MUMBAI: Chief Financial Officers (CFOs) from Indian companies are among the most optimistic globally on the back of an improved market both domestically as well as linked to exports an annual survey sponsored by American Express and conducted by Institutional Investor Thought Leadership Studio (IITLS) said.
More than half (77%) of finance executives of Indian companies surveyed expect moderate to substantial economic expansion in 2017, according to the Global Business & Spending Outlook survey. This is higher than the global average of 69% but lower than the 97% recorded in some countries like Japan and 83% recorded in other parts of Asia and Australia.
“The results of the survey this year are the best in its 10-year history. Globally its only Europe where there is some uncertainty otherwise things are bullish in North America led by a recovery in US and expansion in energy and mining in Canada and also business confidence in Latin America,” said Saru Kaushal, vice president and general manager, global corporate payments at American Express.
650 senior finance executives from companies in 19 countries around the world with annual revenues of $500 million or more were surveyed between late November and early December 2016. 30 CFOs were part of the survey.
About 37% Indian finance executives expect their company’s spending and investment to increase by more than 10% worldwide compared to 23% executives globally and 24% in Asia and Australia.
“Indian finance executives are less anxious in comparison to their global counterparts to increase their spending and investment. Nearly 70% of the Indian respondents surveyed said they will continue to increase their spending and investment as compared to 62% global executives and 56% Asian and Australian respondents,” the survey said.
Indian CFOs also considered IT spending a priority for this year and nearly half of the CFOs expect exports to be a key growth driver for them this year, the survey said.