India’s Business Confidence Index rises to six quarter high: FICCI

02 Nov 2016 Evaluate

Federation of Indian Chambers of Commerce and Industry (FICCI) in its latest report stated that the Overall Business Confidence Index (OBCI) rose to a six quarter high and the index stood at 67.3 in the current survey as against 62.8 in the last round. In the October business confidence survey, which is based on enterprises' assessment of production and current position and expectations of industry analysts received optimistic views.

The report said that the proportion of respondents citing a ‘moderately to substantially better’ performance in the current conditions vis-a-vis last six months noted an increase at all the three levels - economy, industry and firm level. As per the survey, about 63% of the respondents reported current economic conditions as ‘moderately to substantially better’ compared to last six months. Likewise, the corresponding number at the industry and firm level was 63% and 60% respectively. About 75% of the participants foresee a better performance at the economy level in near term. Further, 63% of the respondents at the industry level and 70% of the respondents at the firm level were hopeful of a better performance going ahead.

The report also showed that the demand pulse is gradually gaining strength. Good monsoons and award of the seventh pay commission will give a further trigger to demand. In the current round, 46% of the participants reported weak demand to be an impediment to their business performance. Further, a higher proportion of respondents expected an improvement in the order book position over next two quarters. With respect to credit, an increase was noted in the proportion of respondents citing availability and cost of credit to be constraining factors. High interest cost has been one of the major areas of worry for the industry. It remains critical that the cost of capital is made competitive to propel investments. With regard to sales prospects, a majority of the respondents anticipated an improvement in performance over the next two quarters. On the investment front, a marginal increase was noted in the proportion of respondents expecting an uptick in investments.

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