Indian CEOs Prioritize Tech Investments, Embrace AI Amid Data Security Concerns
Indian CEOs are significantly ramping up their investments in technology, particularly artificial intelligence (AI), aiming to drive growth and productivity gains over the next year, according to the latest 'EY CEO Outlook Pulse Survey'. The report reveals that approximately 70 percent of Indian CEOs are directing funds towards technology initiatives, a stark contrast to the global average of 47 percent.
Data management and cybersecurity are identified as critical priorities, with 56 percent of CEOs prioritizing fortification in these areas. Additionally, nearly half of the CEOs are focusing on cost optimization strategies across various business functions, highlighting a dual emphasis on efficiency and security in their operational frameworks.
The survey also underscores technology-driven acquisitions as a leading strategy, with 44 percent of CEOs citing the acquisition of new technology, production capabilities, or innovative startups as key drivers for mergers and acquisitions (M&A) activities.
Mahesh Makhija, EY India's Technology Consulting Leader, emphasized that the commitment to tech investments signifies a strategic leap towards future readiness. He noted that a substantial majority of CEOs are actively aligning their organizations with AI-centric strategies to foster innovation and enhance productivity.
Despite the growing recognition of sustainability's importance among CEOs, the survey highlights a trend where sustainability initiatives have slipped down the priority list for about 16 percent of Indian CEOs. This shift is attributed to financial constraints and evolving boardroom agendas.
To bolster the sustainability agenda, corporate leaders in India are advocating for technology incentives, including AI, along with subsidies and tax breaks for investments in green technologies. They are also seeking governmental support for sustainable infrastructure projects to promote long-term environmental goals.
The findings reflect a strategic pivot among Indian CEOs towards technology as a catalyst for resilience and growth, while also addressing emerging challenges in data security and operational efficiency.
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