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Services and Infrastructure Outlook Survey for Q2:2024-25

Today, the Reserve Bank released the results of 42nd round of its quarterly Services and Infrastructure Outlook Survey (SIOS) conducted during Q2:2024-25. This forward-looking survey1 captures qualitative assessment and expectations of Indian companies engaged in the services and infrastructure sectors on a set of business parameters relating to demand conditions, price situation and other business conditions. In the latest round of the survey2 , 761 companies provided their assessment for Q2:2024-25 and expectations for Q3:2024-25 as well as outlook on key parameters for the subsequent two quarters.

Highlights:
A. Services Sector
Assessment for Q2:2024-25

  • Service sector firms retained positive assessment about their overall business situation, turnover and employment position in Q2:2024-25 with somewhat lower sanguinity vis-à-vis the previous quarter (Chart 1 and Table A).
  • Pressures emanating from cost of finance, input prices and wages witnessed moderation.
  • Sentiments on growth in selling prices and profit margins moderated but remained positive (Table A).

Expectations for Q3:2024-25

  • Respondents remained highly optimistic on demand conditions in Q3:2024-25, though their optimism regarding overall business situation and job landscape stood lower vis-à-vis the previous quarter (Chart 1 and Table A).
  • Pressures emanating from input costs and finance costs are likely to continue during Q3:2024-25; pressures stemming from salary outgo are, however, expected to ease.
  • Selling prices and profit margins are expected to record lower growth in Q3:2024-25.

Expectations for Q4:2024-25 and Q1:2025-26

  • Overall business situation is expected to improve; firms remain highly optimistic on turnover and employment (Table C).
  • Input cost pressures are likely to persist and growth in selling prices is in sync with it.
Chart 1
  • Respondents reported that they could provide 11.2 per cent additional services with their resources during Q1:2024-25 (Table S14).

B. Infrastructure Sector
Assessment for Q2:2024-25

  • Infrastructure companies retained positive sentiments on overall business situation as well as their turnover (Chart 2 and Table B).
  • Enterprises gauged higher cost pressures from input costs; pressures from salary outgo and cost of finance, however, were assessed to have eased.
  • Respondents assessed subdued rise in selling prices and profit margins during Q2:2024-25.

Expectations for Q3:2024-25

  • Infrastructure firms polled for highly optimistic outlook on overall business conditions and turnover (Chart 2 and Table B).
  • Input cost pressures in the infrastructure sector are likely to persist with associated rise in selling prices; optimism on profit margin moderated.

Expectations for Q4:2024-25 and Q1:2025-26

  • Firms expressed high optimism on demand conditions till Q1:2025-26 (Table D).
  • Input cost pressures are likely to persist in near term and growth in selling prices are expected to record sustained rise.
Chart 2

Summary of Net Responses3 on Survey Parameters

Table A: Services Sector

(per cent)

Parameters

Assessment period

Expectations period

Q1:24-25

Q2:24-25

Q2:24-25

Q3:24-25

Overall Business Situation

34.1

30.2

69.4

68.0

Turnover

33.5

30.7

68.7

68.9

Full-time Employees

27.8

20.1

50.5

44.0

Part-time Employees

22.7

13.9

52.9

52.1

Availability of Finance

32.0

19.8

57.6

50.1

Cost of Finance

-35.1

-32.3

-56.9

-54.3

Salary & Wages

-42.6

-25.8

-53.8

-44.5

Cost of Inputs

-44.7

-40.6

-65.9

-64.2

Selling Price

21.7

12.1

54.1

48.0

Profit Margin

10.5

4.2

45.4

38.4

Inventories

24.3

18.4

52.0

46.6

Technical/Service Capacity

26.2

18.5

57.0

58.3

Physical Investment

24.2

16.1

55.4

56.7

 

Table B: Infrastructure Sector

(per cent)

Parameters

Assessment period

Expectations period

Q1:24-25

Q2:24-25

Q2:24-25

Q3:24-25

Overall Business Situation

26.6

21.7

74.5

67.4

Turnover

26.6

25.4

69.9

71.0

Full-time Employees

21.4

18.1

62.7

39.3

Part-time Employees

25.5

9.7

60.7

48.9

Availability of Finance

29.2

18.2

68.0

54.4

Cost of Finance

-29.1

-26.6

-62.4

-60.3

Salary & Wages

-34.4

-26.8

-70.6

-43.1

Cost of Inputs

-36.1

-40.8

-75.2

-70.8

Selling Price

21.5

10.9

66.7

50.0

Profit Margin

16.9

5.8

61.8

40.6

Inventories

29.0

20.5

70.1

56.4

Technical/Service Capacity

31.9

19.1

79.1

72.5

Physical Investment

27.3

25.7

75.8

75.3

 

Expectations of Select Parameters for extended period – Net response (in per cent)

Table C: Services Sector

Parameter

Round 41

Round 42

Q2:24-25

Q3:24-25

Q4:24-25

Q1:25-26

Overall Business Situation

69.4

68.0

69.6

69.7

Turnover

68.7

68.9

70.7

70.4

Full-time Employees

50.5

44.0

45.7

44.7

Part-time Employees

52.9

52.1

51.0

50.5

Cost of Inputs

-65.9

-64.2

-58.6

-58.2

Selling Price

54.1

48.0

50.6

51.4

 

Table D: Infrastructure Sector

Parameter

Round 41

Round 42

Q2:24-25

Q3:24-25

Q4:24-25

Q1:25-26

Overall Business Situation

74.5

67.4

71.9

71.1

Turnover

69.9

71.0

74.5

72.5

Full-time Employees

62.7

39.3

45.2

42.2

Part-time Employees

60.7

48.9

62.4

61.9

Cost of Inputs

-75.2

-70.8

-59.8

-59.8

Selling Price

66.7

50.0

57.7

60.0

 

Note:Please see the excel file for time series data

Services Sector

Table S1: Assessment and Expectation for Overall Business Situation
(Percentage responses)@

Quarter

Assessment

Expectation

Better

No Change

Worse

Net response#

Better

No Change

Worse

Net response

Q2:23-24

48.4

37.7

14.0

34.4

62.3

31.3

6.4

56.0

Q3:23-24

47.6

40.4

12.0

35.6

51.0

41.2

7.8

43.1

Q4:23-24

48.9

39.8

11.4

37.5

59.4

36.0

4.6

54.8

Q1:24-25

43.0

48.1

8.9

34.1

68.5

28.4

3.1

65.3

Q2:24-25

41.9

46.4

11.7

30.2

71.5

26.5

2.0

69.4

Q3:24-25

 

 

 

 

70.1

27.8

2.1

68.0

‘Increase’ in Overall business situation is optimistic.
@: Due to rounding off percentage may not add up to 100.
#: Net Response (NR) is the difference of percentage of the respondents reporting optimism and that reporting pessimism. The range is -100 to 100. Any value greater than zero indicates expansion/ optimism and any value less than zero indicates contraction/ pessimism.

 

Table S2: Assessment and Expectation for Turnover

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

43.8

41.3

14.9

28.9

59.3

36.3

4.4

54.9

Q3:23-24

48.2

35.9

15.9

32.3

40.3

49.9

9.8

30.5

Q4:23-24

51.6

34.3

14.0

37.6

59.8

33.8

6.4

53.4

Q1:24-25

45.2

43.1

11.7

33.5

70.5

23.6

5.9

64.6

Q2:24-25

43.6

43.5

12.9

30.7

71.9

24.8

3.3

68.7

Q3:24-25

 

 

 

 

71.9

25.2

3.0

68.9

‘Increase’ in Turnover is optimistic. Footnotes @ and # given in Table S1 are applicable here.


Table S3: Assessment and Expectation for Full-time Employees

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

34.3

48.7

17.0

17.3

44.7

52.6

2.7

42.0

Q3:23-24

29.9

61.6

8.5

21.4

26.4

63.7

9.9

16.5

Q4:23-24

33.9

57.1

9.0

24.8

32.4

64.0

3.6

28.8

Q1:24-25

34.8

58.2

7.0

27.8

48.4

49.5

2.1

46.3

Q2:24-25

29.0

62.0

9.0

20.1

52.2

46.0

1.7

50.5

Q3:24-25

 

 

 

 

45.8

52.4

1.8

44.0

‘Increase’ in Full-time Employees is optimistic. Footnotes @ and # given in Table S1 are applicable here.

 

Table S4: Assessment and Expectation for Part-time Employees

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

24.4

57.5

18.1

6.2

36.7

57.9

5.3

31.4

Q3:23-24

21.5

70.3

8.2

13.2

31.0

52.3

16.7

14.4

Q4:23-24

30.2

62.4

7.5

22.7

28.8

65.4

5.8

23.1

Q1:24-25

28.9

65.0

6.1

22.7

50.8

46.7

2.5

48.3

Q2:24-25

22.2

69.6

8.3

13.9

55.4

42.1

2.5

52.9

Q3:24-25

 

 

 

 

54.1

43.8

2.1

52.1

‘Increase’ in Part-time Employees is optimistic. Footnotes @ and # given in Table S1 are applicable here.

 

Table S5: Assessment and Expectation for Availability of Finance

(Percentage responses)

Quarter

Assessment

Expectation

Improve

No Change

Worsen

Net response

Improve

No Change

Worsen

Net response

Q2:23-24

30.6

56.8

12.6

18.0

39.5

57.0

3.5

36.0

Q3:23-24

32.3

60.3

7.4

24.9

31.5

61.1

7.3

24.2

Q4:23-24

36.3

55.3

8.4

27.8

40.4

56.7

2.9

37.4

Q1:24-25

37.9

56.2

5.9

32.0

56.4

42.5

1.1

55.3

Q2:24-25

28.5

62.8

8.7

19.8

58.8

40.0

1.2

57.6

Q3:24-25

 

 

 

 

51.4

47.2

1.4

50.1

‘Improve’ in Availability of Finance is optimistic. Footnotes @ and # given in Table S1 are applicable here.

 

Table S6: Assessment and Expectation for Cost of Finance

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

39.0

52.1

8.9

-30.1

38.1

57.6

4.3

-33.7

Q3:23-24

36.5

59.3

4.2

-32.3

32.8

61.0

6.2

-26.6

Q4:23-24

38.0

55.6

6.5

-31.5

38.1

58.2

3.7

-34.4

Q1:24-25

40.0

55.1

4.9

-35.1

51.0

43.5

5.5

-45.5

Q2:24-25

36.6

59.0

4.3

-32.3

59.4

38.0

2.6

-56.9

Q3:24-25

 

 

 

 

55.9

42.5

1.6

-54.3

‘Decrease’ in Cost of Finance is optimistic. Footnotes @ and # given in Table S1 are applicable here.

 

Table S7: Assessment and Expectation for Salary/Wages

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

44.5

50.3

5.3

-39.2

46.4

52.0

1.6

-44.8

Q3:23-24

42.4

53.5

4.0

-38.4

33.6

62.3

4.1

-29.5

Q4:23-24

34.8

60.7

4.5

-30.2

38.6

59.6

1.8

-36.8

Q1:24-25

45.3

52.0

2.7

-42.6

46.7

53.3

0.0

-46.7

Q2:24-25

29.9

66.0

4.1

-25.8

54.5

44.9

0.7

-53.8

Q3:24-25

 

 

 

 

45.0

54.5

0.5

-44.5

‘Decrease’ in Salary/Wages is optimistic. Footnotes @ and # given in Table S1 are applicable here.

 

Table S8: Assessment and Expectation for Cost of Inputs

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

39.1

49.9

11.0

-28.1

47.0

46.8

6.1

-40.9

Q3:23-24

44.6

48.6

6.8

-37.9

32.1

57.9

9.9

-22.2

Q4:23-24

46.7

49.3

4.0

-42.8

47.4

50.9

1.7

-45.7

Q1:24-25

47.5

49.6

2.9

-44.7

57.1

42.5

0.4

-56.7

Q2:24-25

44.4

51.8

3.8

-40.6

66.5

32.9

0.6

-65.9

Q3:24-25

 

 

 

 

65.6

33.1

1.3

-64.2

‘Decrease’ in Cost of Inputs is optimistic. Footnotes @ and # given in Table S1 are applicable here.

 

Table S9: Assessment and Expectation for Selling Price

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

21.9

62.7

15.4

6.5

39.5

53.7

6.8

32.7

Q3:23-24

24.3

66.6

9.2

15.1

26.4

61.5

12.1

14.2

Q4:23-24

29.9

62.6

7.5

22.4

35.3

60.0

4.7

30.7

Q1:24-25

26.9

67.9

5.2

21.7

52.4

46.0

1.6

50.8

Q2:24-25

20.5

71.1

8.4

12.1

55.5

43.2

1.4

54.1

Q3:24-25

 

 

 

 

50.4

47.3

2.3

48.0

‘Increase’ in Selling Price is optimistic. Footnotes @ and # given in Table S1 are applicable here.

 

Table S10: Assessment and Expectation for Profit Margin

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

26.3

51.8

22.0

4.3

50.3

40.6

9.1

41.2

Q3:23-24

27.1

55.5

17.4

9.7

27.3

59.2

13.5

13.8

Q4:23-24

29.6

57.0

13.3

16.3

36.1

55.2

8.6

27.5

Q1:24-25

26.5

57.5

16.0

10.5

50.6

45.1

4.2

46.4

Q2:24-25

21.0

62.1

16.8

4.2

49.6

46.3

4.2

45.4

Q3:24-25

 

 

 

 

42.3

53.7

3.9

38.4

‘Increase’ in Profit Margin is optimistic. Footnotes @ and # given in Table S1 are applicable here.

 

Table S11: Assessment and Expectation for Inventories

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

30.2

56.2

13.6

16.5

40.3

54.3

5.4

34.8

Q3:23-24

29.6

62.9

7.5

22.2

34.5

53.9

11.6

22.9

Q4:23-24

32.2

60.9

6.9

25.4

34.2

60.0

5.8

28.3

Q1:24-25

31.2

62.0

6.9

24.3

50.9

45.9

3.2

47.8

Q2:24-25

24.5

69.4

6.1

18.4

54.3

43.4

2.3

52.0

Q3:24-25

 

 

 

 

47.7

51.3

1.1

46.6

‘Increase’ in Inventories is optimistic. Footnotes @ and # given in Table S1 are applicable here.

 

Table S12: Assessment and Expectation for Technical/Service Capacity

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

28.1

69.2

2.7

25.3

51.2

47.5

1.3

49.8

Q3:23-24

22.6

75.8

1.6

21.0

41.9

56.3

1.9

40.0

Q4:23-24

29.1

66.2

4.8

24.3

34.1

65.9

0.0

34.1

Q1:24-25

29.4

67.4

3.2

26.2

54.7

45.3

0.0

54.7

Q2:24-25

23.0

72.5

4.5

18.5

57.2

42.5

0.2

57.0

Q3:24-25

 

 

 

 

58.6

41.1

0.3

58.3

‘Increase’ in Technical/Service Capacity is optimistic. Footnotes @ and # given in Table S1 are applicable here.

 

Table S13: Assessment and Expectation for Physical Investment

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

30.7

66.1

3.1

27.6

43.4

54.8

1.8

41.5

Q3:23-24

21.7

76.6

1.6

20.1

23.3

75.8

0.9

22.3

Q4:23-24

28.0

66.7

5.3

22.6

32.2

67.8

0.0

32.2

Q1:24-25

27.4

69.3

3.2

24.2

53.8

45.7

0.5

53.2

Q2:24-25

21.6

72.9

5.5

16.1

55.7

44.1

0.3

55.4

Q3:24-25

 

 

 

 

57.0

42.7

0.3

56.7

‘Increase’ in Physical Investment is optimistic. Footnotes @ and # given in Table S1 are applicable here.


Table S14: Estimated Spare Capacity for the Services Sector

Survey conducted during

Reference quarter

Response rate for the question on Spare Capacity
(per cent)

Spare Capacity
(per cent)

Q4:2020-21

Q3:2020-21

73.4

13.9

Q1:2021-22

Q4:2020-21

25.0

13.3

Q2:2021-22

Q1:2021-22

69.3

24.8

Q3:2021-22

Q2:2021-22

64.4

11.1

Q4:2021-22

Q3:2021-22

40.8

13.0

Q1:2022-23

Q4:2021-22

58.3

17.4

Q2:2022-23

Q1:2022-23

79.5

13.5

Q3:2022-23

Q2:2022-23

25.2

12.6

Q4:2022-23

Q3:2022-23

63.0

13.8

Q1:2023-24

Q4:2022-23

79.8

13.6

Q2:2023-24

Q1:2023-24

84.3

12.3

Q3:2023-24

Q2:2023-24

74.0

11.8

Q4:2023-24

Q3:2023-24

74.8

11.7

Q1:2024-25

Q4:2023-24

78.8

11.3

Q2:2024-25

Q1:2024-25

71.5

11.2

 

Infrastructure Sector

Table I1: Assessment and Expectation for Overall Business Situation

(Percentage responses)@

Quarter

Assessment

Expectation

Better

No Change

Worse

Net response#

Better

No Change

Worse

Net response

Q2:23-24

44.2

41.3

14.4

29.8

62.6

30.8

6.6

56.0

Q3:23-24

44.2

45.8

10.0

34.2

67.3

29.8

2.9

64.4

Q4:23-24

45.0

42.5

12.5

32.5

73.1

21.8

5.0

68.1

Q1:24-25

37.7

51.3

11.0

26.6

70.3

25.4

4.2

66.1

Q2:24-25

38.4

44.9

16.7

21.7

76.5

21.6

2.0

74.5

Q3:24-25

 

 

 

 

70.3

26.8

2.9

67.4

‘Increase’ in Overall business situation is optimistic.
@: Due to rounding off percentage may not add up to 100.
#: Net Response (NR) is the difference of percentage of the respondents reporting optimism and that reporting pessimism. The range is -100 to 100. Any value greater than zero indicates expansion/ optimism and any value less than zero indicates contraction/ pessimism.

 

Table I2: Assessment and Expectation for Turnover

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

46.2

39.4

14.4

31.7

61.1

33.3

5.6

55.6

Q3:23-24

47.9

40.3

11.8

36.1

53.8

42.3

3.8

50.0

Q4:23-24

42.5

42.5

15.0

27.5

75.6

22.7

1.7

73.9

Q1:24-25

37.7

51.3

11.0

26.6

68.4

24.8

6.8

61.5

Q2:24-25

41.3

42.8

15.9

25.4

73.2

23.5

3.3

69.9

Q3:24-25

 

 

 

 

73.2

24.6

2.2

71.0

‘Increase’ in Turnover is optimistic. Footnotes @ and # given in Table I1 are applicable here.

 

Table I3: Assessment and Expectation for Full-time Employees

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

28.8

58.7

12.5

16.3

48.9

48.9

2.2

46.7

Q3:23-24

32.5

57.3

10.3

22.2

42.3

54.8

2.9

39.4

Q4:23-24

27.5

65.0

7.5

20.0

63.2

34.2

2.6

60.7

Q1:24-25

31.2

59.1

9.7

21.4

47.5

51.7

0.8

46.6

Q2:24-25

28.3

61.6

10.1

18.1

64.7

33.3

2.0

62.7

Q3:24-25

 

 

 

 

41.5

56.3

2.2

39.3

‘Increase’ in Full-time Employees is optimistic. Footnotes @ and # given in Table I1 are applicable here.

 

Table I4: Assessment and Expectation for Part-time Employees

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

37.9

55.2

6.9

31.0

50.9

45.3

3.8

47.2

Q3:23-24

35.8

57.5

6.6

29.2

60.3

34.5

5.2

55.2

Q4:23-24

29.2

66.3

4.5

24.7

68.3

31.7

0.0

68.3

Q1:24-25

32.8

59.9

7.3

25.5

55.8

41.9

2.3

53.5

Q2:24-25

21.5

66.7

11.8

9.7

63.7

33.3

3.0

60.7

Q3:24-25

 

 

 

 

54.3

40.2

5.4

48.9

‘Increase’ in Part-time Employees is optimistic. Footnotes @ and # given in Table I1 are applicable here.

 

Table I5: Assessment and Expectation for Availability of Finance

(Percentage responses)

Quarter

Assessment

Expectation

Improve

No Change

Worsen

Net response

Improve

No Change

Worsen

Net response

Q2:23-24

36.5

52.9

10.6

26.0

51.1

43.3

5.6

45.6

Q3:23-24

36.7

57.5

5.8

30.8

46.6

49.5

3.9

42.7

Q4:23-24

34.7

58.5

6.8

28.0

63.0

35.3

1.7

61.3

Q1:24-25

35.1

59.1

5.8

29.2

58.6

40.5

0.9

57.8

Q2:24-25

31.4

55.5

13.1

18.2

68.0

32.0

0.0

68.0

Q3:24-25

 

 

 

 

55.1

44.1

0.7

54.4

‘Improve’ in Availability of Finance is optimistic. Footnotes @ and # given in Table I1 are applicable here.

 

Table I6: Assessment and Expectation for Cost of Finance

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

51.0

42.7

6.3

-44.8

44.0

53.6

2.4

-41.7

Q3:23-24

38.2

55.5

6.4

-31.8

54.2

45.8

0.0

-54.2

Q4:23-24

35.2

61.1

3.7

-31.5

61.7

37.4

0.9

-60.7

Q1:24-25

36.4

56.3

7.3

-29.1

60.4

38.7

0.9

-59.4

Q2:24-25

38.3

50.0

11.7

-26.6

65.1

32.2

2.7

-62.4

Q3:24-25

 

 

 

 

63.5

33.3

3.2

-60.3

‘Decrease’ in Cost of Finance is optimistic. Footnotes @ and # given in Table I1 are applicable here.

 

Table I7: Assessment and Expectation for Salary/Wages

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

42.7

50.5

6.8

-35.9

47.8

52.2

0.0

-47.8

Q3:23-24

44.9

50.8

4.2

-40.7

41.2

56.9

2.0

-39.2

Q4:23-24

27.7

70.6

1.7

-26.1

59.8

39.3

0.9

-59.0

Q1:24-25

38.3

57.8

3.9

-34.4

55.2

44.8

0.0

-55.2

Q2:24-25

31.9

63.0

5.1

-26.8

70.6

29.4

0.0

-70.6

Q3:24-25

 

 

 

 

43.1

56.9

0.0

-43.1

‘Decrease’ in Salary/Wages is optimistic. Footnotes @ and # given in Table I1 are applicable here.

 

Table I8: Assessment and Expectation for Cost of Inputs

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

50.0

45.1

4.9

-45.1

51.1

44.3

4.5

-46.6

Q3:23-24

52.1

43.6

4.3

-47.9

52.0

41.0

7.0

-45.0

Q4:23-24

52.6

43.9

3.5

-49.1

59.1

37.4

3.5

-55.7

Q1:24-25

42.2

51.7

6.1

-36.1

63.4

36.6

0.0

-63.4

Q2:24-25

49.2

42.3

8.5

-40.8

75.9

23.4

0.7

-75.2

Q3:24-25

 

 

 

 

70.8

29.2

0.0

-70.8

‘Decrease’ in Cost of Inputs is optimistic. Footnotes @ and # given in Table I1 are applicable here.

 

Table I9: Assessment and Expectation for Selling Price

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

33.7

53.3

13.0

20.7

43.4

54.2

2.4

41.0

Q3:23-24

37.0

54.0

9.0

28.0

42.4

53.3

4.3

38.0

Q4:23-24

28.9

61.1

10.0

18.9

62.0

36.0

2.0

60.0

Q1:24-25

30.8

60.0

9.2

21.5

60.7

33.7

5.6

55.1

Q2:24-25

24.5

61.8

13.6

10.9

69.8

27.1

3.1

66.7

Q3:24-25

 

 

 

 

52.7

44.5

2.7

50.0

‘Increase’ in Selling Price is optimistic. Footnotes @ and # given in Table I1 are applicable here.

 

Table I10: Assessment and Expectation for Profit Margin

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

24.5

58.8

16.7

7.8

46.1

48.3

5.6

40.4

Q3:23-24

35.0

55.0

10.0

25.0

37.3

56.9

5.9

31.4

Q4:23-24

26.1

56.3

17.6

8.4

56.3

36.1

7.6

48.7

Q1:24-25

28.6

59.7

11.7

16.9

54.7

38.5

6.8

47.9

Q2:24-25

26.8

52.2

21.0

5.8

65.1

31.6

3.3

61.8

Q3:24-25

 

 

 

 

45.7

49.3

5.1

40.6

‘Increase’ in Profit Margin is optimistic. Footnotes @ and # given in Table I1 are applicable here.

 

Table I11: Assessment and Expectation for Inventories

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

42.1

52.6

5.3

36.8

36.7

60.0

3.3

33.3

Q3:23-24

41.7

53.4

4.9

36.9

60.5

36.8

2.6

57.9

Q4:23-24

34.0

62.1

3.9

30.1

75.2

23.8

1.0

74.3

Q1:24-25

34.8

59.4

5.8

29.0

58.0

39.0

3.0

55.0

Q2:24-25

30.4

59.8

9.8

20.5

71.5

27.0

1.5

70.1

Q3:24-25

 

 

 

 

59.1

38.2

2.7

56.4

‘Increase’ in Inventories is optimistic. Footnotes @ and # given in Table I1 are applicable here.

 

Table I12: Assessment and Expectation for Technical/Service Capacity

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

38.3

59.6

2.1

36.2

51.2

48.8

0.0

51.2

Q3:23-24

39.8

55.9

4.3

35.5

66.7

33.3

0.0

66.7

Q4:23-24

32.5

64.9

2.6

29.9

75.0

25.0

0.0

75.0

Q1:24-25

36.2

59.5

4.3

31.9

66.2

32.4

1.4

64.9

Q2:24-25

30.9

57.4

11.8

19.1

79.1

20.9

0.0

79.1

Q3:24-25

 

 

 

 

72.5

27.5

0.0

72.5

‘Increase’ in Technical/Service Capacity is optimistic. Footnotes @ and # given in Table I1 are applicable here.

 

Table I13: Assessment and Expectation for Physical Investment

(Percentage responses)

Quarter

Assessment

Expectation

Increase

No Change

Decrease

Net response

Increase

No Change

Decrease

Net response

Q2:23-24

38.0

58.2

3.8

34.2

36.8

60.3

2.9

33.8

Q3:23-24

35.8

60.0

4.2

31.6

46.8

53.2

0.0

46.8

Q4:23-24

28.6

68.8

2.6

26.0

75.3

24.7

0.0

75.3

Q1:24-25

33.1

61.2

5.8

27.3

64.0

36.0

0.0

64.0

Q2:24-25

36.5

52.7

10.8

25.7

75.8

24.2

0.0

75.8

Q3:24-25

 

 

 

 

75.3

24.7

0.0

75.3

‘Increase’ in Physical Investment is optimistic. Footnotes @ and # given in Table I1 are applicable here.

 

[1] The survey results reflect the respondents’ views, which are not necessarily shared by the Reserve Bank.

[2] Results of the previous survey round were released on the Bank’s website on August 08, 2024.

[3] Net Response (NR) is the difference between the percentage of respondents reporting optimism and those reporting pessimism. It ranges between -100 to 100. Positive value indicates expansion/optimism and negative value indicates contraction/pessimism. In other words, NR = (I – D); where, I is the percentage response of ‘Increase/optimism’, D is the percentage response of ‘Decrease/pessimism’ and E is the percentage response as ‘no change/ equal’ (i.e., I+D+E=100). For example, increase in turnover is optimism whereas decrease in cost of inputs is optimism.

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