Most CFOs optimistic about country's economy

New Delhi: Majority of chief financial officers working at companies in India are optimistic about the country's mid term as well as long term economic prospects, says a survey.

The survey by consulting major Deloitte found that strong economic performance amid global challenges, ongoing reforms, fiscal discipline and astute monetary policy have contributed in shaping the positive outlook.

Around 90 percent of the CFOs are optimistic about the mid-term outlook and 94 percent of them have expressed confidence on the economy even in the long term, it noted.

The findings are based on responses from over 300 CFOs of small and large scale companies having revenues from less than Rs 500 crore to more than Rs 2,500 crore. Their employee strength varied from less than 500 to over 20,000.

Around 60 percent of the executives reported a marginal improvement in ease of doing business in India while 35 percent opined that they have seen no change.

While 58 percent of the CFOs believe their capital expenditure would increase over the next one year, more than 60 percent admitted they have seen an improvement in the investment climate over the past one year, the report said.

According to the latest 'India CFO Survey 2016', business leaders were equally divided on whether it was the right time to take risks, as 27 percent of the respondents considered regulatory impediments as the biggest economic challenge, while 20 percent expressed concern over uncertainty in the tax environment posing economic risks.

Around 74 percent of the CFOs were optimistic about increase in revenues in the next one year.

As many as 60 percent of the respondents have expressed satisfaction on the timeline and effectiveness of various government programmes and schemes such as Make in India, Digital India, Smart cities mission and Start up India.