MC-Deloitte CXO survey: Geopolitics, trade uncertainty, US trade deal delay key global, domestic risks

Rising government deficit and debt were also flagged as key domestic concerns for Indian businesses, along with a slow transmission of monetary policy to credit growth, indicating that easier financial conditions have yet to fully reach businesses.

• Indian businesses face challenges from geopolitical instability and global uncertainty.
• Policy uncertainties and slow reforms are key domestic concerns
• CXOs also flagged delays in India-US trade deal and infrastructure issues

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A Moneycontrol-Deloitte CXO survey of 47 respondents flagged geopolitical instability and global economic uncertainty as the biggest challenges for Indian businesses globally, while policy uncertainties and slow reforms emerged as the most pressing domestic concern, followed by delays in a trade deal between India and the United States.

Global challenges

Geopolitical conflicts and trade fragmentation was identified as the most pressing global concern, reflecting worries over ongoing tensions and shifting trade dynamics, followed closely by slower growth across major economies.

Cybersecurity threats and digital vulnerabilities were the third-most pressing challenge, while volatile capital flows and financial market instability came next.

Trade-related issues were also flagged.

Rising protectionism and trade barriers were also of concern, followed by supply-chain concentration and logistics disruptions. Energy price shocks and technology decoupling with export controls were also highlighted as significant global challenges.

In contrast, climate change and extreme weather events and tightening global ESG and sustainability regulations were among the least pressing concerns at present, suggesting businesses view these as longer-term issues.

Domestic challenges

On the domestic front, policy uncertainties and slow reforms emerged as the most pressing concern, followed by further delays in a trade deal between India and the US, infrastructure constraints, and a slow pickup in private investment.

Rising government deficit and debt were also flagged as key domestic concerns for Indian businesses, along with a slow transmission of monetary policy to credit growth, indicating that easier financial conditions have yet to fully reach businesses.

Among the least pressing domestic concerns were technology disruptions and their impact on jobs and mental health, faster currency depreciation affecting trade balance and reserves, rising inflation from higher demand and imported goods, and capital outflows impacting returns for investors in the capital market.

The 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).