Most CEOs of top Indian companies expect the economy to make a sharp turnaround in the new year even as they plan to increase capacity and step up hiring.
A survey of 40 CEOs carried out in December shows that companies are expecting the economy to bounce back during the year.
As many as 90 per cent of the CEOs polled expect consumer spending, especially in rural areas, to shoot up in 2022 after a dismal 2021, when the sales of cars and two-wheelers declined.
Expressing their optimism about the Indian economy, 53% of the CEOs said it would grow by more than 8.5 per cent, while 30% felt it would not grow to that level. The rest were non-committal.
"While everybody talks about 8.5% and 9.5% GDP growth, in my view, it may not grow beyond 7%-7.5% by real measurement criteria," says A M Naik, executive chairman of construction major, L&T.