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09 अप्रैल 2025 को प्रकाशित
सुनें

वर्ष 2024-25 की चौथी तिमाही (Q4) के लिए विनिर्माण क्षेत्र का औद्योगिक परिदृश्य सर्वेक्षण

भारतीय रिज़र्व बैंक ने आज त्रैमासिक औद्योगिक परिदृश्य सर्वेक्षण (आइओएस) के 109वें दौर के परिणाम जारी किये। इस सर्वेक्षण में वर्ष 2024-25 की चौथी तिमाही के लिए भारतीय विनिर्माण कंपनियों द्वारा कारोबार के परिवेश का गुणात्मक मूल्यांकन और वर्ष 2025-261 की पहली तिमाही के लिए उक्त कंपनियों की अपेक्षाओं के साथ-साथ आगामी दो तिमाहियों के लिए चयनित मापदंडों पर उनके परिदृश्य को समाहित किया गया है। जनवरी से मार्च 2025 की अवधि के दौरान किए गए सर्वेक्षण2 के इस दौर में कुल 1,310 कंपनियों ने प्रत्युत्तर दिए।

विशेष:

क. चौथी तिमाही (Q4) 2024-25 का मूल्यांकन

  • निर्माताओं ने मांग में सुधार की सूचना दी जो की उत्पादन, आदेश पुस्तकों, क्षमता उपयोग और निर्यात पर उनके आकलन में परिलक्षित होता है (सारणी - ए)।

  • इनपुट लागत और स्टाफ लागत का दबाव Q4:2024-25 के दौरान बढ़ गया।

  • अधिकांश फर्मों ने बिक्री कीमतों और लाभ मार्जिन में कोई बदलाव न होने की सूचना दी।

  • निर्माण क्षेत्र के लिए व्यवसाय मूल्यांकन सूचकांक (बीएआई) Q4:2024-25 में सुधरा (चार्ट 1)।

ख. पहली तिमाही (Q1) 2025-26 के लिए अपेक्षाएँ

  • निर्माता कंपनियां Q1:2025-26 में मांग स्थितियों को लेकर आशावादी रहीं, हालाँकि, यह आशावाद पिछली तिमाही की तुलना में कम था, जो कि आंशिक रूप से मौसमी कारणों से प्रभावित है।

  • इनपुट लागत और वित्त लागत का दबाव Q1:2025-26 में कम होने की उम्मीद है, जबकि वेतन भुगतान से दबाव बढ़ने की संभावना है।

  • उत्तरदाताओं को बिक्री कीमतों और लाभ मार्जिन की वृद्धि में कमी की उम्मीद है, जो उनकी मांग स्थितियों पर उनकी अपेक्षाओं के अनुसरण में है।

  • व्यापार अपेक्षाओं का सूचकांक Q1:2025-26 में 117.5 के स्तर पर वृद्धि क्षेत्र में रहा, हालांकि यह Q4:2024-25 में 120.0 के स्तर से कम हो गया (चार्ट 1)।

Chart_1

ग. 2025-26 की दूसरी और तिसरी तिमाही के लिए अपेक्षाएँ

  • निर्माता वित्तीय वर्ष 2025-26 की दूसरी और तिसरी तिमाही के दौरान उत्पादन, ऑर्डर बुक, क्षमता उपयोग और समग्र व्यवसायिक स्थिति में क्रमिक सुधार की अपेक्षा कर रहे है (सारणी बी)।

  • इनपुट लागत दबाव 2025 के अंत तक बने रहने की उम्मीद है, जिसके साथ-साथ विक्रय मूल्य में वृद्धि होने की संभावना है।

Table A: Summary of Net responses3 on Survey Parameters
(per cent)
Parameters Assessment period Expectation period
Q3:2024:25 Q4:2024:25 Q4:2024:25 Q1:2025-26
Production 26.2 27.9 38.6 36.9
Order Books 21.9 24.4 36.8 35.6
Pending Orders 10.4 6.2 7.1 2.5
Capacity Utilisation 17.4 18.7 32.1 31.0
Inventory of Raw Materials -6.0 -6.4 -7.5 -8.7
Inventory of Finished Goods -6.8 -7.9 -8.9 -9.1
Exports 7.6 13.5 24.2 18.4
Imports 11.3 12.3 23.9 16.1
Employment 10.2 12.0 16.7 12.9
Financial Situation (Overall) 24.9 27.0 41.9 36.3
Availability of Finance (from internal accruals) 24.7 22.3 34.6 30.4
Availability of Finance (from banks & other sources) 18.9 15.1 27.1 21.7
Availability of Finance (from overseas, if applicable) 8.0 3.8 18.0 9.7
Cost of Raw Material -46.5 -47.2 -49.2 -40.1
Cost of Finance -12.6 -10.8 -19.9 -12.8
Salary/ Other Remuneration -17.5 -18.0 -23.0 -36.8
Selling Price 2.6 4.4 15.1 12.5
Profit Margin -12.8 -9.5 11.7 7.0
Overall Business Situation 25.9 28.4 45.4 38.8

 

Table B: Business Expectations on Select Parameters for extended period – Net response
(per cent)
Parameters Round 108 Round 109
Q4:2024:25 Q1:2025-26 Q2:2025-26 Q3:2025-26
Overall Business Situation 45.4 38.8 48.8 50.4
Production 38.6 36.9 47.0 50.8
Order Books 36.8 35.6 46.2 47.4
Capacity Utilisation 32.1 31.0 44.4 45.9
Employment 16.7 12.9 22.2 21.6
Cost of Raw Materials -49.2 -40.1 -49.3 -48.5
Selling Prices 15.1 12.5 24.8 23.6

 

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

Table 1: Assessment and Expectations for Production
(Percentage responses)@
Quarter Total response Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q4:2023-24 1,354 46.6 12.3 41.1 34.4 62.3 4.2 33.6 58.1
Q1:2024-25 1,351 41.4 13.6 45.0 27.9 60.0 6.0 34.0 54.0
Q2:2024-25 1,300 37.6 14.7 47.7 22.9 40.7 4.3 55.0 36.3
Q3:2024-25 1,447 42.4 16.2 41.5 26.2 40.5 4.3 55.2 36.3
Q4:2024-25 1,310 40.9 13.0 46.1 27.9 42.8 4.2 52.9 38.6
Q1:2025-26           41.4 4.6 54.0 36.9
‘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 Total response Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q4:2023-24 1,354 43.4 11.6 44.9 31.8 61.8 6.0 32.1 55.8
Q1:2024-25 1,351 39.9 14.3 45.9 25.6 57.1 6.0 36.9 51.1
Q2:2024-25 1,300 35.3 15.8 48.9 19.5 39.4 4.2 56.3 35.2
Q3:2024-25 1,447 40.0 18.1 41.8 21.9 38.1 4.8 57.0 33.3
Q4:2024-25 1,310 38.2 13.8 48.0 24.4 41.6 4.7 53.7 36.8
Q1:2025-26           40.7 5.1 54.2 35.6
‘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
Above Normal Below Normal Normal Net response Above Normal Below Normal Normal Net response
Q4:2023-24 1,354 5.5 11.7 82.8 6.2 8.2 9.3 82.5 1.1
Q1:2024-25 1,351 5.7 11.6 82.7 5.9 6.4 8.1 85.5 1.8
Q2:2024-25 1,300 3.1 11.1 85.8 8.0 4.2 6.0 89.8 1.8
Q3:2024-25 1,447 4.4 14.8 80.8 10.4 3.8 5.6 90.5 1.8
Q4:2024-25 1,310 4.9 11.1 84.0 6.2 4.5 11.6 83.9 7.1
Q1:2025-26           4.3 6.8 88.9 2.5
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
Increase Decrease No change Net response Increase Decrease No change Net response
Q4:2023-24 1,354 34.9 9.9 55.2 24.9 51.2 4.6 44.2 46.7
Q1:2024-25 1,351 30.1 11.4 58.6 18.7 48.4 4.8 46.8 43.6
Q2:2024-25 1,300 25.1 10.0 65.0 15.1 33.2 4.0 62.9 29.2
Q3:2024-25 1,447 29.9 12.5 57.6 17.4 33.4 3.9 62.6 29.5
Q4:2024-25 1,310 29.1 10.3 60.6 18.7 36.2 4.1 59.6 32.1
Q1:2025-26           35.4 4.4 60.1 31.0
‘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 Total response Assessment Expectations
Above Normal Below Normal Normal Net response Above Normal Below Normal Normal Net response
Q4:2023-24 1,354 20.0 10.4 69.6 9.6 33.3 5.7 61.1 27.6
Q1:2024-25 1,351 16.2 11.7 72.1 4.6 22.5 7.1 70.4 15.4
Q2:2024-25 1,300 14.9 8.1 77.0 6.8 13.1 4.7 82.2 8.4
Q3:2024-25 1,447 12.0 11.2 76.7 0.8 14.4 3.8 81.8 10.5
Q4:2024-25 1,310 10.9 8.5 80.6 2.3 12.5 4.4 83.0 8.1
Q1:2025-26           9.7 4.6 85.6 5.1
‘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
More than adequate Less than adequate Adequate Net response More than adequate Less than adequate Adequate Net response
Q4:2023-24 1,354 17.7 5.6 76.7 12.1 38.5 3.6 57.9 34.9
Q1:2024-25 1,351 9.8 3.2 87.0 6.6 27.2 4.7 68.1 22.5
Q2:2024-25 1,300 6.9 2.1 90.9 4.8 14.7 2.5 82.8 12.3
Q3:2024-25 1,447 8.8 3.7 87.5 5.0 12.8 1.5 85.7 11.3
Q4:2024-25 1,310 9.1 2.4 88.5 6.7 11.1 2.8 86.1 8.3
Q1:2025-26           12.1 1.7 86.2 10.4
‘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
Increase Decrease No change Net response Increase Decrease No change Net response
Q4:2023-24 1,354 26.4 10.7 62.9 15.7 50.3 6.7 43.0 43.6
Q1:2024-25 1,351 23.7 12.8 63.4 10.9 41.6 5.5 52.9 36.1
Q2:2024-25 1,300 18.4 13.2 68.4 5.3 29.2 4.4 66.4 24.8
Q3:2024-25 1,447 22.1 14.5 63.4 7.6 31.2 5.0 63.9 26.2
Q4:2024-25 1,310 23.0 9.5 67.6 13.5 29.2 4.9 65.9 24.2
Q1:2025-26           23.4 5.0 71.6 18.4
‘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
Increase Decrease No change Net response Increase Decrease No change Net response
Q4:2023-24 1,354 21.6 7.8 70.6 13.8 45.2 4.2 50.6 41.0
Q1:2024-25 1,351 21.6 7.7 70.7 13.9 35.2 4.1 60.7 31.1
Q2:2024-25 1,300 17.6 8.5 73.8 9.1 25.7 3.0 71.3 22.8
Q3:2024-25 1,447 20.4 9.1 70.5 11.3 28.0 3.6 68.4 24.3
Q4:2024-25 1,310 19.0 6.8 74.3 12.3 26.6 2.7 70.7 23.9
Q1:2025-26           19.4 3.3 77.2 16.1
‘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
Above average Below average average Net response Above average Below average average Net response
Q4:2023-24 1,354 13.3 6.0 80.7 -7.3 27.4 1.7 70.9 -25.7
Q1:2024-25 1,351 11.9 6.0 82.1 -5.9 20.2 3.9 75.9 -16.3
Q2:2024-25 1,300 8.8 6.1 85.1 -2.7 10.7 2.3 87.0 -8.3
Q3:2024-25 1,447 11.0 5.0 84.0 -6.0 11.9 2.3 85.8 -9.6
Q4:2024-25 1,310 11.3 4.9 83.8 -6.4 9.8 2.3 88.0 -7.5
Q1:2025-26           11.0 2.3 86.7 -8.7
‘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
Above average Below average average Net response Above average Below average average Net response
Q4:2023-24 1,354 12.4 6.0 81.7 -6.4 27.3 2.0 70.7 -25.3
Q1:2024-25 1,351 11.9 6.4 81.7 -5.5 20.1 3.9 75.9 -16.2
Q2:2024-25 1,300 9.5 6.5 84.0 -3.0 10.3 2.6 87.1 -7.7
Q3:2024-25 1,447 11.9 5.1 83.0 -6.8 12.1 2.2 85.8 -9.9
Q4:2024-25 1,310 12.6 4.7 82.7 -7.9 11.1 2.2 86.8 -8.9
Q1:2025-26           10.9 1.7 87.4 -9.1
‘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
Increase Decrease No change Net response Increase Decrease No change Net response
Q4:2023-24 1,354 21.7 4.9 73.4 16.8 41.7 2.2 56.1 39.5
Q1:2024-25 1,351 18.5 7.3 74.1 11.2 31.3 2.2 66.5 29.1
Q2:2024-25 1,300 15.9 6.2 77.9 9.7 17.7 2.1 80.2 15.6
Q3:2024-25 1,447 17.3 7.2 75.5 10.2 19.3 1.6 79.1 17.6
Q4:2024-25 1,310 17.4 5.4 77.2 12.0 18.0 1.2 80.8 16.7
Q1:2025-26           14.6 1.7 83.7 12.9
‘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
Better Worsen No change Net response Better Worsen No change Net response
Q4:2023-24 1,354 45.0 10.1 44.9 34.8 58.2 4.0 37.8 54.2
Q1:2024-25 1,351 40.9 12.4 46.7 28.5 59.2 5.2 35.6 54.0
Q2:2024-25 1,300 37.5 11.9 50.6 25.6 44.7 2.5 52.8 42.2
Q3:2024-25 1,447 38.0 13.1 49.0 24.9 49.1 2.7 48.1 46.4
Q4:2024-25 1,310 37.0 10.1 52.9 27.0 44.8 3.0 52.2 41.9
Q1:2025-26           39.0 2.6 58.4 36.3
‘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
Increase Decrease No change Net response Increase Decrease No change Net response
Q4:2023-24 1,354 37.5 4.7 57.8 32.8 49.6 2.9 47.6 46.7
Q1:2024-25 1,351 31.6 6.5 61.9 25.1 46.6 3.0 50.4 43.6
Q2:2024-25 1,300 24.1 4.7 71.2 19.4 32.0 2.1 66.0 29.9
Q3:2024-25 1,447 26.9 6.5 66.6 20.3 32.4 1.2 66.5 31.2
Q4:2024-25 1,310 24.3 5.1 70.6 19.2 30.9 2.3 66.8 28.6
Q1:2025-26           25.5 2.7 71.8 22.9
‘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
Improve Worsen No change Net response Improve Worsen No change Net response
Q4:2023-24 1,354 35.9 6.0 58.0 29.9 49.3 2.0 48.7 47.4
Q1:2024-25 1,351 29.5 6.5 64.0 23.0 47.7 2.9 49.4 44.8
Q2:2024-25 1,300 23.5 5.4 71.1 18.1 33.0 1.2 65.9 31.8
Q3:2024-25 1,447 31.1 6.4 62.4 24.7 32.9 0.8 66.3 32.1
Q4:2024-25 1,310 27.8 5.5 66.6 22.3 35.8 1.3 62.9 34.6
Q1:2025-26           31.7 1.3 67.0 30.4
‘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
Improve Worsen No change Net response Improve Worsen No change Net response
Q4:2023-24 1,354 31.2 5.1 63.6 26.1 46.5 2.1 51.4 44.5
Q1:2024-25 1,351 25.9 5.9 68.3 20.0 43.2 2.8 54.0 40.5
Q2:2024-25 1,300 18.7 4.3 77.0 14.4 28.7 1.4 69.9 27.2
Q3:2024-25 1,447 23.5 4.5 72.0 18.9 27.4 0.7 72.0 26.7
Q4:2024-25 1,310 19.8 4.7 75.5 15.1 27.9 0.8 71.3 27.1
Q1:2025-26           23.0 1.3 75.7 21.7
‘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
Improve Worsen No change Net response Improve Worsen No change Net response
Q4:2023-24 1,354 21.2 5.2 73.6 15.9 45.3 1.4 53.4 43.9
Q1:2024-25 1,351 16.2 6.5 77.3 9.8 35.9 2.7 61.5 33.2
Q2:2024-25 1,300 9.4 4.3 86.4 5.1 18.1 1.2 80.7 16.9
Q3:2024-25 1,447 13.9 5.9 80.3 8.0 20.6 0.4 79.0 20.2
Q4:2024-25 1,310 8.5 4.7 86.8 3.8 19.0 1.0 79.9 18.0
Q1:2025-26           10.7 1.0 88.3 9.7
‘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
Increase Decrease No change Net response Increase Decrease No change Net response
Q4:2023-24 1,354 31.3 6.5 62.3 -24.8 48.8 2.9 48.3 -45.9
Q1:2024-25 1,351 23.3 6.7 70.0 -16.6 40.3 4.1 55.6 -36.3
Q2:2024-25 1,300 14.3 4.1 81.6 -10.2 22.1 2.9 75.0 -19.2
Q3:2024-25 1,447 17.9 5.3 76.8 -12.6 22.2 2.0 75.8 -20.2
Q4:2024-25 1,310 14.3 3.6 82.1 -10.8 21.8 1.9 76.3 -19.9
Q1:2025-26           15.5 2.7 81.8 -12.8
‘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
Increase Decrease No change Net response Increase Decrease No change Net response
Q4:2023-24 1,354 50.2 6.3 43.5 -43.8 57.0 2.9 40.1 -54.2
Q1:2024-25 1,351 53.9 4.6 41.5 -49.3 55.9 3.1 40.9 -52.8
Q2:2024-25 1,300 44.5 5.8 49.8 -38.7 52.1 1.1 46.9 -51.0
Q3:2024-25 1,447 51.9 5.4 42.7 -46.5 49.2 1.6 49.3 -47.6
Q4:2024-25 1,310 50.7 3.5 45.8 -47.2 51.7 2.5 45.8 -49.2
Q1:2025-26           41.6 1.6 56.8 -40.1
‘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
Increase Decrease No change Net response Increase Decrease No change Net response
Q4:2023-24 1,354 26.1 1.8 72.1 -24.3 42.9 0.9 56.2 -42.0
Q1:2024-25 1,351 42.9 1.2 55.9 -41.7 52.9 0.9 46.2 -51.9
Q2:2024-25 1,300 18.8 1.4 79.8 -17.4 26.7 0.6 72.7 -26.1
Q3:2024-25 1,447 18.8 1.3 79.9 -17.5 27.8 0.3 71.9 -27.4
Q4:2024-25 1,310 19.2 1.2 79.6 -18.0 23.4 0.4 76.3 -23.0
Q1:2025-26           37.7 0.9 61.5 -36.8
‘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
Increase Decrease No change Net response Increase Decrease No change Net response
Q4:2023-24 1,354 18.9 10.8 70.3 8.1 40.4 5.6 54.0 34.8
Q1:2024-25 1,351 18.5 10.5 71.0 8.0 30.5 5.7 63.8 24.7
Q2:2024-25 1,300 10.9 10.7 78.4 0.2 20.3 3.1 76.5 17.2
Q3:2024-25 1,447 15.0 12.4 72.6 2.6 19.3 2.2 78.5 17.1
Q4:2024-25 1,310 14.1 9.6 76.3 4.4 19.0 3.9 77.0 15.1
Q1:2025-26           15.7 3.2 81.2 12.5
‘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
Increase Decrease No change Net response Increase Decrease No change Net response
Q4:2023-24 1,354 17.2 20.6 62.1 -3.4 40.3 9.5 50.2 30.8
Q1:2024-25 1,351 13.0 25.3 61.7 -12.3 30.4 10.4 59.2 20.0
Q2:2024-25 1,300 12.2 22.4 65.4 -10.2 16.7 6.8 76.4 9.9
Q3:2024-25 1,447 12.4 25.2 62.4 -12.8 19.4 5.8 74.9 13.6
Q4:2024-25 1,310 10.8 20.3 69.0 -9.5 19.0 7.3 73.7 11.7
Q1:2025-26           14.5 7.5 78.0 7.0
‘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
Better Worsen No change Net response Better Worsen No change Net response
Q4:2023-24 1,354 47.2 11.3 41.4 35.9 62.5 4.2 33.3 58.3
Q1:2024-25 1,351 42.7 13.1 44.2 29.6 62.0 5.5 32.5 56.5
Q2:2024-25 1,300 39.7 13.3 47.0 26.3 47.4 2.5 50.1 45.0
Q3:2024-25 1,447 40.4 14.5 45.1 25.9 51.2 3.9 44.9 47.4
Q4:2024-25 1,310 40.7 12.3 46.9 28.4 48.6 3.1 48.3 45.4
Q1:2025-26           42.3 3.5 54.3 38.8
‘Better’ Overall Business Situation is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

 

 

Table 23: Business Sentiments4
Quarter Business Assessment Index (BAI) Business Expectations Index (BEI)
Q4:2023-24 114.2 130.3
Q1:2024-25 110.8 127.2
Q2:2024-25 108.3 119.1
Q3:2024-25 108.5 120.3
Q4:2024-25 110.4 120.0
Q1:2025-26   117.5

 

1 सर्वेक्षण के परिणाम उत्तरदाताओं के विचारों को दर्शाते हैं, जिन्हें आवश्यक रूप से रिज़र्व बैंक द्वारा साझा नहीं किया जाता है।

2 पिछले सर्वेक्षण दौर के परिणाम 07 फरवरी 2025 को बैंक की वेबसाइट पर जारी किए गए।

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.

4 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।

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