वर्ष 2025-26 की दूसरी तिमाही (Q2) के लिए विनिर्माण क्षेत्र का औद्योगिक परिदृश्य सर्वेक्षण

RbiAnnouncementWeb

Research and Publication Banner

असेट प्रकाशक

01 अक्‍तूबर 2025 को प्रकाशित

वर्ष 2025-26 की दूसरी तिमाही (Q2) के लिए विनिर्माण क्षेत्र का औद्योगिक परिदृश्य सर्वेक्षण

आज, रिज़र्व बैंक ने अपने त्रैमासिक औद्योगिक पारिदृश्य सर्वेक्षण (आईओएस) के 111वें दौर के परिणाम जारी किए। सर्वेक्षण ¹ 2025-26 की दूसरी तिमाही के लिए भारतीय विनिर्माण कंपनियों द्वारा व्यावसायिक माहौल के गुणात्मक मूल्यांकन और 2025-26 की तीसरी तिमाही के लिए उनकी उम्मीदों के साथ-साथ बाद की दो तिमाहियों के लिए चुनिंदा मापदंडों पर दृष्टिकोण को समाहित करता है। जुलाई-सितंबर 2025 के दौरान किए गए सर्वेक्षण² के इस दौर में कुल 1,106 कंपनियों ने जवाब दिया।

हाइलाइट्स:

क. 2025-26 की दूसरी तिमाही के लिए मूल्यांकन

निर्माताओं ने पिछली तिमाही की तुलना में मांग की स्थिति में कुछ नरमी का संकेत दिया, जैसा कि उत्पादन, ऑर्डर बुक और क्षमता उपयोग (तालिका ए) पर उनके मूल्यांकन में परिलक्षित होता है।
कच्चे माल की लागत, वित्तपोषण लागत और वेतन व्यय से दबाव में कमी देखी गई; बिक्री की कीमतों और लाभ मार्जिन में वृद्धि पर भावनाओं में नरमी आई।
2025-26 की पहली तिमाही (चार्ट 1) की तुलना में व्यापार मूल्यांकन सूचकांक में वृद्धि हुई।

ख. 2025-26 की तीसरी तिमाही के लिए उम्मीदें

निर्माताओं ने 2025-26 की तीसरी तिमाही के लिए मांग की स्थिति पर एक सकारात्मक दृष्टिकोण बनाए रखा, हालांकि मॉडरेशन के कुछ संकेतों के साथ।
कच्चे माल और वेतन व्यय से लागत दबाव कम होने की उम्मीद है, बिक्री मूल्यों में वृद्धि अधिक होने की संभावना है।
व्यापार अपेक्षा सूचकांक 2025-26 की तीसरी तिमाही में स्थिर रहा, जो निर्माताओं के बीच निरंतर भावना को दर्शाता है (चार्ट 1)।

ग. 2025-26 की चौथी तिमाही और 2026-27 की पहली तिमाही के लिए उम्मीदें

निर्माताओं को 2025-26 की चौथी तिमाही और 2026-27 की पहली तिमाही (तालिका बी) में बेहतर मांग की स्थिति का अनुमान है।
इनपुट लागत दबाव निर्माताओं के लिए बने रहने की संभावना है, वे बिक्री की कीमतों के माध्यम से उच्च लागत पर मूल्य निर्धारण शक्ति पारित करने की भी उम्मीद करते हैं।

Table A: Summary of Net responses³ on Survey Parameters
(per cent)
Parameters	Assessment period		Expectation period
Parameters	Q1:2025-26*	Q2:2025-26	Q2:2025-26*	Q3:2025-26
Production	21.4	17.9	53.3	47.9
Order Books	19.9	14.8	52.1	45.7
Pending Orders	12.3	13.5	1.7	0.2
Capacity Utilisation	16.0	14.2	43.8	43.3
Inventory of Raw Materials	3.0	1.5	-12.1	-15.5
Inventory of Finished Goods	2.6	0.5	-12.5	-15.7
Exports	10.9	10.0	34.7	37.7
Imports	10.7	12.0	33.2	36.2
Employment	10.6	8.0	23.7	25.2
Financial Situation (Overall)	21.0	17.5	53.9	47.9
Availability of Finance (from internal accruals)	20.1	15.7	46.5	39.3
Availability of Finance (from banks & other sources)	16.4	11.5	40.7	34.8
Availability of Finance (from overseas, if applicable)	7.6	6.2	32.4	28.8
Cost of Raw Material	-46.6	-38.1	-54.9	-45.6
Cost of Finance	-7.2	-6.1	-12.5	-27.9
Salary/ Other Remuneration	-27.1	-12.7	-31.6	-29.9
Selling Price	6.8	2.4	23.8	24.1
Profit Margin	-5.0	-6.4	20.1	24.6
Overall Business Situation	18.0	18.0	51.5	49.3

Table B: Business Expectations on Select Parameters for extended period – Net response
(per cent)
Parameters	Round 110	Round 111
Parameters	Q2:2025-26	Q3:2025-26	Q4:2025-26	Q1:2026-27
Overall Business Situation	51.5	49.3	53.2	55.1
Production	53.3	47.9	53.5	56.2
Order Books	52.1	45.7	51.8	53.6
Capacity Utilisation	43.8	43.3	50.5	49.6
Employment	23.7	25.2	31.3	32.4
Cost of Raw Materials	-54.9	-45.6	-52.0	-49.9
Selling Prices	23.8	24.1	31.3	32.0

Note: Please see the excel file for time series data

Table 1: Assessment and Expectations for Production
(Percentage responses)@
Quarter	Assessment				Expectations
Quarter	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2024-25	37.6	14.7	47.7	22.9	40.7	4.3	55.0	36.3
Q3:2024-25	42.4	16.2	41.5	26.2	40.5	4.3	55.2	36.3
Q4:2024-25	40.9	13.0	46.1	27.9	42.8	4.2	52.9	38.6
Q1:2025-26	33.6	12.1	54.3	21.4	41.4	4.6	54.0	36.9
Q2:2025-26	30.1	12.3	57.6	17.9	56.8	3.6	39.6	53.3
Q3:2025-26					50.5	2.6	47.0	47.9
‘Increase’ in production is optimistic.
@:Due to rounding off Percentage may not add up to 100.

Table 2: Assessment and Expectations for Order Books
(Percentage responses)
Quarter	Assessment				Expectations
Quarter	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2024-25	35.3	15.8	48.9	19.5	39.4	4.2	56.3	35.2
Q3:2024-25	40.0	18.1	41.8	21.9	38.1	4.8	57.0	33.3
Q4:2024-25	38.2	13.8	48.0	24.4	41.6	4.7	53.7	36.8
Q1:2025-26	32.3	12.4	55.3	19.9	40.7	5.1	54.2	35.6
Q2:2025-26	27.9	13.1	59.0	14.8	56.1	3.9	40.0	52.1
Q3:2025-26					48.5	2.8	48.7	45.7
‘Increase’ in order books is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 3: Assessment and Expectations for Pending Orders
(Percentage responses)
Quarter	Assessment				Expectations
	Above Normal	Below Normal	Normal	Net response	Above Normal	Below Normal	Normal	Net response
	Above Normal	Below Normal	Normal	Net response	Above Normal	Below Normal	Normal	Net response
Q2:2024-25	3.1	11.1	85.8	8.0	4.2	6.0	89.8	1.8
Q3:2024-25	4.4	14.8	80.8	10.4	3.8	5.6	90.5	1.8
Q4:2024-25	4.9	11.1	84.0	6.2	4.5	11.6	83.9	7.1
Q1:2025-26	4.4	16.8	78.8	12.3	4.3	6.8	88.9	2.5
Q2:2025-26	3.4	17.0	79.6	13.5	3.5	5.2	91.4	1.7
Q3:2025-26					3.6	3.8	92.6	0.2
Pending orders ‘Below Normal’ is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 4: Assessment and Expectations for Capacity Utilisation (Main Product)
(Percentage responses)
Quarter	Assessment				Expectations
Quarter	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2024-25	25.1	10.0	65.0	15.1	33.2	4.0	62.9	29.2
Q3:2024-25	29.9	12.5	57.6	17.4	33.4	3.9	62.6	29.5
Q4:2024-25	29.1	10.3	60.6	18.7	36.2	4.1	59.6	32.1
Q1:2025-26	27.4	11.4	61.2	16.0	35.4	4.4	60.1	31.0
Q2:2025-26	23.3	9.1	67.6	14.2	49.0	5.1	45.9	43.8
Q3:2025-26					45.8	2.5	51.7	43.3
‘Increase’ in capacity utilisation is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 5: Level of capacity utilisation (compared to the average in preceding 4 quarters)
(Percentage responses)
Quarter	Assessment				Expectations
Quarter	Above Normal	Below Normal	Normal	Net response	Above Normal	Below Normal	Normal	Net response
Q2:2024-25	14.9	8.1	77.0	6.8	13.1	4.7	82.2	8.4
Q3:2024-25	12.0	11.2	76.7	0.8	14.4	3.8	81.8	10.5
Q4:2024-25	10.9	8.5	80.6	2.3	12.5	4.4	83.0	8.1
Q1:2025-26	18.2	14.0	67.8	4.2	9.7	4.6	85.6	5.1
Q2:2025-26	20.1	14.3	65.6	5.8	18.8	5.1	76.1	13.7
Q3:2025-26					19.2	3.5	77.3	15.7
‘Above Normal’ in Level of capacity utilisation is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 6: Assessment and Expectations for Assessment of Production Capacity (with regard to expected demand in next 6 months)
(Percentage responses)
Quarter	Assessment				Expectations
Quarter	More than adequate	Less than adequate	Adequate	Net response	More than adequate	Less than adequate	Adequate	Net response
Q2:2024-25	6.9	2.1	90.9	4.8	14.7	2.5	82.8	12.3
Q3:2024-25	8.8	3.7	87.5	5.0	12.8	1.5	85.7	11.3
Q4:2024-25	9.1	2.4	88.5	6.7	11.1	2.8	86.1	8.3
Q1:2025-26	9.0	10.2	80.8	-1.1	12.1	1.7	86.2	10.4
Q2:2025-26	8.5	10.8	80.7	-2.3	18.6	2.7	78.8	15.9
Q3:2025-26					18.7	2.8	78.4	15.9
‘More than adequate’ in Assessment of Production Capacity is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 7: Assessment and Expectations for Exports
(Percentage responses)
Quarter	Assessment				Expectations
Quarter	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2024-25	18.4	13.2	68.4	5.3	29.2	4.4	66.4	24.8
Q3:2024-25	22.1	14.5	63.4	7.6	31.2	5.0	63.9	26.2
Q4:2024-25	23.0	9.5	67.6	13.5	29.2	4.9	65.9	24.2
Q1:2025-26	22.5	11.6	65.9	10.9	23.4	5.0	71.6	18.4
Q2:2025-26	21.8	11.8	66.5	10.0	38.8	4.0	57.2	34.7
Q3:2025-26					42.2	4.5	53.3	37.7
‘Increase’ in exports is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 8: Assessment and Expectations for Imports
(Percentage responses)
Quarter	Assessment				Expectations
Quarter	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2024-25	17.6	8.5	73.8	9.1	25.7	3.0	71.3	22.8
Q3:2024-25	20.4	9.1	70.5	11.3	28.0	3.6	68.4	24.3
Q4:2024-25	19.0	6.8	74.3	12.3	26.6	2.7	70.7	23.9
Q1:2025-26	18.4	7.7	73.9	10.7	19.4	3.3	77.2	16.1
Q2:2025-26	18.9	7.0	74.1	12.0	36.2	3.0	60.8	33.2
Q3:2025-26					38.8	2.5	58.7	36.2
‘Increase’ in exports is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 9: Assessment and Expectations for level of Raw Materials Inventory
(Percentage responses)
Quarter	Assessment				Expectations
Quarter	Above average	Below average	average	Net response	Above average	Below average	average	Net response
Q2:2024-25	8.8	6.1	85.1	-2.7	10.7	2.3	87.0	-8.3
Q3:2024-25	11.0	5.0	84.0	-6.0	11.9	2.3	85.8	-9.6
Q4:2024-25	11.3	4.9	83.8	-6.4	9.8	2.3	88.0	-7.5
Q1:2025-26	7.9	10.9	81.2	3.0	11.0	2.3	86.7	-8.7
Q2:2025-26	9.6	11.1	79.3	1.5	14.9	2.9	82.2	-12.1
Q3:2025-26					16.7	1.3	82.0	-15.5
‘Below average’ Inventory of raw materials is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 10: Assessment and Expectations for level of Finished Goods Inventory
(Percentage responses)
Quarter	Assessment				Expectations
Quarter	Above average	Below average	average	Net response	Above average	Below average	average	Net response
Q2:2024-25	9.5	6.5	84.0	-3.0	10.3	2.6	87.1	-7.7
Q3:2024-25	11.9	5.1	83.0	-6.8	12.1	2.2	85.8	-9.9
Q4:2024-25	12.6	4.7	82.7	-7.9	11.1	2.2	86.8	-8.9
Q1:2025-26	8.5	11.1	80.4	2.6	10.9	1.7	87.4	-9.1
Q2:2025-26	10.7	11.1	78.2	0.5	15.3	2.9	81.8	-12.5
Q3:2025-26					17.5	1.7	80.8	-15.7
‘Below average’ Inventory of finished goods is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 11: Assessment and Expectations for Employment Outlook
(Percentage responses)
Quarter	Assessment				Expectations
Quarter	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2024-25	15.9	6.2	77.9	9.7	17.7	2.1	80.2	15.6
Q3:2024-25	17.3	7.2	75.5	10.2	19.3	1.6	79.1	17.6
Q4:2024-25	17.4	5.4	77.2	12.0	18.0	1.2	80.8	16.7
Q1:2025-26	16.8	6.3	76.9	10.6	14.6	1.7	83.7	12.9
Q2:2025-26	15.8	7.8	76.4	8.0	25.4	1.8	72.8	23.7
Q3:2025-26					26.2	1.0	72.8	25.2
‘Increase’ in employment is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 12: Assessment and Expectations for Overall Financial Situation
(Percentage responses)
Quarter	Assessment				Expectations
Quarter	Better	Worsen	No change	Net response	Better	Worsen	No change	Net response
Q2:2024-25	37.5	11.9	50.6	25.6	44.7	2.5	52.8	42.2
Q3:2024-25	38.0	13.1	49.0	24.9	49.1	2.7	48.1	46.4
Q4:2024-25	37.0	10.1	52.9	27.0	44.8	3.0	52.2	41.9
Q1:2025-26	31.8	10.8	57.4	21.0	39.0	2.6	58.4	36.3
Q2:2025-26	28.8	11.3	59.8	17.5	57.0	3.0	40.0	53.9
Q3:2025-26					49.8	1.9	48.3	47.9
‘Better’ overall financial situation is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 13: Assessment and Expectations for Working Capital Finance Requirement
(Percentage responses)
Quarter	Assessment				Expectations
Quarter	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2024-25	24.1	4.7	71.2	19.4	32.0	2.1	66.0	29.9
Q3:2024-25	26.9	6.5	66.6	20.3	32.4	1.2	66.5	31.2
Q4:2024-25	24.3	5.1	70.6	19.2	30.9	2.3	66.8	28.6
Q1:2025-26	21.0	4.5	74.5	16.4	25.5	2.7	71.8	22.9
Q2:2025-26	19.7	5.8	74.5	13.9	33.4	1.9	64.6	31.5
Q3:2025-26					34.1	1.5	64.4	32.6
‘Increase’ in working capital finance is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 14: Assessment and Expectations for Availability of Finance (from Internal Accruals)
(Percentage responses)
Quarter	Assessment				Expectations
Quarter	Improve	Worsen	No change	Net response	Improve	Worsen	No change	Net response
Q2:2024-25	23.5	5.4	71.1	18.1	33.0	1.2	65.9	31.8
Q3:2024-25	31.1	6.4	62.4	24.7	32.9	0.8	66.3	32.1
Q4:2024-25	27.8	5.5	66.6	22.3	35.8	1.3	62.9	34.6
Q1:2025-26	25.5	5.4	69.1	20.1	31.7	1.3	67.0	30.4
Q2:2025-26	21.0	5.3	73.7	15.7	47.8	1.3	50.8	46.5
Q3:2025-26					40.1	0.8	59.0	39.3
‘Improvement’ in availability of finance is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 15: Assessment and Expectations for Availability of Finance (from banks and other sources)
(Percentage responses)
Quarter	Assessment				Expectations
Quarter	Improve	Worsen	No change	Net response	Improve	Worsen	No change	Net response
Q2:2024-25	18.7	4.3	77.0	14.4	28.7	1.4	69.9	27.2
Q3:2024-25	23.5	4.5	72.0	18.9	27.4	0.7	72.0	26.7
Q4:2024-25	19.8	4.7	75.5	15.1	27.9	0.8	71.3	27.1
Q1:2025-26	20.3	3.9	75.8	16.4	23.0	1.3	75.7	21.7
Q2:2025-26	16.4	4.9	78.8	11.5	41.2	0.5	58.3	40.7
Q3:2025-26					35.4	0.6	64.1	34.8
‘Improvement’ in availability of finance is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 16: Assessment and Expectations for Availability of Finance (from overseas, if applicable)
(Percentage responses)
Quarter	Assessment				Expectations
Quarter	Improve	Worsen	No change	Net response	Improve	Worsen	No change	Net response
Q2:2024-25	9.4	4.3	86.4	5.1	18.1	1.2	80.7	16.9
Q3:2024-25	13.9	5.9	80.3	8.0	20.6	0.4	79.0	20.2
Q4:2024-25	8.5	4.7	86.8	3.8	19.0	1.0	79.9	18.0
Q1:2025-26	11.6	3.9	84.5	7.6	10.7	1.0	88.3	9.7
Q2:2025-26	11.7	5.5	82.9	6.2	32.9	0.5	66.5	32.4
Q3:2025-26					29.5	0.7	69.8	28.8
‘Improvement’ in availability of finance is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 17: Assessment and Expectations for Cost of Finance
(Percentage responses)
Quarter	Assessment				Expectations
Quarter	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2024-25	14.3	4.1	81.6	-10.2	22.1	2.9	75.0	-19.2
Q3:2024-25	17.9	5.3	76.8	-12.6	22.2	2.0	75.8	-20.2
Q4:2024-25	14.3	3.6	82.1	-10.8	21.8	1.9	76.3	-19.9
Q1:2025-26	16.5	9.2	74.3	-7.2	15.5	2.7	81.8	-12.8
Q2:2025-26	14.5	8.4	77.1	-6.1	26.1	13.6	60.2	-12.5
Q3:2025-26					30.2	2.3	67.4	-27.9
‘Decrease’ in cost of finance is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 18: Assessment and Expectations for Cost of Raw Materials
(Percentage responses)
Quarter	Assessment				Expectations
Quarter	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2024-25	44.5	5.8	49.8	-38.7	52.1	1.1	46.9	-51.0
Q3:2024-25	51.9	5.4	42.7	-46.5	49.2	1.6	49.3	-47.6
Q4:2024-25	50.7	3.5	45.8	-47.2	51.7	2.5	45.8	-49.2
Q1:2025-26	50.8	4.2	44.9	-46.6	41.6	1.6	56.8	-40.1
Q2:2025-26	42.1	4.1	53.8	-38.1	56.2	1.2	42.6	-54.9
Q3:2025-26					46.6	1.0	52.4	-45.6
‘Decrease’ in cost of raw materials is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 19: Assessment and Expectations for Salary/Other Remuneration
(Percentage responses)
Quarter	Assessment				Expectations
Quarter	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2024-25	18.8	1.4	79.8	-17.4	26.7	0.6	72.7	-26.1
Q3:2024-25	18.8	1.3	79.9	-17.5	27.8	0.3	71.9	-27.4
Q4:2024-25	19.2	1.2	79.6	-18.0	23.4	0.4	76.3	-23.0
Q1:2025-26	29.3	2.2	68.5	-27.1	37.7	0.9	61.5	-36.8
Q2:2025-26	15.9	3.2	80.9	-12.7	32.1	0.5	67.3	-31.6
Q3:2025-26					30.7	0.7	68.6	-29.9
‘Decrease’ in Salary / other remuneration is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 20: Assessment and Expectations for Selling Price
(Percentage responses)
Quarter	Assessment				Expectations
Quarter	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2024-25	10.9	10.7	78.4	0.2	20.3	3.1	76.5	17.2
Q3:2024-25	15.0	12.4	72.6	2.6	19.3	2.2	78.5	17.1
Q4:2024-25	14.1	9.6	76.3	4.4	19.0	3.9	77.0	15.1
Q1:2025-26	15.7	8.8	75.5	6.8	15.7	3.2	81.2	12.5
Q2:2025-26	13.2	10.8	76.0	2.4	26.4	2.6	71.1	23.8
Q3:2025-26					26.7	2.6	70.7	24.1
‘Increase’ in selling price is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 21: Assessment and Expectations for Profit Margin
(Percentage responses)
Quarter	Assessment				Expectations
Quarter	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2024-25	12.2	22.4	65.4	-10.2	16.7	6.8	76.4	9.9
Q3:2024-25	12.4	25.2	62.4	-12.8	19.4	5.8	74.9	13.6
Q4:2024-25	10.8	20.3	69.0	-9.5	19.0	7.3	73.7	11.7
Q1:2025-26	12.0	17.0	70.9	-5.0	14.5	7.5	78.0	7.0
Q2:2025-26	11.9	18.3	69.8	-6.4	26.2	6.2	67.6	20.1
Q3:2025-26					28.9	4.3	66.9	24.6
‘Increase’ in profit margin is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 22: Assessment and Expectations for Overall Business Situation
(Percentage responses)
Quarter	Assessment				Expectations
Quarter	Better	Worsen	No change	Net response	Better	Worsen	No change	Net response
Q2:2024-25	39.7	13.3	47.0	26.3	47.4	2.5	50.1	45.0
Q3:2024-25	40.4	14.5	45.1	25.9	51.2	3.9	44.9	47.4
Q4:2024-25	40.7	12.3	46.9	28.4	48.6	3.1	48.3	45.4
Q1:2025-26	31.7	13.7	54.6	18.0	42.3	3.5	54.3	38.8
Q2:2025-26	29.7	11.7	58.6	18.0	56.7	5.2	38.2	51.5
Q3:2025-26					51.5	2.2	46.4	49.3
‘Better’ Overall Business Situation is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 23: Business Sentiments⁴
(Percentage responses)
Quarter	Business Assessment Index (BAI)	Business Expectations Index (BEI)
Q2:2024-25	108.3	119.1
Q3:2024-25	108.5	120.3
Q4:2024-25	110.4	120.0
Q1:2025-26	109.6	117.5
Q2:2025-26	110.6	126.2
Q3:2025-26		126.3

¹सर्वेक्षण के परिणाम उत्तरदाताओं के विचारों को दर्शाते हैं, जो आवश्यक रूप से रिज़र्व बैंक द्वारा साझा नहीं किए जाते।

²पिछले सर्वेक्षण दौर के परिणाम 06 अगस्त, 2025 को बैंक की वेबसाइट पर जारी किए गए थे।

³Net Response (NR) is the difference between the percentage of respondents reporting optimism and those reporting pessimism. It ranges between -100 to 100. Any value greater than zero indicates expansion/optimism and any value less than zero indicates contraction/pessimism. In other words, NR = (I – D), where I is the percentage response of ‘Increase/optimism’, and 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 production is optimism whereas decrease in cost of raw material is optimism.

⁴For each survey round, two summary indices are computed – one based on assessment [viz., Business Assessment Index (BAI)] and another based on expectations [viz., Business Expectations Index (BEI)]. Each index is a composite indicator calculated as a simple average of nine business parameters, where each parameter is derived as a weighted net response, weights being the share of industry groups in gross value added (GVA). The nine parameters considered are: (1) overall business situation; (2) production; (3) order books; (4) inventory of raw material; (5) inventory of finished goods; (6) profit margins; (7) employment; (8) exports; and (9) capacity utilisation. BAI/BEI gives a snapshot of the business outlook in every quarter and takes values between 0 and 200, with 100 being the threshold separating expansion from contraction.