NAVIGATING A TURBULENT MACROECONOMIC ENVIRONMENT

BW CFO World brought together leaders and decisionmakers to discuss finance strategy and best practices for CFOs in India to tackle unforeseen economic challenges

- Arjun Yadav

THE year 2022 proved to be a period of uncertainties for the global economy. The war which broke out in Eastern Europe led to a surge in commodity prices, leading to a rise in inflation across economies. Rising inflation forced central banks worldwide to press their pedal on monetary tightening with the hope that by the year’s end, they would be successful in taming it. Come 2023, the economic outlook remains bleak, and inflation will remain sticky, triggering fears of sustained monetary tightening by central banks.

However, despite the economic downturn, India Inc. has, by and large, remained resilient. Despite subdued sequential revenue growth, the profitability in the December quarter, for example, has largely been in line with analysts’ expectations. However, they see it moderating due to elevated levels of inflation. The resilience shows how finance leaders continue adapting to the ever-changing macroeconomic environment.

BW CFO World, through its Finance Leadership & Strategy Summit 2023, held on March 3 in New Delhi, acknowledged individuals who managed to steer their firms in these challenging times and demonstrated outstanding capabilities and achievements in the finance function. Finance leaders also deliberated upon some pressing issues concerning the finance function, such as the evolution in the role of Chief Financial Officers (CFOs), grooming next-gen finance leaders and adapting to a dynamically evolving tax system.

SYNERGIES BETWEEN CFOs AND CEOs