A large section of chief financial officers (CFOs) surveyed by Deloitte India sees the Indian economy taking a positive turn over the next few months.

More than two-thirds (68 per cent) of the over 100 Indian CFOs surveyed this year continue to be positive and hopeful about the future of the economy, beyond a one-year horizon, as compared to 44 per cent recorded in 2013.

Hope prevailed amidst challenging times for Indian CFOs, as economic and political uncertainty together with increased regulatory scrutiny challenge growth and profitability.

Deloitte’s CFO Survey 2014 also revealed that CFOs in India viewed slowdown in the domestic economy (61 per cent) as one of the key economic concerns, followed by rupee depreciation (47 per cent), inflation (38 per cent) and Government attitude and ability to bring about economic reforms (37 per cent).

Almost 98 per cent of CFOs surveyed – from listed and unlisted companies, across sectors, with revenues ranging from less than ₹250 crore to more than ₹2,500 crore – are of the view that the new company law would affect their roles in different ways.

Disclosure and approval of related party transactions has been considered as the provision with highest impact by 53 per cent CEO respondents. This is followed by the requirements around corporate social responsibility (46 per cent) and specific clauses pertaining to duties of directors (36 per cent).

“While inflation and rupee depreciation continue to be key causes of concern, CFOs perceive the Government’s inability to bring about economic reforms at desired levels, and the increased scrutiny by the government for regulatory compliance as some of the other critical challenges to be dealt with by the Indian organisations,” said Sanjoy Sen, Senior Director, Deloitte in India.

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