally. The India cut of thisyear’s survey presents someinteresting findings—38% of CEOs
in India have observed that overthe past five years alone, disruptive
technological innovations have
had a significant impact oncompetition within their respective
industries; 47% of them believethat in the next five years,
disruptive technologicalinnovations will have a significant
impact on competition in theirindustry. Further, 61% of CEOs
expect the supply chain to get
disrupted (compared to 49%
globally) and 77% are concerned
about the speed of technologicalchange. Notably, 81% of CEOs in
India have stated that it isimportant to have digital skills,
and 66% have already added
digital training to theirorganisations’ learning
programmes.

The need to have a robust
digital strategy
While rapid adoption of technology
is not new for corporate India,
what is new is the increasingprominence of a ‘digital strategy’on the agenda of CEOs. A pertinent
question most CEOs are now

asking is, ‘What ought to be the key
constituents of a robust digitalstrategy?’ A few CEOs are
reframing this question as: ‘Whatshould be our business strategy in
an increasingly digital world?’ The
latter question takes digital
disruption as a given and makes astronger ask on how theorganisation’s business strategy
could fit into the new world order.
Further, instead of a technology
lens, it takes a business lens to thecrafting of a digital strategy. It also
requires digital investments todemonstrate an impact on the top
line and bottom line, delivers asuperior customer experience or
creates significant differentiation
against competition.
In this year’s survey, 76% of India’s
CEOs expressed concerns about
rapidly changing customer
behaviour, and 77% of CEOs
mentioned the need to create
differentiation in their products
and offerings by managing data
better. As per our observation,companies are increasingly asking
what business problems will besolved, which customer needs will
be met by leveraging digital assets,
and how this will create therequisite differentiation, often
providing them a right to win in
highly competitive industries.

Human-centric design
approach
Based on our experience, one of the ways inwhich companies could differentiatethemselves is to take a human-centric design(HCD) approach to designing their digitalassets, with a view to improving theexperiences of all key stakeholders. This calls
for user or customer experience to be at theheart of digital assets and reshaping the entire
enterprise and capabilities around thecustomer and user experience. HCD conveys adistinctive brand identity and creates atangible emotional connection withcustomers. It reinforces that connection across
many different channels like brick-and-mortar
retail stores, websites, mobile apps, connected
devices such as wearable monitors, and forms
of interaction which are still being developed.
Companies that adopt an HCD approach use
big data and analytics to gather insights inreal time on what people do on each of thesechannels, and they deploy those insights inreal time by providing products and services
that respond instantly after sensing andanalysing what people need or expect. The
operations are set up to react and pivot onthese insights with nimbleness and ease. They
continually measure the impact of theseproducts and services and set a ‘test and learn’agenda that can react quickly and iteratively
to feedback from anywhere. Perhaps mostimportantly, these companies position theirdigital investments not as costs but ascatalysts, using them to build theircapabilities, drive their culture and accelerate
their progress, creating a virtuous circle
where behavioural changes fuel more digital
innovation.88 Strategy&. (2014). Reimagine your enterprise: Makehuman-centered design the heart of your digital agenda.
Retrieved from http://www.strategyand.pwc.com/reports/
reimagine-your-enterprise (last accessed on: 4 April 2017)

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10 critical attributes that fuel your digital growth engine

01
03
05
07
09

CEO is a champion
for digital

Business leaders
are involved inleveraging digital

Business-aligned digitalstrategy is shared at theC-suite level

Business and digitalstrategies are wellcommunicatedEngaging withexternal sources togather new ideas

Making digital
investments forcompetitive advantage

Effective use of data todrive business value

Proactive plan for cyberand privacy risks

A single, multi-yearroadmap

Measure outcomes ofdigital investments

02
04
06
08
10

Source: PwC’s 7th Digital IQ Survey: The India story
20th CEO Survey

13Preparing for digital
disruption
After evaluating more than 150
technologies, PwC identified the‘Essential Eight’ technologies thatbusinesses should consider in order tostay ahead of the game. They include
artificial intelligence (AI), augmented
reality (AR), blockchain, drones, theInternet of things (IoT), robots, virtual
reality (VR) and 3D printing.
The Essential Eight technologies

AI

AR

Blockchain

DronesIoT

RobotsVR

3D printing

Source: Tech breakthroughs megatrend

In our view, these technologies impact
five key areas of a company’s businessmodel: strategy, customer engagement,
operations, people and talent, andcompliance.
In India, in the financial services sector,
several leading banks are proactively
planning to incorporate the blockchain
technology. In the healthcare space, AI
is being used in diagnostics and clinical
trials, and IoT is helping in cost
reduction, patient efficacy and rural
reach. Technologies such as 3D printing,robots and industrial IoT are playing apivotal role in the manufacturingindustry.9

Addressing the risks
While disruptive innovation and digitaltechnologies have blurred market
boundaries, issues such as breaches ofdata privacy and ethics, cyber security
breaches affecting business information
or critical systems, and IT outages anddisruptions are some of the concerns ofIndia’s CEOs. Seventy-three per cent ofCEOs believe that it is harder forbusinesses to keep and gain trust in an
increasingly digitised world. In fact,
26% of CEOs agreed that confusion over
who owns digital assets could
negatively impact stakeholder trust.
Our survey reveals that CEOs are taking
steps to address these concerns—51% ofthem have stated that to a large extent,
their organisation is addressing theissues of breaches of data privacy andethics. Further, 54% are resolving theissue of IT outages and disruptions and
48% are addressing cyber security
breaches affecting business information
or critical systems.

9 PwC. (2016). Tech breakthroughs megatrend. Retrieved fromhttp://www.pwc.in/publications/tech-breakthroughs-megatrend.html(last accessed on: 15 February 2017)

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20th CEO Survey

15

Chapter 5: Bringing together man
and machine
While CEOs in global markets aredebating the ‘man versus machine’question, their Indian counterparts
believe in the coexistence of man andmachine to fuel their growth plans. In
this year’s survey, 56% of CEOs in India
are exploring the benefits of humans
and machines working together. Unlike
their global counterparts, 67% of them
expect to increase their company
headcount over the next 12 months(nevertheless, to some extent, apotential reduction in headcount islikely on account of automation andother technologies).

In addition, skill sets such as
adaptability, leadership, problem
solving, creativity and innovation—
capabilities that automation and othertechnologies cannot execute—are
gaining prominence on the agendaof CEOs.
There is, however, a gap between
aspiration and execution in India. This
year, 64% of CEOs have stated that it isdifficult for their organisation to
recruit people with problem-solving
skills. Similarly, 74% find it a challenge
to recruit talent that is innovative andcreative, and 66% have said that it isdifficult to recruit talent that is
adaptable. These data points reinstate
the fact that availability of a skilledworkforce—not just in the area oftechnical skills required to do the job
but also in terms of necessary
behavioural and leadership traits—
continues to be a pressing issue
in India.

Q1: How difficult, if at all, is it for your organisation to recruit people with these skills or characteristics?
Q2: In addition to technical business expertise, how important are the following skills to your organisation?
For Q1, respondents who stated ‘somewhat difficult’ or ‘very difficult’ and for Q2, respondents whostated ‘somewhat important’ or ‘very important’ were considered.

Leadership

73%

Creativity and innovation

98%

74%

Adaptability

66%

Problem solving

98%

Difficulty in recruiting people with skill
Source: 20th CEO Survey
Base: All respondents – India (2017) = 106
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95%

64%

Importance of the skill99%

HR strategy in a world of man
and machine
Leveraging data analytics andadvanced technologies to attract,develop and retain talent is gaining
importance—53% of CEOs in India
state these pursuits are part of theirorganisation’s talent activities. In
addition, 66% have said that they areadding digital training to theirlearning programmes; 29%, that they
are considering the impact of AI on
future skill needs; and 69%, that they
are using technology to improve thewell-being of their people.
The cognitive reapportionment
underway between man and machineis leading to interesting changes inworkforce structures and dynamics. As
repetitive and standardised jobs aretaken over by automation,organisational structures in someindustries are likely to undergo a shift
from a pyramid to a diamond format.
This is likely to change expectations
from the middle management roles—
from supervision and people
management to more direct
engagement with end customers.
Middle managers would need to build
a deeper understanding of industry
value chains and customer needs, anda larger proportion of them might be inindividual contributor roles. In
traditional organisations that are
adapting to the digital world in aphased manner, the need to manageand nurture the two worlds—the
traditional and digital—is becoming a
key HR challenge. Workforces aredifferent and the approaches tomanage their performance, reward andmotivation are quite distinct.

New technologies have paved the way
for not only a new stream of companies
such as e-commerce and aggregatedtransport or stay-based models, butalso new job categories. Employers will
have to determine how to integrate
machines into their talent pools and, atthe same time, determine how to hire,
retain, and develop the talent they
need—talent that may need to embrace
their machine colleagues rather thanfear them.10 At the same time, there is
likely to be a renewed focus onbuilding leaders for this new world anddeveloping capabilities that can never
be taken over by machines. Leaders
who can be comfortable with
ambiguity, have the ability of‘sensemaking’ or connecting the dots,
can inspire colleagues and teams, andbuild a strong organisational culture
are likely to be the ones who can taketheir organisations to new heights inthe competitive marketplace.

10 PwC. (2016). Tech breakthroughs megatrends. Retrieved fromhttps://www.pwc.in/assets/pdfs/publications/tech-breakthroughs-megatrend/tech-breakthroughsmegatrend-how-to-prepare-for-its-impact.pdf(last accessed on: 15 February 2017)

20th CEO Survey

17Credits
For further information on the survey content, please contact:

Aashish Mehra
aashish.mehra@strategyand.in.pwc.com

Nayantara Som
nayantara.som@in.pwc.com

We’d also like to thank the following for their guidance and expert insight:
Bharti Gupta Ramola, Padmaja Alaganandan, Shashank Tripathi, Sudhir Singh and Pradyumna Sahu

For media-related enquiries, please contact:
Nandini Chatterjee
nandini.chatterjee@in.pwc.com

Editorial contribution, design and layout, and online promotion:
Dion D’Souza
Trishann Henriques
Pallavi Dhingra
Akshay Wadhawan
Siddhartha Deshaprabhu
Ravish Vishwanathan

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About PwC
At PwC, our purpose is to build trust in society and solve important problems. We’re a
network of firms in 157 countries with more than 2,23,000 people who are committed
to delivering quality in assurance, advisory and tax services. Find out more and tell us
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each of which is a separate, independent and distinct legal entity. Please see www.pwc.
com/structure for further details.
©2017 PwC. All rights reserved

20th CEO Survey

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