MC-Deloitte CXO Survey: 76% CXOs back infrastructure, 74% bet on workforce as key growth drivers

Innovation and research and development emerged as the next most-cited growth factor at 60 percent

• CXOs see physical and digital infrastructure as key drivers of India's growth.
• Manufacturing initiatives and trade agreements also cited as key growth factors
• CXOs call for infrastructure, income growth, and regulatory reforms for progress

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As many as 76 percent of CXOs identified physical and digital infrastructure as the most influential factor shaping India’s economic growth over the next three years, while 74 percent pointed to the country’s young, skilled workforce as a key driver, according to a survey.

The survey received a total of 46 responses. The question on factors influencing India’s growth over the next three years was answered by 46 respondents and allowed multiple selections. Innovation and research and development emerged as the next most-cited growth factor at 61 percent. Manufacturing-focused initiatives, including the production-linked incentive (PLI) scheme and the Make in India programme, were identified by 56.5 percent of CXOs as influencing growth prospects.

Trade, services and MSMEs also feature as growth drivers

Trade policy measures such as free trade agreements and supply-chain integration were selected by 52 percent of CXOs, indicating continued emphasis on export-led growth. Services sector expansion, including exports and employment generation, was cited by 39 percent, while sustained growth in micro, small and medium enterprises (MSMEs) was flagged by an equal 39 percent.

About 35 percent pointed to the start-up ecosystem, while foreign direct investment inflows were selected by 30 percent.

Ease of doing business and geopolitical issues were cited by just 2 percent each, suggesting these were seen as less immediate contributors to growth over the next three years.

Top five reform areas government should focus on

In a separate question asking CXOs to select the top five reform areas the government should focus on to drive economic growth, physical infrastructure and logistics emerged as the most frequently cited priority, with 65 percent selecting it.

A demand-side push through income growth and consumption support followed closely at 63 percent. Regulatory predictability and compliance reduction was identified by 56.5 percent, emphasising the importance of policy stability for long-term investment decisions.

Innovation, research and development and deep-technology commercialisation was selected by 48 percent of CXOs. 44 percent highlighted digital public infrastructure and artificial intelligence enablement as a key reform priority, while an equal share of CXOs also cited attracting foreign investment through reforms.

Investment climate and execution-related reforms

Judicial and dispute-resolution reforms were selected among the top five reform priorities by 35 percent of CXOs. Energy infrastructure and sustainability was identified by 33 percent. Trade and export push and supply-side competitiveness were each selected by 28 percent, while MSME competitiveness and formalisation was cited by 22 percent.

Lower down the list were critical minerals and clean energy supply chains at 20 percent, boosting credit uptake and working-capital access at 15 percent, and global capability centres and high-value services ecosystems at 11 percent.

"Sustaining India’s growth momentum will require a continued focus on physical infrastructure, energy systems and trade enablers, supported by a demand-side push through public spending and targeted tax incentives. Strengthening energy infrastructure and clean-energy supply chains will be critical to both growth and sustainability objectives. Equally important is creating a stable, predictable regulatory environment that attracts long-term domestic and foreign capital, enabling India to integrate more deeply into global value chains and scale private investment," one of the respondents commented.

"Demand has been slowing down, and the government needs to focus on reviving and sustaining it. However, this demand should be met through greater domestic manufacturing and technology products, rather than relying on global companies and solutions," another respondent wrote.

The Moneycontrol- Deloitte CXO survey  was conducted by Moneycontrol and Deloitte between December 2025 and January 2026. The survey includes CXOs from across industries, such as, Banking and Insurance; Manufacturing; Transport and Logistics; Energy; Life Sciences and Health; Telecom and Tech; E-commerce. The respondents are representatives  of  companies across three categories - very large corporates (above Rs 3000 cr); large corporate company (Rs 500 cr to Rs 3000 cr) and MSMEs (Rs 500 cr and below).

CXO Survey