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7/28/2019 CII's - Business Outlook Survey
1/19
1
82nd
Business Outlook Survey
January March 2013
7/28/2019 CII's - Business Outlook Survey
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Highlights The CII Business Confidence Index (CII-BCI) for January-March 2013 rises to 51.3, after
dipping below the psychological 50-level mark to 49.9 in October-December 2012.
The survey reveals that most of the respondents (43.5 per cent) expect GDP growth to come in
a range of 5.0-5.5 per cent for 2012-13. For 2013-14, maximum respondents (29.3 per cent)expect GDP to lie in a range of 6.0-6.5 per cent.
42 per cent of respondents expect average WPI inflation to lie in a range of 7.0-8.0 per cent in
2012-13. For 2013-14, maximum respondents (37.4 per cent) expect headline inflation to come
in a range of 6.0-7.0 per cent.
Majority of the respondents (62.4 per cent) expect the fiscal deficit to exceed the budgeted
estimate of 4.8 of GDP in 2013-14.
Maximum respondents (48 per cent) expect current account deficit to lie in a range of 4.0-5.0
per cent of GDP in 2012-13 and dont see any significant improvement in the situation during
the next fiscal.
Majority of the respondents (62.2 per cent) expect the domestic investments of their firms to
show a decline or no change in the January-March 2013 quarter while only 30.6 per cent expect
it to increase.
Most of the respondents (49 per cent) expect international investments to show a decline or
no change in the fourth-quarter of 2012-13, while 33.7 per cent of respondents expect it to
record an increase.
In a sign of improving capacity utilization, most of the respondents (49.5 per cent) expect it
to remain above 75 per cent in the final-quarter of the current fiscal.
Majority of the respondents in the survey foresee increase in their sales, new orders and
value of production in the fourth quarter of 2012-13, while inventory levels, credit
availability and employment were expected to remain largely unchanged.
Overall, expectation for pre-tax profits is encouraging for the 4QFY13 as there has been
considerable increase in the proportion of respondents who expect it to augment from the third
quarter.
Over 58.0 per cent of the respondents expected an increase in the costs of raw materials,
electricity & fuel during January-March 2012. Around 44 per cent of the respondents saw
their credit cost increasing in the current quarter from the previous quarter.
Majority of the respondents in the survey expected export and new orders to increase in
4QFY13, which was higher than the proportion of previous quarter. Majority also expected
imports to surge in 4QFY13.
High Level of Corruption emerged as the topmost concern for most of the respondents,
followed by elevated Inflation.
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I. Business Confidence Index
Corporate sector is facing headwinds, with each successive quarter providing little respite from
the string of bad news. However, in the wake of pro-growth measures announced by the
government in the last few months along with some incremental improvement in the globaleconomic conditions, the corporate sector is slowly but steadily coming out of the abyss.
Reflecting this positive optimism, the CII Business Confidence Index (CII-BCI) for
January- March 2013 rose to 51.3, after dipping below the psychological 50-level mark in
October-December 2012.
Though the index strengthened in the final quarter of the current fiscal, there is an air of
cautious optimism as the durability of the reform process initiated by the government is
contingent on its ability to garner political support from its allies. The recovery process has
just kicked in and it will take some time before the index rises to its pre-crisis levels.
The respondents in the survey were asked to provide a view on the performance of their firm,
and the economy based on their perceptions for next quarter. The CII-BCI is then constructed
as a weighted average of the Current Situations Index (CSI) and the Expectation Index (EI).
The Expectation Index (EI) which reflects the expectations of the respondents for January-
March 2013 quarter strengthened by 2.8 points from the level in the previous quarter.
Quarterly Business Confidence Index (BCI)
* The Survey is conducted on a quarterly basis since the 74th
Business Outlook Survey
Index Q3*FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 QFY
Business ConfidenceIndex
66.2 66.7 62.5 53.6 48.6 52.9 55.0 51.3 49.9 5
Current Situation Index 64.0 62.7 62.6 52.7 47.7 54.7 51.9 47.5 48.6 47
Overall Economy 65.0 59.9 61.1 49.2 44.5 49.4 48.9 36.3 44.5 44
Own Activity Sector 63.2 63.0 61.8 51.8 46.0 46.9 46.9 44.6 45.9 46
Own Company 64.3 63.4 63.7 54.4 50.0 56.3 56.3 53.2 51.7 4867.3
Expectation Index 67.3 68.7 62.4 54.0 49.1 51.9 56.5 53.2 50.6 53
Overall Economy 66.0 65.6 61.1 48.5 44.2 48.9 52.8 44.6 47.5 49
Own Activity Sector 66.3 68.8 61.1 53.7 47.5 46.9 53.5 49.8 48.1 52
Own Company 68.4 69.7 63.7 56.1 51.7 56.3 59.7 58.4 53.3 55
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Business Confidence Index
65.7 67.269.3
71.8
63.966.3
61.0
56.358.7
66.167.6 66.2 66.7
62.5
53.6
48.6
52.9 55.0 51.3 49.9 51.3
H12005-06
H22005-06
H12006-07
H22006-07
H12007-08
H22007-08
H12008-09
H22008-09
H12009-10
H22009-10
H12010-11
Q32010-11
Q42010-11
Q12011-12
Q22011-12
Q32011-12
Q42011-12
Q12012-13
Q22012-13
Q32012-13
Q42012-13
II. General Business Prospects
Growth
GDP expected to recover to a range of 6.0-6.5 per cent in 2013-14
GDP growth has slowed down significantly this year, dropping to a low of 4.5 per cent in the
third quarter of FY13. The decline in the GDP growth rate has become more broad-based, withconsumption demand also slowing alongside stalling investment and declining exports. As per
the advance estimates released by CSO recently, GDP growth for the current fiscal is expected
to grow by 5.0 per cent. Indeed, 43.5 per cent of the respondents expect GDP to come in a
range of 5.0-5.5 per cent for 2012-13, while 30.4 per cent expect it to come in range of 5.5-
6.0 per cent.
Growth is expected to improve in 2013-14, buttressed by a pro-growth budget announced by
the government and marginal improvement in the global economic conditions. The Economic
Survey 2012-13 pegs the growth in 2013-14 to come in a range of 6.1-6.7 per cent. As per
the survey, maximum respondents (29.3 per cent) expect GDP to lie in a range of 6.0-6.5 percent in 2013-14, while only 13 per cent expect growth to exceed 6.5 per cent.
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Expected Economic Grow th in 2012-13
(% of Respondents)
14.8
43.5
30.4
8.71.7
0.9
7.0%
Expected Economic Growth in 2013-14
(% of Responde nts)
11.2
21.6
25.0
29.3
10.30.9
1.7
7.5%
Inflation
WPI Inflation to lie in a range of 6.0-7.0 per cent in 2013-14
Notwithstanding the recent moderation in WPI-based inflation, it has remained above the
RBIs comfort zone in the current fiscal. WPI inflation has averaged 7.4 per cent for the eleven
months of the fiscal so far. Notably, inflation on account of non-food manufactured products,
which have a weight of 55 per cent in the WPI, fell sharply in November-February 2012-13 as
input price pressures ebbed. The survey reveals that 42 per cent of respondents expect
average WPI inflation to lie in a range of 7.0-8.0 per cent, while another 29 per cent expect it
to come in a range of 8.0-9.0 per cent for 2012-13.
As for the next fiscal, WPI inflation is expected to soften from its levels in the current fiscal.
The survey reveals that maximum respondents (37.4 per cent) expect headline inflation to
come in a range of 6.0-7.0 per cent in 2013-14, while 25 per cent expect it between 7.0-8.0
per cent. Additionally, 28 per cent of respondents expect the headline number above 8 per
cent for the next fiscal.
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Expected WPI Inflation in 2012-13
(% of Respondents)4.3
14.8
41.7
28.7
10.4
9.0%
Expected WPI Inflation in 2013-14
(% of Respondents)
3.56.1
37.4
25.2
12.2
15.7
9.0%
Fiscal Deficit
62.4 per cent of respondents expect fiscal deficit to exceed governments
budgeted target of 4.8 per cent of GDP for 2013-14
The fiscal deficit of the central government for 2012-13 has now been re-estimated at 5.2 per
cent of GDP as compared to the budgeted estimate of 5.3 per cent. Though the actual number
has overshot the budgeted levels, it needs to be kept in mind that the extent of breach has
been significantly lower than what was initially expected thanks to the slew of measures
announced by the government in the second-half of 2012-13 in order to rein in the deficit.The
budget for 2013-14 clearly began the process of fiscal consolidation by targeting fiscal deficit
at 4.8 per cent of GDP. Interestingly, majority of respondents (62.4 per cent) do not agree
with the governments estimates and expect fiscal deficit to exceed the budgeted levels in
2013-14.
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Expected Fiscal Deficit (as a % of GDP) in 2013-14
(% of Res pondents)
7.3
30.3
30.3
19.3
12.8
6.0%
Current Account Deficit
45 per cent of respondents expect CAD to lie in a range of 4.0-5.0 per cent
of GDP in 2013-14
In view of the large trade deficit underpinned by imports growth outpacing the exports growth
for most period of the current fiscal, the current account deficit (CAD) has widened
significantly. CAD stood at a high of US$22.3 billion (5.4 per cent of GDP) in the second-
quarter of 2012 from US$16.4 billion (3.9 per cent of GDP) in the previous quarter. As per the
survey, maximum respondents (48 per cent) expect current account deficit to lie in a range of
4.0-5.0 per cent of GDP, while 39 per cent expect it to exceed 5 per cent.
The next fiscal is no different, with 45 per cent of respondents expecting CAD to lie in a range
of 4.0-5.0 per cent of GDP, while 33 per cent expect it to increase beyond 5 per cent. The
balance, 23 per cent of respondents expect CAD to lie below 4 per cent in 2013-14.
Interestingly, 48 per cent of respondents did not expect the recent rise in imports duty on gold
to help in arresting current account deficit in 2013-14.
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Expected Current Account Deficit (as a % of GDP)
in 2012-13
(% of Respondents)
2.910.5
24.8
22.9
23.8
15.2
5.5%
Expected Curr ent Account Deficit (as a % of
GDP) in 2013-14
(% of Res pondents)
4.8
18.1
21.9
22.9
20.0
12.4
5.5%
III. Business Prospects
Capacity Expansion & Capacity Utilization
Spending on capacity expansion by most of the respondents show no
change in 4QFY13, while capacity utilization is expected to remain healthy
Reflecting the weakness in current domestic macroeconomic scenario, the respondent
companys spending on capacity expansion has remained lukewarm. The survey revealed that
46.4 per cent of respondents expected no change in their spending on capacity expansion in
January-March 2013 quarter, while only 29 per cent of respondents expect it to increase
during the fourth quarter of 2012-13. Encouragingly, most of the respondents (49.5 per cent)
expect capacity utilization to lie in a range of 75-100 per cent in the final quarter of 2012-13,
which is indeed an encouraging sign as it indicates that companys expect demand to recover
in the months to come.
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Expected Spending on Capacity Expansion in Jan-
Mar 2013
(% of Respondents)
29.124.5
46.4
Increase Decrease No Change
Expected Capacity Utilisation in Jan-Mar 2013
(% of Respondents)
11.9
37.6
49.5
0.9
Below 50% 50-75% 75-100% > 100 %
Investment Plans
Investment scenario remains grim, with most of the respondents expecting
either decline or no change in their domestic and international investment
plans in 4QFY13
The investment scenario remains grim despite the recent announcement of reform measures
to prop up investment demand in the economy. The reform measures are expected to
positively impact investment demand with a lag and we might see some improvement in the
next few quarters. The present situation continues to remain grim. According to the survey,
majority of the respondents (62.2 per cent) expect the domestic investments of their firms to
show a decline or no change in the January-March 2013 quarter. Of those who expect an
increase in domestic investment, 22.5 per cent expect it to increase by 0-10 per cent, while
7.2 per cent expect it to increase by 10-20 per cent.
Mirroring the trend of domestic investment trends, most of the respondents (49.0 per cent)
expect international investments to show a decline or no change in the final quarter of 2012-
13, while 33.7 per cent of respondents expect it to record an increase. Amongst those
expecting the international investments to increase, 22 per cent expect it to increase by 0-10
per cent, while 8.1 per cent expect the jump to be between 10-20 per cent.
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Expectation of Investment Plans in Jan-Mar 2013
(% of Respondents)
62.2
22.5
7.20.9
7.2
48.8
22.1
8.13.5
17.4
Declineor
nochange
Increase
by0-10%
Increase
by10-20%
Increase
by>20%
Not
Applicable
Declineor
nochange
Increase
by0-10%
Increase
by10-20%
Increase
by>20%
Not
Applicable
Domestic Investments International Investments
IV. Overall Trends
Overall sales
Sales to pick-up as nearly half of the respondents expects it to increase in
4QFY13
In an encouraging sign, almost half of respondents (49.5 per cent) expect their sales to record
a jump in January-March 2013 quarter, while 29.5 per cent expect no change. As for theactual sales trend in October-December 2012, about a third (31.2 per cent) of the respondents
saw their sales increasing while 32.1 per cent of the respondents saw no change. This is
indeed a good sign for the economy and bodes well for growth prospects.
31.2 32.136.7
49.5
29.5
21.0
Increase No Change Decline
Overall Sales(% of Respondents)
Actual October-December 2012 Expected January-March 2013
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New Orders
Outlook for new orders is positive for 4QFY13 as majority of the
respondents expects them to improve
More than two-fifth of the respondent firms (41.5 per cent) witnessed no change in the new
orders in the third-quarter of 2012-13, while 22.6 per cent saw an increase in the same.
However, 35.8 per cent posted a decline in new orders in the third quarter. The outlook for
new orders is positive in the fourth-quarter (January-March) of 2012-13; with over half of the
respondent firms (51.0 per cent) expecting the new orders to increase and only a few (18.3
per cent) expecting a decline.
New Orders
(% of Respondents)
22.6
41.535.8
51.0
30.8
18.3
Increase
No
Change
Decline
Increase
No
Change
Decline
Actual October-December 2012 Expected January-March 2013
Value of Production
Value of production to improve significantly in 4QFY13 as majority of the
respondents expect business to grow
The results of the 82nd Business Outlook survey showed that 45.6 per cent of the respondent
witnessed stagnancy in their value of production in the period from October-December 2012,
while 26.2 per cent of them saw an increase. The expectations for the January-March 2013
quarter have improved, with most of the respondent firms (48.0 per cent) expecting an
increase in their value of production and 32.0 per cent expecting no change. Only a few (20.0
per cent) expect it to decline in the fourth-quarter due to rising cost of inputs.
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Value of Production
(% of Respondents)
26.2
45.6
28.2
48.0
32.0
20.0
Increase
No
Change
Decline
Increase
No
Change
Decline
Actual October-December 2012 Expected January-March 2013
Inventory
Bulk of the respondents expect no change in inventory levels in 4QFY13
from the previous quarters level
Most of the respondents (48.0 per cent) saw no change in the inventory levels in the third-
quarter of 2012-13 owing to uncertainty in both domestic and global scenario; they preferred
to keep their production plans on hold. Close to 30.0 per cent of respondents witnessed an
increase in inventory level compared to 22.5 per cent who reported a decline. Expectations for
January-March quarter of 2012-13 are on the similar lines, a bulk of the respondents (46.5 per
cent) expect their inventory levels to remain unchanged, while 30.3 per cent expect to see the
levels increasing.
Inventories
(% of Respondents)
29.4 30.3
48.0 46.5
22.5 23.2
Actual October-December 2012 Expected January-March 2013
Increase No Change Decline
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Availability of Credit
Expectations for 4QFY13 are almost on the similar lines as in 3QFY13; an
overwhelming majority of the respondents expect credit availability to
remain either stagnant or decline despite recent cut in CRR by RBI
As regards the availability of credit, an overwhelming majority of respondents (83.8 per cent)
saw their availability of credit either remaining unchanged or decreasing during the October-
December 2012 quarter, while another 16.2 per cent saw it increasing. This was attributable
mainly to the persistently high interest rates prevailing in the economy. Expectations for the
fourth-quarter 2012-13 too reveal almost similar trend, with bulk of the respondent firms
(76.3 per cent) expecting the availability of credit to either remain stagnant or decline, in
contrast 23.7 per cent expecting an increase in credit availability.
Availability of Credit
(% of Respondents)
16.2
61.6
22.2
23.7
61.9
14.4
Increase
No Change
Decline
Actual October-December 2012 Expected January-March 2013
Employment
Employment levels to remain unchanged in 4QFY13. However, there is a
slight optimism as the proportion of respondents expecting it to increase
has doubled from last quarter
The survey showed that that majority of the respondent firms (58.3 per cent) kept their
employment levels unchanged in the third-quarter of 2012-13 as opposed to 30.1 per cent
which saw a decrease in their employment levels. Expectations for the January-March of 2012-
13 reveal that once again majority of the respondent firms (54.1 per cent) expect no change
in their employment levels, while 22.4 per cent expect it to decline. However, expectations
have improved as 23.5 per cent foresee an increase in their employment levels in the fourth-
quarter as compared to 11.7 per cent in the third-quarter.
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11.7
58.3
30.1
23.5
54.1
22.4
Increase No Change Decline
Employment(% of Respondents)
Actual October-December 2012 Expected January-March 2013
Pre-Tax Profits
Expectation for pre-tax profits is encouraging for 4QFY13 as there has been
considerable increase in the proportion of respondents who expect it to
augment from the third quarter
Mirroring the gloomy macroeconomic scenario, the survey revealed that majority of the
respondent firms (50.9 per cent) saw their pre-tax profits declining in the third-quarter of
2012-13, while only a minority (17.9 per cent) posted an increase in the profits. 31.1 per cent
saw stagnancy in their pre-tax profits in the third-quarter. The good news is that the number
of respondent firms expecting a decline in their pre-tax profits in the fourth-quarter of 2012-
13 is now much lower at 32.7 per cent, while an even higher 34.7 per cent expect the profits
to increase as compared to the third-quarter of the current fiscal.
Pre Tax Profit
(% of Respondents)
17.934.7
31.1
32.7
50.932.7
Actual October-December 2012 Expected January-March 2013
Increase No Change Decline
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Raw Material Cost
Input cost was expected to remain unchanged in 4QFY13. Cost of credit,
was, however, expected to increase
Over 58.0 per cent of the respondents firms experienced an increase in the costs of raw
materials, electricity and fuel during October-December 2012, while more than half of the
respondents reported no change in the wages & salaries and cost of credit. Expectations for
the fourth quarter of 2012-13 appears to have softened as a higher proportion of respondent
firms (over 50.0 per cent) expect input cost to remain unchanged in comparison to the
previous quarter except for cost of credit. Cost of credit is likely to increase according to 43.8
per cent of the respondent firms, higher than the third quarter.
Raw Material Cost
(% of Respondents)
58.8
32.0
9.3
74.0
24.0
2.0
45.5
50.5
4.0
32.7
62.2
5.1
36.8
54.7
8.4
32.7
64.3
3.1
43.4 5
1.5
5.1
43.8
39.6
16.7
Increase
No
Change
Decrease
Increase
No
Change
Decrease
Increase
No
Change
Decrease
Increase
No
Change
Decrease
Raw Material Cost Electricity and Fuel Cost Wages & Salaries Cost Cost of Credit
Actual October-December 2012 Expected January-March 2013
VI. Export and Import Trends
Volume of Exports and New Orders
Export and new orders are expected to increase in 4QFY13, perhaps due to
positive developments in US, Europe and Asian economies
In the third quarter of 2012-13, 30.7 percent of the respondents recorded a decline in export
volumes, while 21.3 per cent recorded an increase and 48.0 per cent recorded unchanged
levels of export volumes. The respondents had been largely able to maintain their exports
volumes due to selling in new markets other than the traditional ones which are going through
tough phase. Expectations show that majority continue to expect volume of exports to
increase or remain unchanged, while less than a fifth ( 15.8 per cent) expects it to decline in
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January-March 2012-13. Signs of improvement in US, Europe and Asian market economies are
expected to boost Indian exports in the 4QFY13.
With regards to new orders, the survey revealed that most of the respondents (49.3 per cent)
witnessed unchanged levels in October-December 2012, while 19.2 per cent registered an
increase and 31.5 per cent saw a decline in new orders. However, during January-March 2012-
13, majority (83.8 per cent) expect new orders to increase or remain unchanged.
Volume of Imports
Imports are also expected to increase in 4QFY13 due to robust domestic
demand
According to the survey, volume of imports in October-December 2012 remained unchanged
for majority of the respondent firms (59.2 per cent), while 15.5 per cent of firms registered an
increase in import volumes and a little more than a fourth (25.4 per cent) registered a decline.
It appears that strong domestic demand has superseded the dampening impact of rupee
depreciation on imports. Expectations for January-March 2013 show similar trends, with
majority expecting volume of imports to either increase or remain unchanged. However, the
share of respondents who expect import volume to decrease remained stable at 25.4 per cent
in the fourth quarter.
Trade
(% of Respondents)
21.3
48.0
30.7
19.2
49.3
31.5
15.5
59.2
25.43
4.2
50.0
15.8
31.1
52.7
16.2 2
5.4
49.3
25.4
Increase
No
Change
Decrease
Increase
No
Change
Decrease
Increase
No
Change
Decrease
Volume of Exports New Orders Volume of Imports
Actual October-December 2012 Expected January-March 2013
Exchange Rate
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Exchange Rate to appreciate a little and remain in the range between Rs.
50-53 by March 2014 end
More than three-fifth (64.3 per cent) of the respondents expects exchange rate to remain
depreciated and in the range of Rs. 53-55, by March 2013 end. The scenario is, however,projected to improve by March 2014 end as nearly 50.0 per cent of the respondents expect it
to remain in between Rs. 50-53.
Rs. 55, 8.0
Expected Exchange Rate by March 2013(% of Respondents) Rs. 54, 28.6
Expected Exchange Rate by March 2014(% of Respondents)
VII. Business Concerns
Rampant corruption and persisting high inflation emerged as the two
foremost concerns for the firms
Corruption emerged as the topmost concern of most of the respondents, followed by High
Inflation, Threat to Reform Process, High Interest Rates and Domestic
Economic/Political Instability. Stagnancy in reforms was, however, the topmost concern in
the last survey. The current survey reveals that the Global Economic/Political Instability is
the lowest-ranked concern for businesses at this point in time.
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Business Outlook: Concerns
4.03.8 3.7 3.7 3.7 3.6 3.6 3.6 3.5 3.5 3.4 3.4 3.4 3.3
HighLevelsof
Corruption
PersistentHigh
Inflation
ThreattoReforms
Process
HighInterestrates
Domestic
Economic/Political
Instability
BurgeoningFiscal
Deficit
Burgeoning
CurrentAccount
Deficit
HighRaw
material
Cost
Slackening
Consumer
Demand
Inadeqauteskilled
labors
CurrencyRisks
Infrastructureand
Institutional
Shortages
Deteriorationin
Law
andOrder
conditionin
Country
Global
Economic/Political
VIII. Coverage & Methodology
CIIs 82nd Business Outlook Survey is based on sample survey of firms covering all industry
sectors, including micro, small, medium and large enterprises from different regions. The
survey also enumerated responses across industry groups both in public and private sectors
engaged in manufacturing and services sector. The survey was conducted from January-March
2013.
Majority of the respondents (53.0 per cent) belonged to large-scale firms, while 14.8 per cent
were from medium-scale firms and 25.2 per cent and 7.0 per cent each were from small-scale
and micro firms respectively. Sectoral break up shows that 67.2 per cent of the respondents
were from manufacturing sector while 31.0 per cent and 1.7 per cent were from services and
primary sector respectively.
CII-BCI is calculated as a weighted average of the Current Situation Index (CSI) and the
Expectation Index (EI), with greater weight given to EI as compared to CSI. These indices are
based on questions pertaining to performance of the economy and respondents firm.
Respondents are asked to rate the current and expected performance on a scale of 0 to 100. A
score above 50 indicates positive confidence while a score above 75 would indicate strong
positive confidence. On the contrary, a score of less than 50 indicates a weak confidence
index.
In the construction of the two sub-indices, the highest weight is given to the questions related
to the performance of the individual firm, and the lowest weight is assigned to the questions
on the economy. The weights are assigned on the basis of the premise that the average
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respondent would possess more detailed and accurate knowledge on the current and expected
performance of his own firm than the economy as a whole.
******************
Copyright 2013 by Confederation of Indian Industry (CII), All rights reserved.
No part of this publication may be reproduced, stored in, or introduced into a retrieval system, or transmitted in anyform or by any means (electronic, mechanical, photocopying, recording or otherwise), without the prior writtenpermission of the copyright owner. CII has made every effort to ensure the accuracy of information presented in thisdocument. However, neither CII nor any of its office bearers or analysts or employees can be held responsible for anyfinancial consequences arising out of the use of information provided herein. However, in case of any discrepancy,
error, etc., same may please be brought to the notice of CII for appropriate corrections.
Published by Confederation of Indian Industry (CII), The Mantosh Sondhi Centre; 23, Institutional Area, Lodi Road,New Delhi-110003 (INDIA), Tel: +91-11-24629994-7, Fax: +91-11-24626149; Email: [email protected]; Web: www.cii.in