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CFOs optimistic about economy and business growth in FY22: Deloitte survey

About 70 percent CFOs expect growth of 5−10 percent or more in economic growth and 77 percent foresee an increase in revenue.

Mumbai, November 29: With the economy gradually reopening, CFOs’ perception of uncertainty associated with the pandemic is reducing. There is willingness to invest, finds Deloitte Touche Tohmatsu India LLP’s (Deloitte India) annual CFO Survey 2021: A resilient India poised to thrive in the New Normal.” Moreover, many CFOs are focusing on post-pandemic opportunities and challenges. M&A was considered as a key growth driver for FY22, with 88 percent of the Indian CFOs being interested in drafting advanced strategies (both offensive and defensive) for expansion of assets.

Commenting on the changing dynamics of business in India, Porus Doctor, Asia Pacific CFO Program Leader and Partner, Deloitte India, said, “COVID-19 has completely revolutionised the way businesses were operating in India. With most of the organisations trying to adapt to the changing business paradigm, it is important to understand growth areas and align ourselves with the ‘new normal’. During the survey, we noticed great optimism amongst business leaders to recover and thrive by converting challenges into opportunities.”

About 70 percent respondents expect the economy to clock a growth rate of 5−10 percent or more in FY22. Not every business though was fortunate enough to successfully navigate through these uncertain times. Nearly 18 percent from automotive companies are not quite optimistic; some also anticipate negative economic growth. The auto industry, which was severely affected by the pandemic, is skeptical about its own growth prospects. Only 36 percent expect to record any revenue increase in the current financial year.

Overall, the Deloitte India survey noted an upward trend in revenue and expenditure growth. About 77 percent CFOs expect an increase in revenue in FY22. Those from the Life Science and Healthcare (LSHC) industry are particularly optimistic as people are still observing caution and taking preventive medication. On the other hand, 61 percent respondents foresee an increase in operation expenditure due to changes in business strategies, workforce expenses, and cost of debt.

To thrive in a competitive post-COVID-19 world, CFOs have started resetting their priorities. Apart from revenue growth (20 percent) and margin improvement (18 percent), they are actively reassessing their priorities to create a conducive environment for growth. Amidst the need for agility and automation, enhanced customer experience, and protection against cyber and data security threats, digital and finance transformations (17 percent) were rated amongst the top priorities for an organisation.

The survey indicated that the primary objective for adopting digital in finance was to bring in efficiency in financial processes and significantly enhance the role of finance as business partners. About 57 percent respondents also believe that the maximum return on investment come from advanced data analytics. Furthermore, investments were being made in areas such as Enterprise Resource Planning (ERP) upgrading, migration to cloud, and adoption of technologies in business operations and financial planning.


Notes to the editor for reference purposes only

This press release has been issued by Deloitte Touche Tohmatsu India LLP.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see for a more detailed description of DTTL and its member firms.

Media contact:

Spriha Jayati
Deloitte India
Tel: +91 9323744249

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