2023-24 की दूसरी तिमाही (Q2) के लिए विनिर्माण क्षेत्र का औद्योगिक परिदृश्य सर्वेक्षण

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2023-24 की दूसरी तिमाही (Q2) के लिए विनिर्माण क्षेत्र का औद्योगिक परिदृश्य सर्वेक्षण

भारतीय रिज़र्व बैंक ने आज त्रैमासिक औद्योगिक परिदृश्य सर्वेक्षण (आइओएस) के 103वें दौर के परिणाम जारी किये। इस सर्वेक्षण में 2023-24 की दूसरी तिमाही के लिए भारतीय विनिर्माण कंपनियों द्वारा कारोबार के परिवेश का गुणात्मक मूल्यांकन और 2023-24¹ की तीसरी तिमाही के लिए उक्त कंपनियों की अपेक्षाओं के साथ-साथ आगामी दो तिमाहियों के लिए चयनित मापदंडों पर उनके आउटलुक को समाहित किया गया है। 2023-24 की दूसरी तिमाही के दौरान सर्वेक्षण के इस दौर में कुल 1,223 कंपनियों ने प्रत्युत्तर दिए।

विशेष:

क. दूसरी तिमाही (Q2) 2023-24 का मूल्यांकन

विनिर्माण कंपनियाँ 2023-24 की दूसरी तिमाही के दौरान मांग की स्थिति पर अधिक आशावादी रहीं, जैसा कि उत्पादन, ऑर्डर बुक और क्षमता उपयोग पर उनके मूल्यांकन में परिलक्षित होता है (सारणी-ए)।
उत्तरदाताओं ने कच्चे माल की लागत में अधिक दबाव की सूचना दी; वेतन बिल और वित्त लागत का बोझ कुछ कम हुआ।
चार तिमाहियों के नकारात्मक मूल्यांकन के बाद 2023-24 की दूसरी तिमाही के दौरान लाभ मार्जिन पर सकल धारणा सकारात्मक हो गई।
विनिर्माण क्षेत्र में समग्र व्यावसायिक भावनाओं में और सुधार हुआ; व्यापार मूल्यांकन सूचकांक² (बीएआई) पिछली तिमाही के 112.2 से बढ़कर 2023-24 की दूसरी तिमाही में 115.0 हो गया (चार्ट-1)।

ख. तीसरी तिमाही (Q3) 2023-24 के लिए अपेक्षाएं

निर्माताओं ने 2023-24 की तीसरी तिमाही के लिए अधिक आशावाद व्यक्त किया, जैसा कि उत्पादन, ऑर्डर बुक, क्षमता उपयोग और समग्र व्यावसायिक स्थिति पर उनकी बेहतर अपेक्षाओं में परिलक्षित होता है (सारणी-ए)।
कच्चे माल और वित्तपोषण से लागत पर दबाव बने रहने की संभावना है।
बिक्री मूल्य कम दर पर बढ़ने की उम्मीद है और लाभ मार्जिन स्थिर रहने की संभावना है।
व्यापक-आधारित आशावाद को दर्शाते हुए, 2023-24 की तीसरी तिमाही के लिए व्यापार अपेक्षा सूचकांक (बीईआई) पिछली तिमाही के 132.5 से सुधरकर 135.4 हो गया (चार्ट-1)।

ग. 2023-24 की चौथी और 2024-25 की पहली तिमाही के लिए अपेक्षाएं

निर्माता 2024-25 की पहली तिमाही तक उत्पादन, ऑर्डर बुक, क्षमता उपयोग और समग्र व्यावसायिक स्थिति को लेकर अत्यधिक आशावादी बने हुए हैं (सारणी बी)।
निर्माताओं पर लागत का दबाव बने रहने की संभावना है, लेकिन वे यह भी उम्मीद करते हैं कि मूल्य निर्धारण शक्ति बिक्री कीमतों में वृद्धि को प्रभावित करेगी।

Table A: Summary of Net responses³ on Survey Parameters
(per cent)
Parameters	Assessment period		Expectation period
Parameters	Q1:2023-24	Q2:2023-24	Q2:2023-24	Q3:2023-24
Production	25.3	34.0	58.0	65.1
Order Books	21.9	30.7	58.1	62.3
Pending Orders	4.9	3.1	-1.7	-1.1
Capacity Utilisation	15.5	29.5	46.6	57.5
Inventory of Raw Materials	-6.3	-6.1	-29.0	-27.3
Inventory of Finished Goods	-7.2	-7.2	-28.8	-28.2
Exports	17.6	17.7	53.5	53.1
Imports	20.4	17.2	52.6	51.0
Employment	16.1	18.0	40.5	38.8
Financial Situation (Overall)	24.0	30.9	56.3	63.5
Availability of Finance (from internal accruals)	25.8	30.8	52.3	59.1
Availability of Finance (from banks & other sources)	20.4	29.1	49.0	55.8
Availability of Finance (from overseas, if applicable)	18.0	18.6	50.4	53.5
Cost of Finance	-32.4	-26.4	-54.2	-54.9
Cost of Raw Material	-41.1	-43.8	-58.3	-65.0
Salary/ Other Remuneration	-38.1	-28.8	-49.3	-45.6
Selling Price	12.8	11.7	41.4	40.1
Profit Margin	-1.2	4.5	35.7	35.8
Overall Business Situation	24.9	34.3	60.7	67.9

Table B: Business Expectations on Select Parameters for extended period – Net response
(per cent)
Parameters	Round 102	Round 103
Parameters	Q2:2023-24	Q3:2023-24	Q4:2023-24	Q1:2024:25
Overall Business Situation	60.7	67.9	67.5	69.9
Production	58.0	65.1	68.2	68.3
Order Books	58.1	62.3	66.0	67.3
Capacity Utilisation	46.6	57.5	65.3	65.0
Employment	40.5	38.8	47.2	45.5
Cost of Raw Materials	-58.3	-65.0	-63.0	-63.2
Selling Prices	41.4	40.1	48.6	46.6

Note: Please see the excel file for time series data.

Table 1: Assessment and Expectations for Production
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2022-23	1,234	34.3	16.3	49.4	18.1	72.4	5.0	22.6	67.4
Q3:2022-23	1,356	40.5	15.4	44.1	25.1	60.8	4.6	34.5	56.2
Q4:2022-23	1,066	46.3	13.3	40.4	33.0	61.2	3.8	34.9	57.4
Q1:2023-24	1,247	39.6	14.3	46.0	25.3	60.6	5.8	33.6	54.8
Q2:2023-24	1,223	45.2	11.2	43.6	34.0	63.0	5.0	31.9	58.0
Q3:2023-24						70.9	5.7	23.4	65.1
‘Increase’ in production is optimistic. Note: The sum of components may not add up to total due to rounding off (This is applicable for all tables).

Table 2: Assessment and Expectations for Order Books
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2022-23	1,234	30.7	12.1	57.2	18.6	72.7	4.6	22.6	68.1
Q3:2022-23	1,356	33.1	12.1	54.8	21.0	67.1	4.7	28.3	62.4
Q4:2022-23	1,066	37.2	11.8	51.0	25.4	63.3	3.9	32.8	59.4
Q1:2023-24	1,247	33.0	11.1	55.9	21.9	54.6	6.8	38.6	47.8
Q2:2023-24	1,223	41.1	10.4	48.5	30.7	63.0	4.8	32.2	58.1
Q3:2023-24						68.5	6.1	25.4	62.3
‘Increase’ in order books is optimistic.

Table 3: Assessment and Expectations for Pending Orders
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	Above Normal	Below Normal	Normal	Net response	Above Normal	Below Normal	Normal	Net response
Q2:2022-23	1,234	10.3	17.6	72.0	7.3	7.7	10.3	82.1	2.6
Q3:2022-23	1,356	8.4	14.6	76.9	6.2	10.8	10.1	79.2	-0.7
Q4:2022-23	1,066	4.2	13.1	82.7	8.9	8.9	10.1	81.0	1.2
Q1:2023-24	1,247	9.2	14.1	76.6	4.9	4.5	8.0	87.5	3.4
Q2:2023-24	1,223	8.6	11.6	79.8	3.1	10.9	9.2	79.9	-1.7
Q3:2023-24						9.7	8.5	81.8	-1.1
Pending orders ‘Below Normal’ is optimistic.

Table 4: Assessment and Expectations for Capacity Utilisation (Main Product)
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2022-23	1,234	23.4	14.8	61.8	8.6	65.6	5.0	29.4	60.6
Q3:2022-23	1,356	29.8	15.0	55.2	14.9	51.5	4.9	43.6	46.6
Q4:2022-23	1,066	34.3	11.5	54.1	22.8	51.3	4.1	44.6	47.2
Q1:2023-24	1,247	28.5	13.0	58.5	15.5	46.7	5.5	47.8	41.2
Q2:2023-24	1,223	38.2	8.7	53.0	29.5	51.8	5.2	42.9	46.6
Q3:2023-24						62.1	4.6	33.3	57.5
‘Increase’ in capacity utilisation is optimistic.

Table 5: Assessment and Expectations for Level of CU (compared to the average in last 4 quarters)
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	Above Normal	Below Normal	Normal	Net response	Above Normal	Below Normal	Normal	Net response
Q2:2022-23	1,234	20.5	12.8	66.7	7.8	50.2	6.3	43.5	43.9
Q3:2022-23	1,356	28.7	13.2	58.1	15.5	37.0	6.1	56.9	30.9
Q4:2022-23	1,066	19.8	10.5	69.7	9.3	34.7	8.1	57.2	26.7
Q1:2023-24	1,247	31.4	10.4	58.2	21.0	23.7	6.2	70.2	17.5
Q2:2023-24	1,223	30.5	9.0	60.6	21.5	39.0	6.0	55.1	33.0
Q3:2023-24						36.1	6.1	57.8	30.1
‘Above Normal’ in Level of capacity utilisation is optimistic.

Table 6: Assessment and Expectations for Production Capacity (with regard to expected demand in next 6 months)
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	More than adequate	Less than adequate	Adequate	Net response	More than adequate	Less than adequate	Adequate	Net response
Q2:2022-23	1,234	21.1	6.8	72.1	14.3	51.5	5.4	43.0	46.1
Q3:2022-23	1,356	28.9	4.4	66.7	24.6	42.9	4.5	52.7	38.4
Q4:2022-23	1,066	17.3	5.7	77.0	11.6	42.7	3.3	53.9	39.4
Q1:2023-24	1,247	25.8	5.7	68.4	20.1	25.3	3.8	70.9	21.5
Q2:2023-24	1,223	23.3	4.0	72.7	19.3	43.4	3.9	52.7	39.5
Q3:2023-24						42.7	3.2	54.1	39.5
‘More than adequate’ in Assessment of Production Capacity is optimistic.

Table 7: Assessment and Expectations for Exports
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2022-23	1,234	25.2	14.0	60.8	11.1	65.2	4.4	30.4	60.8
Q3:2022-23	1,356	25.6	17.1	57.3	8.5	61.2	5.2	33.6	56.0
Q4:2022-23	1,066	25.4	13.3	61.3	12.2	55.5	3.9	40.6	51.5
Q1:2023-24	1,247	30.1	12.5	57.4	17.6	43.0	6.8	50.2	36.2
Q2:2023-24	1,223	27.7	10.0	62.3	17.7	57.9	4.4	37.7	53.5
Q3:2023-24						58.1	5.0	36.9	53.1
‘Increase’ in exports is optimistic.

Table 8: Assessment and Expectations for Imports
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2022-23	1,234	23.5	10.1	66.4	13.4	64.5	3.2	32.3	61.3
Q3:2022-23	1,356	23.8	12.2	64.0	11.6	60.8	3.2	36.0	57.6
Q4:2022-23	1,066	22.6	7.3	70.1	15.3	54.3	2.8	42.9	51.5
Q1:2023-24	1,247	28.9	8.6	62.5	20.4	37.4	4.2	58.4	33.2
Q2:2023-24	1,223	25.5	8.2	66.3	17.2	55.8	3.2	41.0	52.6
Q3:2023-24						54.8	3.9	41.3	51.0
‘Increase’ in imports is optimistic.

Table 9: Assessment and Expectations for level of Raw Materials Inventory
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	Above average	Below average	Average	Net response	Above average	Below average	Average	Net response
Q2:2022-23	1,234	15.0	10.5	74.5	-4.6	46.1	4.6	49.3	-41.5
Q3:2022-23	1,356	18.1	7.3	74.6	-10.8	32.8	7.1	60.1	-25.7
Q4:2022-23	1,066	13.1	4.7	82.2	-8.3	32.4	5.6	62.0	-26.8
Q1:2023-24	1,247	13.4	7.1	79.5	-6.3	20.5	2.5	76.9	-18.0
Q2:2023-24	1,223	11.5	5.3	83.2	-6.1	33.0	4.0	63.1	-29.0
Q3:2023-24						30.9	3.6	65.6	-27.3
‘Below average’ Inventory of raw materials is optimistic.

Table 10: Assessment and Expectations for level of Finished Goods Inventory
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	Above average	Below average	Average	Net response	Above average	Below average	Average	Net response
Q2:2022-23	1,234	14.2	10.2	75.6	-4.0	45.6	4.3	50.1	-41.3
Q3:2022-23	1,356	17.1	7.7	75.2	-9.5	33.4	6.9	59.7	-26.5
Q4:2022-23	1,066	13.3	5.1	81.5	-8.2	31.9	5.8	62.3	-26.1
Q1:2023-24	1,247	14.0	6.8	79.2	-7.2	19.9	2.8	77.3	-17.2
Q2:2023-24	1,223	11.7	4.5	83.7	-7.2	33.2	4.4	62.4	-28.8
Q3:2023-24						31.4	3.3	65.3	-28.2
‘Below average’ Inventory of finished goods is optimistic.

Table 11: Assessment and Expectations for Employment
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2022-23	1,234	21.5	9.0	69.5	12.5	57.1	2.1	40.8	54.9
Q3:2022-23	1,356	23.0	9.4	67.7	13.6	45.0	1.2	53.9	43.8
Q4:2022-23	1,066	19.3	7.0	73.7	12.4	39.0	2.5	58.5	36.4
Q1:2023-24	1,247	25.9	9.9	64.2	16.1	29.8	3.1	67.1	26.7
Q2:2023-24	1,223	25.1	7.1	67.7	18.0	43.5	3.0	53.5	40.5
Q3:2023-24						42.5	3.7	53.8	38.8
‘Increase’ in employment is optimistic.

Table 12: Assessment and Expectations for Overall Financial Situation
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	Better	Worsen	No change	Net response	Better	Worsen	No change	Net response
Q2:2022-23	1,234	28.7	14.8	56.4	13.9	70.4	3.4	26.2	67.1
Q3:2022-23	1,356	35.6	15.5	49.0	20.1	61.4	3.8	34.8	57.7
Q4:2022-23	1,066	40.2	9.6	50.2	30.6	63.9	3.3	32.8	60.6
Q1:2023-24	1,247	36.6	12.6	50.7	24.0	56.3	3.4	40.3	52.9
Q2:2023-24	1,223	41.6	10.7	47.7	30.9	60.2	3.9	35.9	56.3
Q3:2023-24						68.7	5.1	26.2	63.5
‘Better’ overall financial situation is optimistic.

Table 13: Assessment and Expectations for Working Capital Finance Requirement
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2022-23	1,234	29.6	6.8	63.5	22.8	65.0	2.6	32.5	62.4
Q3:2022-23	1,356	35.2	7.3	57.5	27.9	51.2	1.6	47.3	49.6
Q4:2022-23	1,066	36.4	4.3	59.3	32.1	52.3	1.1	46.5	51.2
Q1:2023-24	1,247	34.8	5.8	59.4	29.1	48.0	1.9	50.0	46.1
Q2:2023-24	1,223	38.4	5.1	56.6	33.3	53.3	2.2	44.4	51.1
Q3:2023-24						60.2	2.6	37.3	57.6
‘Increase’ in working capital finance is optimistic.

Table 14: Assessment and Expectations for Availability of Finance (from Internal Accruals)
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	Improve	Worsen	No change	Net response	Improve	Worsen	No change	Net response
Q2:2022-23	1,234	24.0	8.0	68.0	15.9	64.2	2.4	33.4	61.9
Q3:2022-23	1,356	31.1	9.1	59.8	21.9	51.3	2.0	46.7	49.3
Q4:2022-23	1,066	33.3	4.5	62.2	28.8	55.2	1.7	43.1	53.5
Q1:2023-24	1,247	33.2	7.4	59.4	25.8	48.7	2.0	49.3	46.6
Q2:2023-24	1,223	37.1	6.3	56.6	30.8	54.4	2.1	43.5	52.3
Q3:2023-24						61.6	2.5	35.9	59.1
‘Improvement’ in availability of finance is optimistic.

Table 15: Assessment and Expectations for Availability of Finance (from banks and other sources)
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	Improve	Worsen	No change	Net response	Improve	Worsen	No change	Net response
Q2:2022-23	1,234	21.9	6.5	71.6	15.4	62.2	1.8	36.1	60.4
Q3:2022-23	1,356	26.0	9.1	64.9	17.0	56.7	1.7	41.6	55.1
Q4:2022-23	1,066	27.8	4.5	67.7	23.3	50.5	1.3	48.2	49.2
Q1:2023-24	1,247	26.5	6.1	67.4	20.4	42.2	2.1	55.7	40.1
Q2:2023-24	1,223	34.9	5.7	59.4	29.1	50.5	1.5	47.9	49.0
Q3:2023-24						58.2	2.5	39.3	55.8
‘Improvement’ in availability of finance is optimistic.

Table 16: Assessment and Expectations for Availability of Finance (from overseas, if applicable)
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	Improve	Worsen	No change	Net response	Improve	Worsen	No change	Net response
Q2:2022-23	1,234	17.4	6.8	75.8	10.6	65.8	1.2	33.0	64.6
Q3:2022-23	1,356	20.4	9.7	69.9	10.7	59.6	0.8	39.6	58.9
Q4:2022-23	1,066	11.1	3.6	85.3	7.6	51.3	1.3	47.4	50.1
Q1:2023-24	1,247	23.8	5.8	70.4	18.0	34.3	1.8	64.0	32.5
Q2:2023-24	1,223	24.3	5.7	69.9	18.6	52.4	2.0	45.7	50.4
Q3:2023-24						56.4	2.9	40.7	53.5
‘Improvement’ in availability of finance is optimistic.

Table 17: Assessment and Expectations for Cost of Finance
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2022-23	1,234	36.1	6.1	57.8	-30.1	65.6	1.6	32.8	-64.0
Q3:2022-23	1,356	37.0	5.9	57.1	-31.1	53.5	1.6	44.9	-51.9
Q4:2022-23	1,066	36.2	3.8	60.0	-32.4	51.6	1.1	47.3	-50.5
Q1:2023-24	1,247	36.9	4.5	58.6	-32.4	47.5	1.7	50.8	-45.8
Q2:2023-24	1,223	33.0	6.6	60.4	-26.4	56.4	2.2	41.5	-54.2
Q3:2023-24						58.5	3.6	37.9	-54.9
‘Decrease’ in cost of finance is optimistic.

Table 18: Assessment and Expectations for Cost of Raw Materials
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2022-23	1,234	77.0	4.6	18.4	-72.5	80.6	1.6	17.9	-79.0
Q3:2022-23	1,356	73.0	8.1	18.9	-64.9	66.8	2.6	30.7	-64.2
Q4:2022-23	1,066	64.5	5.4	30.2	-59.1	63.4	2.4	34.2	-60.9
Q1:2023-24	1,247	49.1	8.0	42.8	-41.1	62.6	1.7	35.8	-60.9
Q2:2023-24	1,223	49.3	5.5	45.3	-43.8	60.6	2.4	37.0	-58.3
Q3:2023-24						67.8	2.8	29.3	-65.0
‘Decrease’ in cost of raw materials is optimistic.

Table 19: Assessment and Expectations for Salary/Other Remuneration
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2022-23	1,234	30.8	4.4	64.7	-26.4	61.3	0.4	38.3	-60.8
Q3:2022-23	1,356	30.1	3.1	66.8	-27.0	46.3	0.3	53.4	-46.0
Q4:2022-23	1,066	23.1	1.9	75.0	-21.2	39.3	0.6	60.0	-38.7
Q1:2023-24	1,247	41.1	3.0	56.0	-38.1	45.2	0.9	53.9	-44.3
Q2:2023-24	1,223	32.3	3.5	64.2	-28.8	49.8	0.5	49.7	-49.3
Q3:2023-24						47.3	1.7	51.0	-45.6
‘Decrease’ in Salary / other remuneration is optimistic.

Table 20: Assessment and Expectations for Selling Price
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2022-23	1,234	25.1	10.7	64.2	14.4	63.4	3.2	33.4	60.3
Q3:2022-23	1,356	23.3	12.9	63.8	10.4	48.8	3.7	47.5	45.1
Q4:2022-23	1,066	21.6	11.8	66.6	9.7	43.2	3.6	53.1	39.6
Q1:2023-24	1,247	26.1	13.3	60.6	12.8	34.0	5.6	60.4	28.4
Q2:2023-24	1,223	22.3	10.6	67.1	11.7	46.9	5.4	47.7	41.4
Q3:2023-24						45.2	5.2	49.6	40.1
‘Increase’ in selling price is optimistic.

Table 21: Assessment and Expectations for Profit Margin
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
Q2:2022-23	1,234	16.2	25.5	58.2	-9.3	57.6	10.1	32.3	47.4
Q3:2022-23	1,356	17.6	26.1	56.3	-8.4	44.2	9.0	46.8	35.2
Q4:2022-23	1,066	16.2	21.6	62.1	-5.4	41.0	8.1	50.9	32.9
Q1:2023-24	1,247	20.6	21.8	57.5	-1.2	30.5	11.4	58.1	19.1
Q2:2023-24	1,223	21.9	17.4	60.7	4.5	43.8	8.1	48.1	35.7
Q3:2023-24						45.5	9.7	44.8	35.8
‘Increase’ in profit margin is optimistic.

Table 22: Assessment and Expectations for Overall Business Situation
(Percentage responses)
Quarter	Total response	Assessment				Expectations
Quarter	Total response	Better	Worsen	No change	Net response	Better	Worsen	No change	Net response
Q2:2022-23	1,234	31.6	15.7	52.7	15.8	73.9	3.2	22.9	70.7
Q3:2022-23	1,356	37.7	17.4	44.9	20.3	63.8	4.4	31.7	59.4
Q4:2022-23	1,066	45.9	11.4	42.7	34.4	66.9	3.7	29.4	63.1
Q1:2023-24	1,247	39.9	15.0	45.1	24.9	62.4	4.0	33.6	58.3
Q2:2023-24	1,223	46.0	11.8	42.2	34.3	65.0	4.3	30.7	60.7
Q3:2023-24						73.1	5.2	21.7	67.9
‘Better’ Overall Business Situation is optimistic.

Table 23: Business Sentiments


Quarter	Business Assessment Index (BAI)	Business Expectations Index (BEI)
Q2:2022-23	106.7	137.5
Q3:2022-23	108.6	134.4
Q4:2022-23	112.2	132.9
Q1:2023-24	112.2	126.4
Q2:2023-24	115.0	132.5
Q3:2023-24		135.4

¹ सर्वेक्षण के परिणाम उत्तरदाताओं के विचारों को दर्शाते हैं, जिन्हें आवश्यक रूप से रिज़र्व बैंक द्वारा साझा नहीं किया जाता है। पिछले सर्वेक्षण दौर के परिणाम 10 अगस्त, 2023 को बैंक की वेबसाइट पर जारी किए गए।

² प्रत्येक सर्वेक्षण दौर के लिए, दो सारांश सूचकांकों की गणना की जाती है - एक मूल्यांकन पर आधारित [अर्थात, व्यवसाय मूल्यांकन सूचकांक (BAI)] और दूसरा अपेक्षाओं पर आधारित] अर्थात, व्यावसायिक अपेक्षाएँ सूचकांक (BEI)]। प्रत्येक सूचकांक एक समग्र संकेतक है जिसकी गणना नौ व्यावसायिक मापदंडों के एक साधारण औसत के रूप में की जाती है, जहां प्रत्येक पैरामीटर को भारित शुद्ध प्रतिक्रिया के रूप में प्राप्त किया जाता है, भार सकल मूल्य वर्धित (जीवीए) में उद्योग समूहों का हिस्सा होता है। विचार किए गए नौ पैरामीटर हैं: 1) समग्र व्यावसायिक स्थिति; (2) उत्पादन; (3) ऑर्डर बुक; (4) कच्चे माल की सूची; (5) तैयार माल की सूची; (6) लाभ मार्जिन; (7) रोजगार; (8) निर्यात; और (9) क्षमता उपयोग)। बीएआई/बीईआई प्रत्येक तिमाही में कारोबारी दृष्टिकोण का एक स्नैपशॉट देता है और 0 और 200 के बीच मान लेता है, जिसमें 100 संकुचन से विस्तार को अलग करने वाली सीमा है।

³ Net 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.