Make in India push : Indian mid-market businesses bullish on Economy despite global headwinds
Driven by initiatives such as 'Make in India', ease of doing business and ongoing digital transformation, 80 per cent of Indian mid-market businesses maintain a positive economic outlook in the next 12 months -- up from 78 per cent in the first half of 2023 -- despite global economic sentiments showing signs of decline, a new report showed on Thursday.
There is also a notable shift towards integrating advanced technologies, particularly artificial intelligence (AI), with a staggering 72 per cent of Indian mid-market leaders foreseeing a surge in technology investments to leverage AI's potential, according to International Business Report (IBR), Grant Thornton's global survey of mid-market companies.
“The bullish outlook extends beyond just profit expectations. About 83 per cent of Indian mid-market firms expect growth in revenue in the coming year, as India's expansive domestic market offers lucrative expansion opportunities,” said Siddhartha Nigam, Partner, Grant Thornton Bharat.
“This revenue growth is likely to create more jobs, particularly in mid-market firms as per the IBR, as 78 per cent anticipate a surge in employment this year, surpassing the global average of 51 per cent.”
However, amid this technological evolution, 44 per cent acknowledge the potential increase in the cost of upskilling people due to AI, suggesting the need for strategic planning during this transition.
Furthermore, 58 per cent believe AI will drive innovation in products and services to differentiate themselves in the market and exceed customer expectations. This reflects a clear recognition of the role AI plays in driving growth.
“Dynamic advancements and innovations can quickly disrupt traditional business models, leading to revenue decline and loss of market shares. To counteract these challenges, companies must maintain agility, consistently invest in technology especially Generative AI, cloud etc,” said Raja Lahiri, Partner and Tech Leader at Grant Thornton Bharat.
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