98% of Indian businesses plan to increase cross-border trade or investment over the next five
years, the highest of any market surveyed
• 86% of Indian businesses expect their cross-border capital deployment to increase over the
next three years
• 94% of Indian businesses are actively increasing capital deployment in high-growth markets
despite volatility
• India leads all markets on AI and data infrastructure as a driver of international strategy, cited
by 71%
Senior leaders and institutional investors in India (86%) are repositioning for the long-term amidst
uncertainty. This is according to a new independent survey from HSBC ahead of its annual
HSBC Global Investment Summit *.
The survey of 3,000 international businesses and institutional investors in 10 markets (including 300 in
India), shows that, after a decade of cumulative global shocks, companies are adapting and still
investing. The survey was conducted in mid-March against the backdrop of recent world events.
A new relationship with risk
The survey shows that 95% of Indian respondents accept that economic volatility has become a feature
of the global landscape. More than 9 in 10 (91%) Indian respondents say they have recalibrated their
capital allocation approach in response to increased volatility, and 94% say they are actively increasing
deployment in high-growth markets – among the highest proportions of any market. Calculated risk
appetite has risen: 94% of India respondents say they are more willing to take calculated risks than five
years ago, against a global average of 87%.
Trade and investment: the most expansionary outlook of any market
India respondents display the most expansionary cross-border outlook in the survey. 98% plan to
increase cross-border trade and investment over the next five years – the highest of any market globally
and above the already high global figure of 93%. About 93% respondents expect those flows to become
more regional in pattern. In addition, 86% of institutional investors and businesses in India, expect their
cross-border capital deployment to increase over the next three years, against a global average of 73%.
Beyond seeking domestic growth opportunities, the survey points out that Indian companies are looking
to diversify across markets, build new partnerships, and scale internationally. Indian respondents,
including businesses and institutional investors, identified the UAE (58%) and Saudi Arabia (45%) as
markets of growing importance to their economic relationships. The UK is cited by 56%, reflecting
longstanding trade and diaspora ties with North America close behind at 43%.
Ajay Sharma, Head of Banking, HSBC India, said: “The findings from the survey reflect something more
than a response to volatility; they signal a fundamental recalibration in where growth will be created and
how it will be captured. With strong domestic growth momentum, expanding international ambition, and
deepening connections with new and existing corridors, India is emerging as one of the most dynamic
forces in global trade and investment. HSBC is committed to helping our clients in India move with
confidence through amidst uncertainty”.
AI and digital finance: future growth drivers
Technology is central to India’s international strategy. India leads all markets surveyed on strong AI and
data-related infrastructure as a driver of market exposure decisions, cited by 71%, which is 20% above
the global average. Access to critical technologies and infrastructure is cited by 91% of Indian
respondents as a strong influence on international strategy over the next three years.
AI’s expected benefits are led by improved productivity and workforce efficiency (65%), with better
forecasting and decision-making (58%), an increase in innovation (56%), and enhanced customer
experience (53%) all featuring strongly, a broad-based set of expectations that reflects the scale of AI
ambition across the Indian business community.
Conviction that digital and tokenised financial infrastructure will reshape capital markets is near-
universal: 98% of Indian respondents believe digital assets will fundamentally reshape capital markets
over the next decade, the highest of any market in the survey. 49% believe that by 2035 global capital
markets will primarily operate on digital rather than traditional infrastructure, above the global average
of 46%. On readiness, India is ahead:39% acknowledge they do not yet understand digital finance well
enough to assess its impact, compared with 47% across Asia as a whole, and 56% are already actively
implementing digital finance use cases.
