2021-22 की दूसरी तिमाही (Q2) के लिए सेवा और आधारभूत संरचना परिदृश्य का सर्वेक्षण

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08 अक्‍तूबर 2021 को प्रकाशित

सुनें

2021-22 की दूसरी तिमाही (Q2) के लिए सेवा और आधारभूत संरचना परिदृश्य का सर्वेक्षण

आज भारतीय रिज़र्व बैंक ने 2021-22 की दूसरी तिमाही के दौरान संचालित सेवा और आधारभूत संरचना परिदृश्य (एसआइओएस) के तिमाही सर्वेक्षण के 30वें चक्र का परिणाम जारी किया। भविष्योन्मुखी सर्वेक्षण में सेवा और आधारभूत संरचना क्षेत्रों में कार्यरत भारतीय कंपनियों का गुणात्मक मूल्यांकन और उनकी अपेक्षाओं की कैपचरिंग मांग स्थितियों, मूल्य स्थितियों और अन्य कारोबार की शर्तों से संबंधित कारोबारी मानदंडों के एक सेट पर किया जाता है। सर्वेक्षण के इस चक्र में 788 कंपनियों ने 2021-22¹ की दूसरी तिमाही के लिए अपना मूल्यांकन तथा 2021-22 की तीसरी तिमाही के लिए अपनी प्रत्याशाएं दीं। कोविड 19 महामारी के कारण व्याप्त अनिश्चितता की स्थिति को देखते हुए प्रमुख मानदंडों के आधार पर आगे की दो तिमाहियों और उसके आगे की तीन तिमाहियों के आउटलुक का मूल्यांकन करने के लिए सर्वेक्षण के इस चक्र में एक अतिरिक्त ब्लॉक सम्मिलित किया गया है।

विशेष:

क. सेवा क्षेत्र

2021-22 की दूसरी तिमाही के लिए मूल्यांकन

कोविड महामारी की दूसरी लहर के कारण सेवा क्षेत्र के उद्यमों ने 2021-22 की दूसरी तिमाही के दौरान अपने टर्नओवर में और साथ ही समग्र कारोबार की स्थितियों में, 2021-22 की पहली तिमाही में अत्यधिक क्षरण के बाद, पुनः उछाल दर्ज़ किया है (चार्ट 1 और सारणी-ए)।
रोज़गार स्थितियों में पिछली तिमाही के दौरान आए संकुचन के बाद 2021-22 की दूसरी तिमाही में रोज़गार से जुड़ी भावनाओं में सुधार पाया गया।
समग्र वित्त स्थिति और वित्त की उपलब्धता में उत्तरदाताओं ने सुधार रिपोर्ट किया।
2021-22 की दूसरी तिमाही में वित्त लागत, कच्ची सामग्री की लागत और वेतन पर किए गए व्ययों से उपजे दबावों के कारण उच्च लागत भार रहा, तथापि विक्री मूल्यों में हुई थोड़ी वृद्धि से लाभ मार्जिन की भावनाएं सकारात्मक रहीं।

2021-22 की तीसरी तिमाही के लिए अपेक्षाएं

समग्र कारोबार स्थितियों, टर्नओवर और रोज़गार स्थितियों में और भी अधिक सुधार होना अपेक्षित है (चार्ट 1)।
2021-22 की तीसरी तिमाही में वित्त की उपलब्धता सुधार होने के प्रति उत्तरदाताओं ने आशावादिता व्यक्त की।
2021-22 की तीसरी तिमाही में लागत दबावों के बढ़ने और साथ ही विक्री मूल्यों में भी वृद्धि की अपेक्षा है: लाभ मार्जिन में सुधार होना प्रत्याशित है।

2021-22 की चौथी तिमाही और 2022-23 की प्रथम तिमाही के लिए अपेक्षाएं

2022-23 की प्रथम तिमाही तक मांग स्थितियों में क्रमशः सुधार होना अपेक्षित है (सारणी C) ।
उद्यमों ने कच्ची सामग्री की लागत के दबावों में निरंतरता बनी रहने और विक्री मूल्यों में वृद्धि की अपेक्षा की है।

ख. आधारभूत संरचना क्षेत्र

2021-22 की दूसरी तिमाही के लिए मूल्यांकन

आधारभूत संरचना कंपनियों ने भी अपने टर्नओवर और साथ ही साथ समग्र कारोबार स्थितियों में महामारी की दूसरी लहर में संकुचन का दौर झेलने के बाद सकारात्मकता का अनुमान किया है (चार्ट 2 और सारणी बी)।
उत्तरदाताओं ने पूर्णकालिक और अंशकालिक दोनों ही तरह के रोज़गारों में अच्छे दिनों का आकलन किया है।
उच्च लागत दबावों के कारण लाभ मार्जिन की भावनाएं कमज़ोर रहीं, यद्यपि पिछली तिमाही से ये कहीं बेहतर थीं।

2021-22 की तीसरी तिमाही के लिए अपेक्षाएं

2021-22 की तीसरी तिमाही में आधारभूत संरचना क्षेत्र में मांग मानदंडों में सुधार होना अपेक्षित है (चार्ट 2 और सारणी B) ।
पूर्णकालिक और अंशकालिक दोनों ही तरह के रोज़गारों के संदर्भ में रोज़गार परिदृश्य का और भी विस्तार होना अपेक्षित है।
2021-22 की तीसरी तिमाही में कच्ची सामग्री लागत दबावों में वृद्धि होना संभावित है।

2021-22 की चौथी तिमाही और 2022-23 की प्रथम तिमाही के लिए अपेक्षाएं

2021-22 की चौथी तिमाही और 2022-23 की प्रथम तिमाही में समग्र कारोबार स्थितियों और मांग स्थितियों में सुधार होने की अपेक्षाएं हैं (सारणी डी) ।
कच्ची सामग्री लागत और विक्री मूल्यों दोनों में ही वृद्धि होना संभावित है।

Summary of Net Responses² on Survey Parameters
Table A: Services Sector
(per cent)
Parameters	Assessment period		Expectations period
Parameters	Q1:21-22	Q2:21-22	Q2:21-22	Q3:21-22
Overall Business Situation	-15.9	24.2	45.0	72.9
Turnover	-19.2	21.0	40.1	71.3
Full-time Employees	-6.6	15.6	30.5	52.9
Part-time Employees	4.3	21.2	39.1	67.6
Availability of Finance	-11.0	14.4	35.5	57.2
Cost of Finance	-3.0	-17.9	-37.2	-53.3
Salary & Wages	-5.0	-21.7	-32.0	-51.7
Cost of Inputs	-27.0	-41.7	-45.2	-68.8
Selling Price	11.1	16.8	37.2	60.2
Profit Margin	-20.0	0.6	28.9	48.8
Inventories	2.1	17.4	32.0	60.4
Technical/Service Capacity	13.7	27.9	42.7	73.2
Physical Investment	9.3	26.0	41.5	68.2

Table B: Infrastructure Sector
(per cent)
Parameters	Assessment period		Expectations period
Parameters	Q1:21-22	Q2:21-22	Q2:21-22	Q3:21-22
Overall Business Situation	-27.0	10.8	50.5	69.2
Turnover	-30.6	2.9	43.9	63.3
Full-time Employees	-16.8	2.5	32.1	45.8
Part-time Employees	-3.3	19.6	49.2	67.3
Availability of Finance	-22.1	5.8	38.3	51.9
Cost of Finance	5.1	-11.8	-41.0	-47.2
Salary & Wages	3.2	-13.3	-37.8	-48.7
Cost of Inputs	-37.3	-54.6	-62.4	-76.1
Selling Price	0.9	14.1	50.5	57.9
Profit Margin	-30.8	-9.6	34.7	43.1
Inventories	0.9	16.4	42.4	53.6
Technical/Service Capacity	6.0	25.9	69.6	80.6
Physical Investment	10.8	25.7	68.8	70.8

Expectations of Select Parameters for extended period – Net response
(in per cent)
Table C: Services Sector
Parameter	Round 29	Round 30
Parameter	Q2:2021-22	Q3:2021-22	Q4:2021-22	Q1:2022-23
Overall Business Situation	45.0	72.9	74.9	75.6
Turnover	40.1	71.3	72.8	75.6
Full-time Employees	30.5	52.9	62.1	61.9
Part-time Employees	39.1	67.6	70.9	72.6
Cost of Inputs	-45.2	-68.8	-68.3	-68.1
Selling Price	37.2	60.2	65.1	63.1

Table D: Infrastructure Sector
Parameter	Round 29	Round 30
Parameter	Q2:2021-22	Q3:2021-22	Q4:2021-22	Q1:2022-23
Overall Business Situation	50.5	69.2	68.9	69.7
Turnover	43.9	63.3	68.1	68.1
Full-time Employees	32.1	45.8	57.6	58.6
Part-time Employees	49.2	67.3	75.3	76.0
Cost of Inputs	-62.4	-76.1	-74.3	-73.4
Selling Price	50.5	57.9	58.5	57.4

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
Quarter	Better	No Change	Worse	Net response^#	Better	No Change	Worse	Net response
Q2:20-21	26.4	42.4	31.1	-4.7	29.0	43.9	27.1	1.9
Q3:20-21	43.2	44.5	12.3	30.9	40.3	46.3	13.4	27.0
Q4:20-21	39.2	42.4	18.3	20.9	50.4	43.7	5.9	44.5
Q1:21-22	22.8	38.5	38.7	-15.9	59.3	31.5	9.2	50.1
Q2:21-22	38.7	46.8	14.5	24.2	51.9	41.1	6.9	45.0
Q3:21-22					75.3	22.3	2.4	72.9
‘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
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	28.0	33.2	38.7	-10.7	30.4	33.9	35.8	-5.4
Q3:20-21	43.7	36.3	20.0	23.7	40.5	40.2	19.3	21.2
Q4:20-21	38.1	41.6	20.3	17.7	48.6	41.1	10.3	38.4
Q1:21-22	20.5	39.7	39.7	-19.2	62.3	29.1	8.6	53.7
Q2:21-22	38.8	43.4	17.8	21.0	49.0	42.2	8.8	40.1
Q3:21-22					75.0	21.4	3.7	71.3
‘Increase’ in Turnover is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S3: Assessment and Expectation for Full-time Employees
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	15.2	60.9	24.0	-8.8	13.4	68.7	17.9	-4.6
Q3:20-21	24.9	59.8	15.3	9.5	17.0	70.0	13.0	4.0
Q4:20-21	19.6	66.3	14.1	5.6	22.9	69.5	7.5	15.4
Q1:21-22	14.4	64.6	21.0	-6.6	35.2	58.2	6.6	28.7
Q2:21-22	26.5	62.7	10.8	15.6	34.4	61.7	3.9	30.5
Q3:21-22					55.5	41.9	2.6	52.9
‘Increase’ in Full-time Employees is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S4: Assessment and Expectation for Part-time Employees
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	8.3	68.1	23.6	-15.4	8.5	70.4	21.2	-12.7
Q3:20-21	10.0	75.7	14.3	-4.3	9.5	77.2	13.3	-3.8
Q4:20-21	16.3	72.1	11.6	4.7	15.0	76.7	8.3	6.6
Q1:21-22	16.8	70.8	12.4	4.3	26.6	66.3	7.1	19.4
Q2:21-22	25.3	70.7	4.0	21.2	43.2	52.7	4.1	39.1
Q3:21-22					70.3	27.0	2.7	67.6
‘Increase’ in Part-time Employees is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S5: Assessment and Expectation for Availability of Finance
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Improve	No Change	Worsen	Net response	Improve	No Change	Worsen	Net response
Q2:20-21	15.4	68.0	16.6	-1.1	15.9	66.6	17.5	-1.7
Q3:20-21	21.3	68.0	10.7	10.7	17.7	69.9	12.4	5.3
Q4:20-21	31.0	52.7	16.4	14.6	25.5	65.9	8.6	16.9
Q1:21-22	14.2	60.6	25.2	-11.0	47.6	43.9	8.5	39.1
Q2:21-22	28.4	57.6	14.0	14.4	40.5	54.4	5.1	35.5
Q3:21-22					59.8	37.5	2.6	57.2
‘Improve’ in Availability of Finance is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S6: Assessment and Expectation for Cost of Finance
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	15.1	69.7	15.1	0.0	18.1	68.9	13.0	-5.1
Q3:20-21	16.8	70.9	12.3	-4.6	13.5	75.1	11.4	-2.2
Q4:20-21	19.0	65.9	15.1	-3.9	17.0	74.6	8.5	-8.5
Q1:21-22	18.6	65.9	15.5	-3.0	34.1	54.2	11.8	-22.3
Q2:21-22	25.8	66.3	7.9	-17.9	41.2	54.7	4.1	-37.2
Q3:21-22					56.0	41.2	2.7	-53.3
‘Decrease’ in Cost of Finance is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S7: Assessment and Expectation for Salary/Wages
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	16.9	66.4	16.7	-0.3	15.8	66.2	18.0	2.3
Q3:20-21	23.7	64.5	11.7	-12.0	19.0	71.6	9.5	-9.5
Q4:20-21	24.5	67.3	8.3	-16.2	26.4	67.6	6.0	-20.3
Q1:21-22	16.4	72.1	11.4	-5.0	45.2	51.2	3.6	-41.6
Q2:21-22	29.0	63.6	7.4	-21.7	34.8	62.5	2.8	-32.0
Q3:21-22					53.4	44.9	1.7	-51.7
‘Decrease’ in Salary/Wages is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S8: Assessment and Expectation for Cost of Inputs
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	34.6	56.9	8.4	-26.2	25.8	63.6	10.6	-15.2
Q3:20-21	33.2	61.5	5.2	-28.0	30.6	63.1	6.4	-24.2
Q4:20-21	31.4	62.5	6.0	-25.4	34.0	61.1	4.8	-29.2
Q1:21-22	34.6	57.8	7.6	-27.0	46.0	51.1	2.9	-43.2
Q2:21-22	44.4	52.8	2.7	-41.7	47.5	50.2	2.3	-45.2
Q3:21-22					69.3	30.3	0.4	-68.8
‘Decrease’ in Cost of Inputs is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S9: Assessment and Expectation for Selling Price
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	6.1	75.1	18.8	-12.6	6.1	75.4	18.6	-12.5
Q3:20-21	7.0	76.0	16.9	-9.9	7.8	79.1	13.2	-5.4
Q4:20-21	20.4	62.9	16.7	3.6	11.3	77.7	11.0	0.3
Q1:21-22	19.1	73.0	7.9	11.1	37.5	56.1	6.3	31.2
Q2:21-22	24.2	68.4	7.4	16.8	39.2	58.9	1.9	37.2
Q3:21-22					62.3	35.6	2.1	60.2
‘Increase’ in Selling Price is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S10: Assessment and Expectation for Profit Margin
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	12.4	45.8	41.9	-29.5	13.4	48.5	38.1	-24.8
Q3:20-21	19.0	50.8	30.2	-11.1	20.5	52.7	26.8	-6.3
Q4:20-21	20.7	53.1	26.2	-5.6	21.6	58.3	20.2	1.4
Q1:21-22	13.5	53.0	33.5	-20.0	44.5	43.5	12.0	32.5
Q2:21-22	22.4	55.7	21.9	0.6	38.6	51.7	9.7	28.9
Q3:21-22					55.0	38.8	6.2	48.8
‘Increase’ in Profit Margin is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S11: Assessment and Expectation for Inventories
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	14.4	65.3	20.3	-5.9	14.5	68.8	16.7	-2.2
Q3:20-21	17.9	70.2	11.9	6.0	15.9	69.6	14.6	1.3
Q4:20-21	15.0	73.7	11.3	3.6	20.6	71.2	8.3	12.3
Q1:21-22	14.4	73.3	12.3	2.1	29.6	61.9	8.5	21.1
Q2:21-22	25.5	66.4	8.1	17.4	36.0	60.1	3.9	32.0
Q3:21-22					62.8	34.8	2.4	60.4
‘Increase’ in Inventories is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S12: Assessment and Expectation for Technical/Service Capacity
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	12.5	80.6	6.9	5.6	13.9	78.6	7.5	6.3
Q3:20-21	14.6	81.5	3.9	10.7	14.8	80.1	5.2	9.6
Q4:20-21	25.5	70.5	4.0	21.5	16.8	79.4	3.8	13.1
Q1:21-22	18.6	76.4	4.9	13.7	42.5	55.9	1.6	40.9
Q2:21-22	29.3	69.3	1.4	27.9	44.4	54.0	1.7	42.7
Q3:21-22					73.7	25.7	0.6	73.2
‘Increase’ in Technical/Service Capacity is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S13: Assessment and Expectation for Physical Investment
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	8.0	82.7	9.3	-1.4	13.9	75.3	10.8	3.2
Q3:20-21	13.2	79.4	7.4	5.7	8.5	84.0	7.5	1.1
Q4:20-21	18.0	76.4	5.6	12.4	14.0	80.8	5.2	8.7
Q1:21-22	14.6	80.2	5.3	9.3	34.7	61.8	3.6	31.1
Q2:21-22	27.6	70.8	1.6	26.0	42.8	55.9	1.3	41.5
Q3:21-22					68.8	30.7	0.5	68.2
‘Increase’ in Physical Investment is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Infrastructure Sector

Table I1: Assessment and Expectation for Overall Business Situation
(Percentage responses)^@
Quarter	Assessment				Expectation
Quarter	Better	No Change	Worse	Net response^#	Better	No Change	Worse	Net response
Q2:20-21	25.2	38.6	36.2	-11.0	29.5	46.7	23.8	5.7
Q3:20-21	35.2	45.8	19.0	16.2	34.4	46.1	19.5	14.8
Q4:20-21	42.0	36.4	21.6	20.5	47.1	43.5	9.4	37.7
Q1:21-22	16.7	39.5	43.8	-27.0	70.2	23.8	6.0	64.3
Q2:21-22	35.0	40.8	24.2	10.8	56.6	37.4	6.0	50.5
Q3:21-22					71.3	26.7	2.1	69.2
‘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
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	23.4	35.9	40.6	-17.2	24.5	45.1	30.4	-5.9
Q3:20-21	29.8	44.0	26.2	3.5	38.1	41.3	20.6	17.5
Q4:20-21	47.7	32.6	19.8	27.9	41.8	48.2	9.9	31.9
Q1:21-22	13.9	41.6	44.5	-30.6	61.2	34.1	4.7	56.5
Q2:21-22	29.6	43.8	26.7	2.9	51.1	41.8	7.1	43.9
Q3:21-22					67.9	27.5	4.6	63.3
‘Increase’ in Turnover is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I3: Assessment and Expectation for Full-time Employees
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	3.9	66.1	29.9	-26.0	7.7	70.2	22.1	-14.4
Q3:20-21	7.1	71.6	21.3	-14.2	8.8	74.4	16.8	-8.0
Q4:20-21	11.9	69.0	19.0	-7.1	14.3	74.3	11.4	2.9
Q1:21-22	9.3	64.6	26.1	-16.8	31.3	61.4	7.2	24.1
Q2:21-22	20.4	61.7	17.9	2.5	36.1	59.9	4.0	32.1
Q3:21-22					50.0	45.8	4.2	45.8
‘Increase’ in Full-time Employees is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I4: Assessment and Expectation for Part-time Employees
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	5.6	69.6	24.8	-19.2	9.8	71.6	18.6	-8.8
Q3:20-21	8.7	76.8	14.5	-5.8	10.6	76.4	13.0	-2.4
Q4:20-21	15.3	73.6	11.1	4.2	12.6	77.8	9.6	3.0
Q1:21-22	11.0	74.7	14.3	-3.3	23.5	67.6	8.8	14.7
Q2:21-22	23.5	72.5	3.9	19.6	52.5	44.2	3.3	49.2
Q3:21-22					69.3	28.8	2.0	67.3
‘Increase’ in Part-time Employees is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I5: Assessment and Expectation for Availability of Finance
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Improve	No Change	Worsen	Net response	Improve	No Change	Worsen	Net response
Q2:20-21	14.4	60.8	24.8	-10.4	14.7	66.7	18.6	-3.9
Q3:20-21	18.6	62.1	19.3	-0.7	21.8	58.1	20.2	1.6
Q4:20-21	24.7	57.6	17.6	7.1	23.0	64.0	12.9	10.1
Q1:21-22	10.0	57.9	32.1	-22.1	35.7	53.6	10.7	25.0
Q2:21-22	26.7	52.5	20.8	5.8	44.9	48.5	6.6	38.3
Q3:21-22					56.1	39.7	4.2	51.9
‘Improve’ in Availability of Finance is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I6: Assessment and Expectation for Cost of Finance
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	24.4	63.4	12.2	-12.2	28.7	59.4	11.9	-16.8
Q3:20-21	20.3	73.2	6.5	-13.8	27.6	65.9	6.5	-21.1
Q4:20-21	25.0	66.7	8.3	-16.7	24.6	68.1	7.2	-17.4
Q1:21-22	15.9	63.0	21.0	5.1	31.7	67.1	1.2	-30.5
Q2:21-22	23.1	65.5	11.3	-11.8	44.6	51.7	3.7	-41.0
Q3:21-22					49.8	47.7	2.6	-47.2
‘Decrease’ in Cost of Finance is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I7: Assessment and Expectation for Salary/Wages
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	12.0	64.8	23.2	11.2	21.8	60.4	17.8	-4.0
Q3:20-21	19.3	70.0	10.7	-8.6	23.4	71.0	5.6	-17.7
Q4:20-21	19.0	72.6	8.3	-10.7	22.5	71.7	5.8	-16.7
Q1:21-22	11.5	73.8	14.7	3.2	45.6	48.1	6.3	-39.2
Q2:21-22	23.8	65.8	10.4	-13.3	40.7	56.4	2.9	-37.8
Q3:21-22					51.3	46.2	2.5	-48.7
‘Decrease’ in Salary/Wages is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I8: Assessment and Expectation for Cost of Inputs
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	36.1	59.7	4.2	-31.9	31.6	62.2	6.1	-25.5
Q3:20-21	38.2	56.6	5.1	-33.1	44.4	53.8	1.7	-42.7
Q4:20-21	46.1	52.6	1.3	-44.7	42.2	56.3	1.5	-40.7
Q1:21-22	41.9	53.5	4.6	-37.3	47.2	50.0	2.8	-44.4
Q2:21-22	55.9	42.7	1.3	-54.6	62.4	37.6	0.0	-62.4
Q3:21-22					76.5	23.0	0.4	-76.1
‘Decrease’ in Cost of Inputs is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I9: Assessment and Expectation for Selling Price
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	8.9	63.4	27.7	-18.8	7.5	68.8	23.7	-16.1
Q3:20-21	8.7	75.4	15.9	-7.1	10.9	68.2	20.9	-10.0
Q4:20-21	23.9	56.3	19.7	4.2	15.2	72.8	12.0	3.2
Q1:21-22	12.7	75.6	11.8	0.9	33.3	52.2	14.5	18.8
Q2:21-22	25.8	62.6	11.6	14.1	51.8	46.8	1.4	50.5
Q3:21-22					59.9	38.1	2.0	57.9
‘Increase’ in Selling Price is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I10: Assessment and Expectation for Profit Margin
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	7.3	43.5	49.2	-41.9	11.9	44.6	43.6	-31.7
Q3:20-21	11.3	53.9	34.8	-23.4	17.4	47.9	34.7	-17.4
Q4:20-21	18.5	51.9	29.6	-11.1	21.0	54.3	24.6	-3.6
Q1:21-22	8.6	52.0	39.4	-30.8	39.2	44.3	16.5	22.8
Q2:21-22	19.2	51.9	28.9	-9.6	42.3	50.0	7.7	34.7
Q3:21-22					49.8	43.5	6.7	43.1
‘Increase’ in Profit Margin is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I11: Assessment and Expectation for Inventories
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	12.4	75.2	12.4	0.0	14.3	72.4	13.3	1.0
Q3:20-21	12.9	75.0	12.1	0.8	18.0	69.7	12.3	5.7
Q4:20-21	28.9	60.5	10.5	18.4	16.8	73.3	9.9	6.9
Q1:21-22	10.9	79.2	10.0	0.9	33.8	59.2	7.0	26.8
Q2:21-22	25.1	66.1	8.7	16.4	45.2	52.1	2.8	42.4
Q3:21-22					58.6	36.5	5.0	53.6
‘Increase’ in Inventories is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I12: Assessment and Expectation for Technical/Service Capacity
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	5.6	85.2	9.3	-3.7	8.8	80.2	11.0	-2.2
Q3:20-21	9.2	83.3	7.5	1.7	9.5	82.9	7.6	1.9
Q4:20-21	20.6	69.8	9.5	11.1	10.0	85.0	5.0	5.0
Q1:21-22	12.1	81.9	6.0	6.0	28.6	64.3	7.1	21.4
Q2:21-22	29.6	66.7	3.7	25.9	70.3	29.1	0.7	69.6
Q3:21-22					82.1	16.4	1.5	80.6
‘Increase’ in Technical/Service Capacity is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I13: Assessment and Expectation for Physical Investment
(Percentage responses)
Quarter	Assessment				Expectation
Quarter	Increase	No Change	Decrease	Net response	Increase	No Change	Decrease	Net response
Q2:20-21	10.7	75.7	13.6	-2.9	9.1	72.7	18.2	-9.1
Q3:20-21	9.4	82.1	8.5	0.9	17.6	72.5	9.8	7.8
Q4:20-21	14.3	79.4	6.3	7.9	14.8	77.4	7.8	7.0
Q1:21-22	15.9	79.0	5.1	10.8	29.0	66.1	4.8	24.2
Q2:21-22	28.5	68.8	2.8	25.7	68.8	31.2	0.0	68.8
Q3:21-22					73.6	23.6	2.8	70.8
‘Increase’ in Physical Investment is optimistic. Footnotes @ and # given in Table 1 are applicable here.

¹ सर्वेक्षण के परिणाम उत्तरदाताओं के विचारों को दर्शाते हैं, जो जरूरी नहीं कि रिज़र्व बैंक द्वारा मान्यताप्राप्त हों। पिछले सर्वेक्षण चक्र के परिणाम बैंक की वेबसाइट पर 6 अगस्त 2021 को जारी किए गए थे। सर्वेक्षण का यह चक्र 20 जुलाई 2021 को संचालित किया गया और 24 सितम्बर 2021 तक प्राप्त डेटा के साथ परिणामों का समेकन किया गया।

² 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.