Wednesday, December 6, 2023

Biz confidence index back at 2-year high in Oct-Dec: CII

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NEW DELHI: The latest business confidence index by the Confederation of Indian Industry (CII) for the October-December quarter rebounded to its highest reading in almost two years of 67.6 from 62.2 in the previous quarter, reflecting optimism around India being in a ‘sweet spot’ despite rising global uncertainties.
The sharp improvement in the value of the index was buttressed by subsiding of concerns around the impending recession and its impact on the Indian economy, the confederation said on Sunday.
The index is based on the findings of a survey of over 120 firms of varying sizes and across all industry sectors and regions of the country. However, a majority (70%) of survey respondents feel that the Indian economy will expand in a range of 6.5-7.5% in the current financial year ending March, slower than the 8.7% recording last fiscal.
“Growth is expected to moderate further in the next year on global headwinds. Hence, to support growth, it is critical that the RBI refrains from raising interest rates any further,” CII stated.

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