Press releases

Deloitte CFO Survey 2018

94% CFOs are optimistic in their economic outlook over the next 2-3 years

  • 77% CFOs believe that GST has had a positive impact on the overall business
  • 57% of CFOs are now willing to take greater business risks, as the next couple of years are expected to be the year of consolidating gains from recent reforms
  • 88% CFOs believe the growth to be more organic, hinting towards more cash to be invested in business operations than being distributed

To access the complete Survey report, please click here.

June 2018: Close to a year since its implementation, 77% of CFOs who participated in the survey believe that GST has had a positive impact on the overall business. Deloitte India’s annual CFO Survey, for 2018, indicates that the GST impact reflected better on revenue and supply chain, while 58% CFOs saw an improvement in ease of doing business. On the other hand, the industry witnessed negative impact on the working capital (as responded by 66% CFOs) and finance cost (according to 55% CFOs) post GST implementation.

CFOs were optimistic in their short and medium term economic outlook. While two-third of the respondents were positive about economic prospects in the near term, 94% were optimistic over the next 2-3 years. 57% of CFOs are now willing to take greater business risks, as the next couple of years are expected to consolidate the gains from recent reforms.

Porus Doctor, Partner, Deloitte India, said,Introduction of GST necessitated a relook at the existing business models by CFOs. It had far-reaching implications on business functions, where the impact was on taxation, finance, legal, IT systems and supply chain. Overall, GST’s value proposition has been appreciated by CFOs.”

The survey represents the viewpoint of over 250 CFOs in India. The respondents included listed and unlisted companies, from both private sector and PSUs; Indian and multinational companies.

Business Focus over next years

Majority of the CFOs (66%) are looking to expand revenue through current offerings, by exploring new geographies and markets. However, 65% CFOs in Manufacturing and 77% of CFOs in Technology, Media and Telecommunications would like to explore new offerings to increase their topline.

88% CFOs believe that growth would be more organic than inorganic, hinting towards more cash to be reinvested in business operations than being distributed.

Expected performance

Although 83% CFOs are optimistic about increase in revenue, only 45% are hopeful of an increase in operating margins. This is driven by concerns over productivity improvements and increasing costs with changing technology and regulatory requirements.


53% CFOs believe there will be increase in organisation’s headcount over the next 12 months. While digitization may reduce manual intervention, the increase in headcount would possibly come from operations growth and requirement for new skill sets and geographical expansion.


External & Internal environment

60% of the CFOs believe that regulatory and policy changes have raised uncertainty in the business environment. Technology disruption is also an important concern as revealed by 49% of the CFOs.

Further, pace of change in the business environment is making it inevitable for businesses to keep changing their goal post and, thus, 55% CFOs believe that it is a challenge to execute against their plans or strategies.

“Clearly, a significant percentage of CFOs (65%) want to shift gears and elevate their role to becoming more strategic. It will be critical for them to delegate more effectively in order to take on more strategic responsibilities. Further, CFOs will need to be more agile and flexible in a fast changing and evolving digital workplace. They will need to embrace digital technology faster than ever before and this would enable CFOs to help CEOs to make better decisions and allocate resources efficiently”, added Porus Doctor, Partner, Deloitte India.

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.

Deloitte India herein refers to Deloitte Touche Tohmatsu India LLP.

Media Contact:

Rohit Varier
Deloitte Shared Services India LLP
Mobile: +91 9819403110


Did you find this useful?