New Delhi: Latest Business Confidence Index by Confederation of Indian Industry ,CII) for the October-December quarter rebounded from its highest reading in nearly two years from 62.2 in the previous quarter to 67.6, reflecting optimism that India is in the ‘sweet spot’ despite rising global uncertainties.
The confederation said on Sunday that easing concerns about the impending recession and its impact on the Indian economy led to a sharp correction in the value of the index.
The index is based on survey findings of over 120 firms of varying sizes across all industry sectors and regions in the country. However, a majority of survey respondents (70%) feel that the Indian economy will expand in the range of 6.5-7.5% in the current fiscal, slower than the 8.7% recorded in the previous fiscal at the end of March.
“Growth is expected to moderate further next year due to global headwinds. Therefore, to support growth, it is important that reserve Bank of India CII said, refrains from raising interest rates further.
The confederation said on Sunday that easing concerns about the impending recession and its impact on the Indian economy led to a sharp correction in the value of the index.
The index is based on survey findings of over 120 firms of varying sizes across all industry sectors and regions in the country. However, a majority of survey respondents (70%) feel that the Indian economy will expand in the range of 6.5-7.5% in the current fiscal, slower than the 8.7% recorded in the previous fiscal at the end of March.
“Growth is expected to moderate further next year due to global headwinds. Therefore, to support growth, it is important that reserve Bank of India CII said, refrains from raising interest rates further.