‘Indian firms show resilience despite Covid disruption’

| | New Delhi
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‘Indian firms show resilience despite Covid disruption’

Wednesday, 25 May 2022 | PTI | New Delhi

As many as 50 per cent of Indian CEOs acknowledge that Covid pandemic has caused short-term disruption to their industry, but Indian companies have continued to demonstrate resilience as economy rebounds, a survey said on Tuesday.

The EY India CEO Survey 2022 has found that merger and acquisitions (M&A) is a key strategic lever for Indian CEOs as they look to buy versus build to achieve their transformation ambitions.

“Today, amidst challenges of inflationary pressures, supply chain issues, and increasing geopolitical conflicts, CEOs in India are resetting their risk radar and reframing their investment strategy for reshaped future, with transformation and sustainability increasingly driving the M&A agenda,” the survey said.

According to the EY 2022 CEO Outlook Survey, 50 per cent of Indian CEOs acknowledge the pandemic caused short-term disruption to their industry.

Geopolitical challenges have further exacerbated a tumultuous period and created additional risks to business operations.

“However, Indian companies have continued to demonstrate resilience, on Indian economic rebound,” it added.

As many as 80 per cent of Indian CEOs also acknowledge making adjustments to their global operations and supply chains. For 63 per cent, the purpose has been to reduce logistics costs and increase resilience.

“This said, Indian CEOs recognize that increasing geopolitical tensions, trade conflicts and protectionism, along with increasing competition from non-traditional competitors and the acceleration of climate change impacts will pose the greatest risks to their future growth strategy,” the survey said.

EY India Chairman Rajiv Memani said, “There is no doubt that Indian CEOs are leading from the front to combat the challenges emanating from the pandemic and geopolitical tensions ... They are increasingly looking at M&As as a lever for accelerating business transformation and long-term value creation.”     

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