वर्ष 2023-24 की चौथी तिमाही (Q4) के लिए विनिर्माण क्षेत्र का औद्योगिक परिदृश्य सर्वेक्षण

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05 अप्रैल 2024 को प्रकाशित

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वर्ष 2023-24 की चौथी तिमाही (Q4) के लिए विनिर्माण क्षेत्र का औद्योगिक परिदृश्य सर्वेक्षण

भारतीय रिज़र्व बैंक ने आज त्रैमासिक औद्योगिक परिदृश्य सर्वेक्षण (आइओएस) के 105वें दौर के परिणाम जारी किये। इस सर्वेक्षण में वर्ष 2023-24 की चौथी तिमाही के लिए भारतीय विनिर्माण कंपनियों द्वारा कारोबार के परिवेश का गुणात्मक मूल्यांकन और वर्ष 2024-25¹ की पहली 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। जनवरी से मार्च 2024 की अवधि के दौरान किए गए सर्वेक्षण के इस दौर में कुल 1,354 कंपनियों ने प्रत्युत्तर दिए ।

विशेष:

क. चौथी तिमाह (Q4) 2023-24 का मूल्यांकन

निर्माताओं ने Q4:2023-24 के लिए उत्पादन, ऑर्डर बुक, क्षमता उपयोग और समग्र व्यावसायिक स्थिति के आकलन में बेहतर मांग की स्थिति की सूचना दी (सारणी - ए)।
उत्तरदाताओं ने पिछली तिमाही की तुलना में रोजगार की स्थिति में सुधार का आकलन किया।
Q4:2023-24 के दौरान इनपुट लागत का दबाव बढ़ गया; हालाँकि, पारिश्रमिक में वृद्धि की गति धीमी रही।
पिछले सर्वेक्षण दौर की तुलना में कुछ सुधार के साथ, समग्र वित्तीय स्थिति और वित्त की उपलब्धता पर भावनाएं सकारात्मक रहीं।
निर्माताओं ने बिक्री मूल्यों में कम वृद्धि का सर्वेक्षण किया और लाभ मार्जिन में कुछ गिरावट का आकलन किया।
विनिर्माण क्षेत्र के लिए व्यवसाय मूल्यांकन सूचकांक (बीएआई)² 2023-24 की चौथी तिमाही में मामूली रूप से बढ़कर 114.2 हो गया, जो पिछली तिमाही में 113.9 था (चार्ट 1)।

ख. पहली तिमाही (Q1) 2024-25 के लिए अपेक्षाएँ

निर्माता 2024-25 की पहली तिमाही में मांग की स्थिति को लेकर आशावादी रहे, आधे से अधिक उत्तरदाताओं ने उत्पादन, ऑर्डर बुक और समग्र व्यावसायिक स्थिति में वृद्धि की सूचना दी; हालाँकि, पिछली तिमाही की तुलना में आशावाद कम था, जो कि आंशिक रूप से मौसमी कारक है (सारणी – ए, 1,2 और 22)।
अप्रैल-जून 2024 के दौरान कच्चे माल और वेतन व्यय से लागत दबाव बने रहने की संभावना है।
उत्तरदाताओं को मांग की स्थिति के प्रति उनकी अपेक्षाओं के अनुरूप बिक्री मूल्य और लाभ मार्जिन की वृद्धि में कुछ नरमी की उम्मीद है।
व्यापार अपेक्षा सूचकांक (बीईआई) 2024-25 की पहली तिमाही में 127.2 पर मजबूती से विकास पथ पर बना रहा, हालांकि यह पिछले सर्वेक्षण दौर में 130.3 के स्तर से कम हो गया (चार्ट 1)।

ग. 2024-25 की दूसरी और तीसरी तिमाही के लिए प्रत्याशाएं

उत्पादन, क्षमता उपयोग, ऑर्डर बुक, रोजगार की स्थिति और समग्र व्यावसायिक स्थिति पर निर्माता आशावादी रहे (सारणी बी) ।
इनपुट लागत का दबाव 2024 के अंत तक जारी रहने की उम्मीद है; 2024-25 की दूसरी और तीसरी तिमाही के दौरान बिक्री मूल्य बरकरार रहने का अनुमान है।

Table A: Summary of Net responses³ on Survey Parameters
(per cent)
Parameters	Assessment period		Expectation period
Parameters	Q3:2023-24	Q4:2023-24	Q4:2023-24	Q1:2024:25
Production	29.0	34.4	58.1	54.0
Order Books	26.3	31.8	55.8	51.1
Pending Orders	3.3	6.2	1.1	1.8
Capacity Utilisation	19.6	24.9	46.7	43.6
Inventory of Raw Materials	-8.9	-7.3	-25.7	-16.3
Inventory of Finished Goods	-9.5	-6.4	-25.3	-16.2
Exports	11.6	15.7	43.6	36.1
Imports	14.5	13.8	41.0	31.1
Employment	18.2	16.8	39.5	29.1
Financial Situation (Overall)	25.6	34.8	54.2	54.0
Availability of Finance (from internal accruals)	23.7	29.9	47.4	44.8
Availability of Finance (from banks & other sources)	23.2	26.1	44.5	40.5
Availability of Finance (from overseas, if applicable)	14.2	15.9	43.9	33.2
Cost of Raw Material	-33.4	-43.8	-54.2	-52.8
Cost of Finance	-22.5	-24.8	-45.9	-36.3
Salary/ Other Remuneration	-26.2	-24.3	-42.0	-51.9
Selling Price	10.2	8.1	34.8	24.7
Profit Margin	1.4	-3.4	30.8	20.0
Overall Business Situation	28.6	35.9	58.3	56.5

Table B: Business Expectations on Select Parameters for extended period – Net response
(per cent)
Parameters	Round 104	Round 105
Parameters	Q4:2023-24	Q1:2024:25	Q2:2024:25	Q3:2024:25
Overall Business Situation	58.3	56.5	57.7	60.8
Production	58.1	54.0	53.6	58.7
Order Books	55.8	51.1	53.8	57.9
Capacity Utilisation	46.7	43.6	51.0	53.6
Employment	39.5	29.1	32.4	33.3
Cost of Raw Materials	-54.2	-52.8	-52.0	-53.2
Selling Prices	34.8	24.7	31.3	31.5

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
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	1,040	41.2	12.2	46.7	29.0	70.9	5.7	23.4	65.1
Q4:2023-24	1,354	46.6	12.3	41.1	34.4	62.3	4.2	33.6	58.1
Q1:2024-25						60.0	6.0	34.0	54.0
‘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	Total response	Assessment				Expectations
Quarter	Total response	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
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	1,040	38.3	12.0	49.7	26.3	68.5	6.1	25.4	62.3
Q4:2023-24	1,354	43.4	11.6	44.9	31.8	61.8	6.0	32.1	55.8
Q1:2024-25						57.1	6.0	36.9	51.1
‘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	Total response	Assessment				Expectations
Quarter	Total response	Above Normal	Below Normal	Normal	Net response	Above Normal	Below Normal	Normal	Net response
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	1,040	8.6	11.9	79.4	3.3	9.7	8.5	81.8	-1.1
Q4:2023-24	1,354	5.5	11.7	82.8	6.2	8.2	9.3	82.5	1.1
Q1:2024-25						6.4	8.1	85.5	1.8
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	Total response	Assessment				Expectations
Quarter	Total response	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
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	1,040	30.1	10.6	59.3	19.6	62.1	4.6	33.3	57.5
Q4:2023-24	1,354	34.9	9.9	55.2	24.9	51.2	4.6	44.2	46.7
Q1:2024-25						48.4	4.8	46.8	43.6
‘Increase’ in capacity utilisation is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

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
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	1,040	26.2	9.4	64.4	16.7	36.1	6.1	57.8	30.1
Q4:2023-24	1,354	20.0	10.4	69.6	9.6	33.3	5.7	61.1	27.6
Q1:2024-25						22.5	7.1	70.4	15.4
‘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	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
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	1,040	25.1	4.7	70.2	20.4	42.7	3.2	54.1	39.5
Q4:2023-24	1,354	17.7	5.6	76.7	12.1	38.5	3.6	57.9	34.9
Q1:2024-25						27.2	4.7	68.1	22.5
‘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	Total response	Assessment				Expectations
Quarter	Total response	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
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	1,040	25.1	13.5	61.3	11.6	58.1	5.0	36.9	53.1
Q4:2023-24	1,354	26.4	10.7	62.9	15.7	50.3	6.7	43.0	43.6
Q1:2024-25						41.6	5.5	52.9	36.1
‘Increase’ in exports is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

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
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	1,040	23.2	8.7	68.0	14.5	54.8	3.9	41.3	51.0
Q4:2023-24	1,354	21.6	7.8	70.6	13.8	45.2	4.2	50.6	41.0
Q1:2024-25						35.2	4.1	60.7	31.1
‘Increase’ in imports is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

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
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	1,040	12.9	4.1	83.0	-8.9	30.9	3.6	65.6	-27.3
Q4:2023-24	1,354	13.3	6.0	80.7	-7.3	27.4	1.7	70.9	-25.7
Q1:2024-25						20.2	3.9	75.9	-16.3
‘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	Total response	Assessment				Expectations
Quarter	Total response	Above average	Below average	Average	Net response	Above average	Below average	Average	Net response
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	1,040	14.0	4.5	81.5	-9.5	31.4	3.3	65.3	-28.2
Q4:2023-24	1,354	12.4	6.0	81.7	-6.4	27.3	2.0	70.7	-25.3
Q1:2024-25						20.1	3.9	75.9	-16.2
‘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	Total response	Assessment				Expectations
Quarter	Total response	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
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	1,040	25.1	6.9	67.9	18.2	42.5	3.7	53.8	38.8
Q4:2023-24	1,354	21.7	4.9	73.4	16.8	41.7	2.2	56.1	39.5
Q1:2024-25						31.3	2.2	66.5	29.1
‘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	Total response	Assessment				Expectations
Quarter	Total response	Better	Worsen	No change	Net response	Better	Worsen	No change	Net response
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	1,040	36.8	11.2	52.0	25.6	68.7	5.1	26.2	63.5
Q4:2023-24	1,354	45.0	10.1	44.9	34.8	58.2	4.0	37.8	54.2
Q1:2024-25						59.2	5.2	35.6	54.0
‘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	Total response	Assessment				Expectations
Quarter	Total response	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
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	1,040	32.8	6.9	60.3	26.0	60.2	2.6	37.3	57.6
Q4:2023-24	1,354	37.5	4.7	57.8	32.8	49.6	2.9	47.6	46.7
Q1:2024-25						46.6	3.0	50.4	43.6
‘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	Total response	Assessment				Expectations
Quarter	Total response	Improve	Worsen	No change	Net response	Improve	Worsen	No change	Net response
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	1,040	30.6	6.9	62.5	23.7	61.6	2.5	35.9	59.1
Q4:2023-24	1,354	35.9	6.0	58.0	29.9	49.3	2.0	48.7	47.4
Q1:2024-25						47.7	2.9	49.4	44.8
‘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	Total response	Assessment				Expectations
Quarter	Total response	Improve	Worsen	No change	Net response	Improve	Worsen	No change	Net response
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	1,040	28.8	5.6	65.5	23.2	58.2	2.5	39.3	55.8
Q4:2023-24	1,354	31.2	5.1	63.6	26.1	46.5	2.1	51.4	44.5
Q1:2024-25						43.2	2.8	54.0	40.5
‘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	Total response	Assessment				Expectations
Quarter	Total response	Improve	Worsen	No change	Net response	Improve	Worsen	No change	Net response
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	1,040	20.2	6.0	73.9	14.2	56.4	2.9	40.7	53.5
Q4:2023-24	1,354	21.2	5.2	73.6	15.9	45.3	1.4	53.4	43.9
Q1:2024-25						35.9	2.7	61.5	33.2
‘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	Total response	Assessment				Expectations
Quarter	Total response	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
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	1,040	29.2	6.8	64.0	-22.5	58.5	3.6	37.9	-54.9
Q4:2023-24	1,354	31.3	6.5	62.3	-24.8	48.8	2.9	48.3	-45.9
Q1:2024-25						40.3	4.1	55.6	-36.3
‘Decrease’ in cost of finance is optimistic. Footnote ‘@’ given in Table 1 is applicable here. The column heads, namely ‘Increase’ and ‘Decrease’ in data releases for rounds 82-87 were interchanged and should be read as above.

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
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	1,040	41.8	8.4	49.7	-33.4	67.8	2.8	29.3	-65.0
Q4:2023-24	1,354	50.2	6.3	43.5	-43.8	57.0	2.9	40.1	-54.2
Q1:2024-25						55.9	3.1	40.9	-52.8
‘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	Total response	Assessment				Expectations
Quarter	Total response	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
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	1,040	30.3	4.1	65.7	-26.2	47.3	1.7	51.0	-45.6
Q4:2023-24	1,354	26.1	1.8	72.1	-24.3	42.9	0.9	56.2	-42.0
Q1:2024-25						52.9	0.9	46.2	-51.9
‘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	Total response	Assessment				Expectations
Quarter	Total response	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
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	1,040	22.0	11.9	66.1	10.2	45.2	5.2	49.6	40.1
Q4:2023-24	1,354	18.9	10.8	70.3	8.1	40.4	5.6	54.0	34.8
Q1:2024-25						30.5	5.7	63.8	24.7
‘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	Total response	Assessment				Expectations
Quarter	Total response	Increase	Decrease	No change	Net response	Increase	Decrease	No change	Net response
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	1,040	20.5	19.1	60.4	1.4	45.5	9.7	44.8	35.8
Q4:2023-24	1,354	17.2	20.6	62.1	-3.4	40.3	9.5	50.2	30.8
Q1:2024-25						30.4	10.4	59.2	20.0
‘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	Total response	Assessment				Expectations
Quarter	Total response	Better	Worsen	No change	Net response	Better	Worsen	No change	Net response
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	1,040	40.6	12.0	47.4	28.6	73.1	5.2	21.7	67.9
Q4:2023-24	1,354	47.2	11.3	41.4	35.9	62.5	4.2	33.3	58.3
Q1:2024-25						62.0	5.5	32.5	56.5
‘Better’ Overall Business Situation is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 23: Business Sentiments
Quarter	Business Assessment Index (BAI)	Business Expectations Index (BEI)
Q4:2022-23	112.2	132.9
Q1:2023-24	112.2	126.4
Q2:2023-24	115.0	132.5
Q3:2023-24	113.9	135.4
Q4:2023-24	114.2	130.3
Q1:2024-25		127.2

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 8 फ़रवरी, 2024 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 एवं 0 और 200 के बीच मानक 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.