India’s Business Confidence touches decadal high: FICCI Survey

08 Mar 2021 Evaluate

The Federation of Indian Chambers of Commerce and Industry (FICCI) in its latest survey report stated that its Overall Business Confidence Index has witnessed a decadal high of 74.2 in the current round on account of improvement in present conditions as well as expectations. The Index had stood at70.9 in the previous survey and 59 a year ago. It revealed recovery of demand conditions, improved capacity utilisation and a promising outlook on various operational parameters.

With regard to the constraining factors for business, the demand situation has improved on back of the release of the pent-up demand build up during the lockdown. However, it said rising raw material costs is emerging as a bothersome factor for members of India Inc. The rise in fuel and other commodity prices is beginning to exert pressure on the input costs of companies.

Companies participating in the survey cited high input costs including man power costs, weak demand conditions and lack of availability of affordable credit as their top-most concerns for the year 2021. A near-unanimity was observed as far as input costs were concerned. This along with high interest costs on loans, higher inward and outward transport and logistics costs, greater compliance burden on the back of frequently changing statutory compliances and increased manpower costs are further pushing the cost of doing business in India. It added that this does not bode well in the current environment wherein a shift in global supply chains is being witnessed.

Companies expect higher export orders in the coming months on the back of global economic recovery led by large scale vaccination drive against COVID-19 around the world. Respondents emphasised that given the current global sentiment, India could easily become the preferred sourcing destination for western countries if adequate and timely steps taken to support this change. In addition, companies stressed the need for reducing customs duty on imports to curtail rising domestic prices of raw materials.

Commodity prices have risen drastically in the past few weeks and this is impacting profitability and viability of business. Participants highlighted that restrictions on imports must be removed at least until India achieves some level of self-reliance in production of industrial inputs such as components and parts. The current survey drew responses from a wide array of sectors and was conducted during January and February this year. It gauges expectations for the period January to June 2021.

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