Tuesday, July 23, 2024

Indian CEOs prioritise tech investments, including towards AI: report


Share post:


Shillong, June 21: Indian CEOs are prioritising technology investment, including artificial intelligence (AI) but stay guarded amid data security challenges, according to a report.


Around 70 per cent of CEOs are channeling investments into technology, including AI, to catalyse growth and enhance productivity over the next 12 months, which is much higher than their global counterpart at 47 per cent, according to the ‘EY CEO Outlook Pulse Survey’.


However, fortifying data management and cybersecurity (56 per cent) and pursuing cost optimisation across business facets (50 per cent) also stand out as critical strategic imperatives in the near term.


Moreover, the acquisition of technology, new production capabilities, or innovative startups (44 per cent) emerges as the leading strategic driver for mergers and acquisitions (M&A) activities, said the report.


“Commitment to tech investments is not just a response to the present but a strategic leap towards the future. The survey underscores this momentum, revealing that a substantial majority of CEOs are actively aligning their organisations with an AI-centric blueprint for innovation and productivity,” said Mahesh Makhija, EY India Technology Consulting Leader.


Despite a majority of CEOs acknowledging the growing importance of sustainability compared to a year ago, there is a trend of sustainability slipping down the priority list for almost 16 per cent of CEOs, overshadowed by financial constraints and a shift in boardroom focus.


To bolster the sustainability agenda, corporate India advocates for technology incentives, including AI, as well as subsidies and tax breaks for green technology investments, coupled with governmental backing of sustainable infrastructure projects. (IANS)


Related articles

Review of Income Tax Act announced in Union Budget

New Delhi, July 23: Finance Minister Nirmala Sitharaman announced a review of the Income Tax Act 1961 in...

Centre announces one crore houses for urban poor

New Delhi, July 23: Union Finance Minister Nirmala Sitharaman on Tuesday proposed an allocation of Rs 2.2 lakh...

Union Budget gives major push to job creation with focus on youth, women & farmers

New Delhi, July 23: Finance Minister Nirmala Sitharaman on Monday presented the Union Budget 2024 in Parliament on...

Assam, Sikkim among states to get flood devastation relief: FM Sitharaman

New Delhi, July 23: Finance Minister Nirmala Sitharaman announced financial assistance for the Himalayan states of Himachal Pradesh,...