India has slipped by one position on the list of most promising overseas markets this year for chief executive officers across the world, a PricewaterhouseCoopers survey revealed on Tuesday. “Over time CEOs have become less enthusiastic about India, perhaps because structural reforms have been slow to come,” the survey said. The PwC annual survey, which was conducted among 1,379 CEOs across 79 countries, was released at the ongoing World Economic Forum in Davos.

While the United States was voted by 43% of the respondents, India received merely 7% of interest. Bob Moritz, global chairman of PwC told Bloomberg Quint that India’s reform agenda has failed to take off as per expectations.

But the report added, “It [India] still stands out for its robust growth and monetary and fiscal reforms.”

Seventy-one percent of India’s CEOs have expressed confidence about their company’s growth prospects in the next year, despite the currency crunch over the past two months. Globally, only 38% CEOs are confident about their company’s growth, while 29% believe in 2017 the global economic growth will pick up.

“Despite a tumultuous 2016, CEO confidence is moving back up – albeit slowly and still a long way from the levels we saw back in 2007,” Moritz said according to PTI. Despite a slump because of Donald Trump in the United States and Brexit in United Kindom, CEOs’ confidence in their company’s growth are up from 2016, Moritz added.