Business confidence at 10-qtr high as demand, economic activity picks up, shows Business Today-C fore survey

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© Provided by Business Today Business confidence at 10-qtr high as demand, economic activity picks up, shows Business Today-C fore survey

India Inc’s business sentiment rebounded strongly in Q2 of FY22 along with the ebbing impact of the COVID-19 pandemic, according to the latest Business Today-C fore Business Confidence Index (BCI).

 

On a scale of 100, the index jumped to 49.6 in the July-September quarter (Q2) of FY22 after touching its lowest point at 43.2 in the April-June quarter (Q1) of the current fiscal year. 

 

The BCI, based on The Business Today-C fore Business Confidence Survey, further shows the business sentiment has moved up across all businesses — big, medium, small and micro — and touched its highest point in the last 10 quarters.

Also Read: Economic recovery gaining momentum, growth seen across sectors: Finance Ministry

 

Aroon Puri, Editor-in-Chief, India Today Group, of which Business Today is a part, says the current survey highlights strong optimism among businesses.

 

“Business sentiments were falling for several quarters, but the latest BCI has skyrocketed to break a 10-quarter record. While the survey results give fresh hope, we need to stay alert for near-term challenges such as the coal crisis, and rising commodity prices,” Puri notes.

 

The index further indicates that as the economy opens up and businesses get back to normal, India Inc’s honchos are feeling better about the state of the economy as well as business. 

 

The rise in July-September BCI is a direct result of an uptick in the economic activity over the past quarter. The unlocking of nearly all businesses after the second COVID-19 wave, followed by the pickup in demand, has changed the outlook of business leaders, according to the survey.

Also Read: Indian economy poised to attain double-digit growth in FY22: PHDCCI

 

The BCI is based on a survey conducted with 500 CEOs and CFOs of companies across large, mid-sized and small organisations across 12 cities — Delhi, Mumbai, Chennai, Hyderabad, Bangalore, Kolkata, Chandigarh, Lucknow, Nagpur, Kochi, Vizag and Bhubaneswar.

 

The survey, conducted between September 28 and October 4 is part of the October 31 issue of the Business Today magazine, which is on stands now.

 

For the September quarter, the ratings on all five parameters incorporated in the survey — overall economic conditions, financial situation, demand conditions, profit margins, and hiring conditions — are better than the previous study.

 

The outlook for the next quarter — October-December 2021 — is also positive across all parameters, the survey says.

 

It further points out that 80 per cent of corporate leaders are financially prepared to deal with a possible third COVID-19 wave. Another 45 per cent believe the government’s asset monetisation pipeline would provide a strong boost to economic activity and employment.  

 

Meanwhile, 63 per cent of respondents do not expect the cost of funds or interest outgo to increase over the next one year, while 76 per cent say the rollback of the moratorium and two-year loan restructuring, provided by the Reserve Bank of India (RBI) and the government, would increase the financial stress in the system.

The Business Today-C fore Business Confidence Survey, which captures the mood of corporate India, has become a bellwether of business and economic sentiment since its inception in January-March 2011.

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