Positive economic outlook prevails for India's mid-market businesses despite global slowdown
economictimes.indiatimes.comglobal economic slowdown and declining confidence in the economic outlook in Asia-Pacific region, India's mid-market businesses are hopeful of positive prospects in the near future, according to a report by Grant Thornton.
Nearly 80 per cent of Indian mid-market businesses maintain a positive economic outlook in the next 12 months, up from 78% in H1 2023, the International Business Report (IBR) revealed.
The survey conducted in the latter half of 2023 also noted that this is fuelled by India's domestic market and government initiatives such as 'Make in India', which are creating a favorable environment for growth.
“The bullish outlook extends beyond just profit expectations. 83% 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.
With revenue and employment expected to surge, Indian mid-market firms are also looking to invest in advanced technologies, particularly artificial intelligence, to drive innovation and exceed customer expectations, the report added.
Further, there is a recognition of the potential increase in upskilling costs, emphasizing the need for strategic planning during this technological transition.
«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, Nigam added.
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