2022-23 की दूसरी तिमाही (Q2) के लिए सेवा और आधारभूत संरचना परिदृश्य का सर्वेक्षण -23 की दूसरी तिमाही (Q2) के लिए सेवा और आधारभूत संरचना परिदृश्य का सर्वेक्षण

30 सितंबर 2022 को प्रकाशित

2022-23 की दूसरी तिमाही (Q2) के लिए सेवा और आधारभूत संरचना परिदृश्य का सर्वेक्षण

आज भारतीय रिज़र्व बैंक ने 2022-23 की दूसरी तिमाही के दौरान संचालित सेवा और आधारभूत संरचना परिदृश्य (एसआइओएस) के तिमाही सर्वेक्षण के 34 वें चक्र का परिणाम जारी किया। भविष्योन्मुखी सर्वेक्षण में सेवा और आधारभूत संरचना क्षेत्रों में कार्यरत भारतीय कंपनियों का गुणात्मक मूल्यांकन और उनकी अपेक्षाओं की की कैपचरिंग मांग स्थितियों, मूल्य स्थितियों और अन्य कारोबार की शर्तों से संबंधित कारोबारी मानदंडों के एक समुह मे किया जाता है। सर्वेक्षण के इस चक्र में 593 कंपनियों ने 2022-23¹ की दूसरी तिमाही के लिए अपना मूल्यांकन तथा 2022-23 की तीसरी तिमाही के लिए अपनी प्रत्याशाएं दीं। अनिश्चितता की स्थिति को देखते हुए प्रमुख मानदंडों के आधार पर आउटलुक का मूल्यांकन करने के लिए सर्वेक्षण के इस चक्र में एक अतिरिक्त ब्लॉक सम्मिलित किया गया है।

विशेष:

A. सेवा क्षेत्र

2022-23 की दूसरी तिमाही के लिए मूल्यांकन

सेवा क्षेत्र के उद्यमों ने 2022-23 की दूसरी तिमाही के दौरान समग्र व्यावसायिक स्थिति के साथ-साथ अपने कारोबार में तेज वृद्धि देखी (चार्ट-1 और सारणी-ए)।
2022-23 की दूसरी तिमाही के दौरान रोजगार की स्थिति में सुधार हुआ माना जाता है।
2022-23 की दूसरी तिमाही में कुछ सहजता के साथ इनपुट लागत दबाव लगातार बना हुआ है; वित्त और मजदूरी की लागत पर भावनाएं उच्च बनी रहीं।
2022-23 की दूसरी तिमाही के दौरान सेवा कंपनियाँ लाभ मार्जिन में सुधार के पक्ष में थीं।

2022-23 की तीसरी तिमाही के लिए अपेक्षाएं

उत्तरदाताओं ने अक्टूबर-दिसंबर, 2022 के दौरान मांग की स्थिति में और सुधार की उम्मीद की, जैसा कि कारोबार, नौकरी परिदृश्य और समग्र व्यावसायिक स्थिति पर उनकी आशावादी भावनाओं में परिलक्षित होता है (चार्ट-1 और सारणी-ए)।
फर्मों को 2022-23 की तीसरी तिमाही में कम इनपुट लागत दबाव की उम्मीद थी, लेकिन उन्होंने वित्त और मजदूरी की लागत में वृद्धि की भी परिकल्पना की थी।

Chart 1: Turnover of Services Companies - Net Response

2022-23 की चौथी और 2023-24 पहली तिमाही के लिए अपेक्षाएं

उद्यमों को 2023-24 की पहली तिमाही तक मांग की स्थिति क्रमिक रूप से मजबूत होने की उम्मीद है (सारणी सी)।
2023-24 की पहली तिमाही तक कारोबार और रोजगार की स्थिति में लगातार तिमाहियों में सुधार होने की संभावना है।

B. आधारभूत संरचना क्षेत्र

2022-23 की दूसरी तिमाही के लिए मूल्यांकन

2022-23 की दूसरी तिमाही के दौरान समग्र व्यावसायिक स्थिति के साथ-साथ टर्नओवर में उल्लेखनीय सुधार दर्ज किया गया। (चार्ट 2 और सारणी बी)।
आधारभूत संरचना कंपनियां तिमाही के दौरान रोजगार की स्थिति और वित्त की उपलब्धता को लेकर उत्साहित रहीं।
2022-23 की दूसरी तिमाही के दौरान उद्यमों ने इनपुट की लागत, वित्त की लागत और वेतन व्यय के कारण निरंतर दबाव का आकलन किया।

2022-23 की तीसरी तिमाही के लिए अपेक्षाएं

2022-23 की तीसरी तिमाही में आधारभूत संरचना क्षेत्र में मांग मानकों में और सुधार होने की उम्मीद है; कारोबार और नौकरी के परिदृश्य के संदर्भ में धारणा अधिक सकारात्मक हो गई (चार्ट 2 और सारणी बी)।
उत्तरदाताओं ने इनपुट लागत दबाव में कमी और बिक्री कीमतों में कम वृद्धि की उम्मीद की।
2022-23 की तीसरी तिमाही में आधारभूत संरचना क्षेत्र की फर्मों ने उच्च लाभ मार्जिन के लिए मतदान किया।

Chart 2: Turnover of Infrastructure Companies - Net Response

2022-23 की चौथी और 2023-24 की पहली तिमाही के लिए अपेक्षाएं

Q1:2023-24 की पहली तिमाही तक समग्र व्यापार स्थिति, कारोबार और रोजगार की स्थिति में क्रमिक सुधार दर्ज होने की उम्मीद है (सारणी डी)।
इनपुट लागत दबाव जारी रहने की संभावना है लेकिन मूल्य निर्धारण शक्ति अपेक्षाकृत कम रहने की उम्मीद है।

Summary of Net Responses² on Survey Parameters
Table A: Services Sector
(per cent)
Parameters	Assessment period		Expectations period
Parameters	Q1:2022-23	Q2:2022-23	Q2:2022-23	Q3:2022-23
Overall Business Situation	32.2	40.5	55.9	53.0
Turnover	23.9	42.7	50.6	57.1
Full-time Employees	13.8	28.9	26.0	32.6
Part-time Employees	16.3	16.2	22.4	22.8
Availability of Finance	12.0	19.6	28.2	26.7
Cost of Finance	-27.3	-29.7	-29.1	-36.5
Salary & Wages	-35.9	-43.3	-27.3	-40.9
Cost of Inputs	-63.8	-42.4	-60.2	-44.5
Selling Price	23.9	13.2	29.8	19.6
Profit Margin	-12.7	2.0	18.3	26.8
Inventories	17.4	30.1	24.0	37.8
Technical/Service Capacity	23.5	21.8	31.7	27.7
Physical Investment	22.5	19.4	31.5	21.3

Table B: Infrastructure Sector
(per cent)
Parameters	Assessment period		Expectations period
Parameters	Q1:2022-23	Q2:2022-23	Q2:2022-23	Q3:2022-23
Overall Business Situation	20.8	30.6	43.1	45.1
Turnover	4.7	31.7	32.0	47.2
Full-time Employees	7.8	23.4	15.9	29.8
Part-time Employees	10.3	10.7	16.4	17.8
Availability of Finance	8.5	22.0	27.6	37.7
Cost of Finance	-37.2	-36.4	-38.1	-41.7
Salary & Wages	-32.3	-27.0	-18.5	-32.5
Cost of Inputs	-78.7	-44.2	-75.2	-48.7
Selling Price	18.4	15.0	30.6	27.0
Profit Margin	-37.7	-1.6	7.0	16.5
Inventories	11.9	28.8	22.7	39.0
Technical/Service Capacity	20.6	19.1	26.5	25.9
Physical Investment	21.6	16.5	36.1	24.1

Expectations of Select Parameters for extended period – Net response
(in per cent)
Table C: Services Sector
Parameter	Round 32	Round 33
Parameter	Q2:2022-23	Q3:2022-23	Q4:2022-23	Q1:2023-24
Overall Business Situation	55.9	53.0	57.4	58.3
Turnover	50.6	57.1	60.4	62.0
Full-time Employees	26.0	32.6	43.2	41.1
Part-time Employees	22.4	22.8	27.8	29.4
Cost of Inputs	-60.2	-44.5	-46.2	-42.9
Selling Price	29.8	19.6	23.8	25.2

Table D: Infrastructure Sector
Parameter	Round 32	Round 33
Parameter	Q2:2022-23	Q3:2022-23	Q4:2022-23	Q1:2023-24
Overall Business Situation	43.1	45.1	49.2	50.0
Turnover	32.0	47.2	48.8	54.4
Full-time Employees	15.9	29.8	34.7	35.3
Part-time Employees	16.4	17.8	25.0	30.7
Cost of Inputs	-75.2	-48.7	-49.6	-52.6
Selling Price	30.6	27.0	25.4	28.9

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
Q2:21-22	38.7	46.8	14.5	24.2	51.9	41.1	6.9	45.0
Q3:21-22	41.9	44.3	13.8	28.2	75.3	22.3	2.4	72.9
Q4:21-22	40.7	36.0	23.4	17.3	68.3	28.2	3.5	64.8
Q1:22-23	47.0	38.3	14.7	32.2	56.6	40.1	3.3	53.4
Q2:22-23	45.9	48.7	5.4	40.5	59.6	36.7	3.7	55.9
Q3:22-23					57.4	38.1	4.4	53.0
‘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
Q2:21-22	38.8	43.4	17.8	21.0	49.0	42.2	8.8	40.1
Q3:21-22	41.5	41.7	16.8	24.7	75.0	21.4	3.7	71.3
Q4:21-22	41.0	32.9	26.1	14.9	67.2	28.6	4.1	63.1
Q1:22-23	43.1	37.7	19.2	23.9	55.5	40.2	4.3	51.1
Q2:22-23	51.2	40.3	8.5	42.7	54.6	41.4	4.0	50.6
Q3:22-23					61.6	34.0	4.4	57.1
‘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
Q2:21-22	26.5	62.7	10.8	15.6	34.4	61.7	3.9	30.5
Q3:21-22	23.0	65.9	11.2	11.8	55.5	41.9	2.6	52.9
Q4:21-22	20.1	61.5	18.4	1.7	49.7	47.9	2.4	47.2
Q1:22-23	28.2	57.5	14.3	13.8	27.0	68.6	4.4	22.6
Q2:22-23	35.6	57.7	6.7	28.9	29.1	67.8	3.1	26.0
Q3:22-23					38.4	55.9	5.8	32.6
‘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
Q2:21-22	25.3	70.7	4.0	21.2	43.2	52.7	4.1	39.1
Q3:21-22	22.6	69.9	7.4	15.2	70.3	27.0	2.7	67.6
Q4:21-22	18.5	70.4	11.1	7.4	57.5	39.7	2.7	54.8
Q1:22-23	25.2	65.9	8.9	16.3	25.0	67.8	7.2	17.8
Q2:22-23	22.2	71.8	6.0	16.2	29.0	64.5	6.6	22.4
Q3:22-23					27.8	67.3	5.0	22.8
‘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
Q2:21-22	28.4	57.6	14.0	14.4	40.5	54.4	5.1	35.5
Q3:21-22	25.6	61.1	13.3	12.4	59.8	37.5	2.6	57.2
Q4:21-22	32.2	46.2	21.6	10.5	50.7	45.9	3.4	47.3
Q1:22-23	28.5	54.9	16.5	12.0	33.5	61.3	5.2	28.2
Q2:22-23	26.9	65.8	7.3	19.6	33.2	61.7	5.1	28.2
Q3:22-23					32.9	61.0	6.2	26.7
‘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
Q2:21-22	25.8	66.3	7.9	-17.9	41.2	54.7	4.1	-37.2
Q3:21-22	19.5	73.6	6.9	-12.6	56.0	41.2	2.7	-53.3
Q4:21-22	15.5	75.0	9.5	-6.0	43.6	54.0	2.4	-41.2
Q1:22-23	34.4	58.5	7.1	-27.3	17.3	79.9	2.8	-14.5
Q2:22-23	35.1	59.5	5.4	-29.7	31.5	66.0	2.5	-29.1
Q3:22-23					39.7	57.1	3.2	-36.5
‘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
Q2:21-22	29.0	63.6	7.4	-21.7	34.8	62.5	2.8	-32.0
Q3:21-22	24.0	69.2	6.8	-17.2	53.4	44.9	1.7	-51.7
Q4:21-22	24.1	71.6	4.3	-19.8	49.6	49.3	1.1	-48.5
Q1:22-23	40.4	55.1	4.5	-35.9	37.0	62.4	0.6	-36.3
Q2:22-23	46.1	51.0	2.9	-43.3	28.4	70.5	1.1	-27.3
Q3:22-23					42.4	56.0	1.6	-40.9
‘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
Q2:21-22	44.4	52.8	2.7	-41.7	47.5	50.2	2.3	-45.2
Q3:21-22	47.5	48.5	4.0	-43.5	69.3	30.3	0.4	-68.8
Q4:21-22	63.5	32.9	3.6	-59.9	73.1	26.1	0.8	-72.4
Q1:22-23	67.0	29.9	3.2	-63.8	61.0	36.6	2.3	-58.7
Q2:22-23	46.0	50.3	3.6	-42.4	62.0	36.1	1.9	-60.2
Q3:22-23					49.4	45.6	4.9	-44.5
‘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
Q2:21-22	24.2	68.4	7.4	16.8	39.2	58.9	1.9	37.2
Q3:21-22	22.4	68.2	9.4	13.0	62.3	35.6	2.1	60.2
Q4:21-22	24.2	65.7	10.2	14.0	54.1	43.1	2.8	51.4
Q1:22-23	31.9	60.1	8.0	23.9	29.5	65.9	4.6	24.9
Q2:22-23	19.1	74.9	5.9	13.2	33.3	63.1	3.6	29.8
Q3:22-23					25.7	68.3	6.1	19.6
‘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
Q2:21-22	22.4	55.7	21.9	0.6	38.6	51.7	9.7	28.9
Q3:21-22	21.2	58.3	20.5	0.7	55.0	38.8	6.2	48.8
Q4:21-22	21.2	46.4	32.4	-11.1	46.5	47.0	6.5	40.1
Q1:22-23	19.0	49.3	31.7	-12.7	28.9	61.3	9.8	19.1
Q2:22-23	21.9	58.3	19.9	2.0	30.1	58.1	11.8	18.3
Q3:22-23					36.3	54.3	9.5	26.8
‘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
Q2:21-22	25.5	66.4	8.1	17.4	36.0	60.1	3.9	32.0
Q3:21-22	23.5	69.0	7.5	16.0	62.8	34.8	2.4	60.4
Q4:21-22	18.9	70.6	10.6	8.3	54.9	41.8	3.4	51.5
Q1:22-23	25.4	66.7	8.0	17.4	22.9	72.5	4.7	18.2
Q2:22-23	33.7	62.7	3.6	30.1	27.5	68.9	3.6	24.0
Q3:22-23					40.5	56.8	2.7	37.8
‘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
Q2:21-22	29.3	69.3	1.4	27.9	44.4	54.0	1.7	42.7
Q3:21-22	23.1	72.5	4.3	18.8	73.7	25.7	0.6	73.2
Q4:21-22	23.7	71.6	4.7	18.9	65.1	34.1	0.8	64.3
Q1:22-23	25.8	71.9	2.3	23.5	31.3	66.9	1.8	29.4
Q2:22-23	24.0	73.8	2.2	21.8	33.9	63.8	2.3	31.7
Q3:22-23					29.5	68.8	1.7	27.7
‘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
Q2:21-22	27.6	70.8	1.6	26.0	42.8	55.9	1.3	41.5
Q3:21-22	20.7	74.4	4.9	15.8	68.8	30.7	0.5	68.2
Q4:21-22	20.5	74.3	5.3	15.2	61.5	37.4	1.1	60.3
Q1:22-23	25.0	72.5	2.5	22.5	27.7	69.9	2.4	25.3
Q2:22-23	21.4	76.7	2.0	19.4	32.5	66.5	1.0	31.5
Q3:22-23					22.8	75.8	1.5	21.3
‘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
Q2:21-22	35.0	40.8	24.2	10.8	56.6	37.4	6.0	50.5
Q3:21-22	41.9	44.1	14.0	27.9	71.3	26.7	2.1	69.2
Q4:21-22	46.9	29.6	23.5	23.5	75.7	19.9	4.4	71.3
Q1:22-23	46.9	26.9	26.2	20.8	59.3	34.6	6.2	53.1
Q2:22-23	41.9	46.8	11.3	30.6	53.1	36.9	10.0	43.1
Q3:22-23					49.2	46.7	4.1	45.1
‘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
Q2:21-22	29.6	43.8	26.7	2.9	51.1	41.8	7.1	43.9
Q3:21-22	40.7	46.7	12.6	28.1	67.9	27.5	4.6	63.3
Q4:21-22	45.0	31.3	23.8	21.3	73.3	20.0	6.7	66.7
Q1:22-23	37.2	30.2	32.6	4.7	51.3	37.5	11.3	40.0
Q2:22-23	45.5	40.7	13.8	31.7	43.0	46.1	10.9	32.0
Q3:22-23					56.1	35.0	8.9	47.2
‘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
Q2:21-22	20.4	61.7	17.9	2.5	36.1	59.9	4.0	32.1
Q3:21-22	20.1	72.4	7.5	12.7	50.0	45.8	4.2	45.8
Q4:21-22	12.5	80.0	7.5	5.0	54.5	39.6	6.0	48.5
Q1:22-23	22.7	62.5	14.8	7.8	23.1	71.8	5.1	17.9
Q2:22-23	31.5	60.5	8.1	23.4	20.6	74.6	4.8	15.9
Q3:22-23					36.4	57.0	6.6	29.8
‘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
Q2:21-22	23.5	72.5	3.9	19.6	52.5	44.2	3.3	49.2
Q3:21-22	24.5	74.5	1.0	23.5	69.3	28.8	2.0	67.3
Q4:21-22	4.4	88.9	6.7	-2.2	73.2	24.7	2.1	71.1
Q1:22-23	17.2	75.9	6.9	10.3	20.5	75.0	4.5	15.9
Q2:22-23	19.7	71.3	9.0	10.7	21.8	72.7	5.5	16.4
Q3:22-23					24.6	68.6	6.8	17.8
‘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
Q2:21-22	26.7	52.5	20.8	5.8	44.9	48.5	6.6	38.3
Q3:21-22	27.6	62.7	9.7	17.9	56.1	39.7	4.2	51.9
Q4:21-22	31.3	46.3	22.5	8.8	66.4	29.1	4.5	61.9
Q1:22-23	29.5	49.6	20.9	8.5	28.8	67.5	3.8	25.0
Q2:22-23	30.9	60.2	8.9	22.0	33.9	59.8	6.3	27.6
Q3:22-23					43.4	50.8	5.7	37.7
‘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
Q2:21-22	23.1	65.5	11.3	-11.8	44.6	51.7	3.7	-41.0
Q3:21-22	24.2	71.9	3.9	-20.3	49.8	47.7	2.6	-47.2
Q4:21-22	27.4	67.1	5.5	-21.9	59.4	38.3	2.3	-57.0
Q1:22-23	43.0	51.2	5.8	-37.2	26.8	71.8	1.4	-25.4
Q2:22-23	43.8	48.8	7.4	-36.4	39.8	58.5	1.7	-38.1
Q3:22-23					47.5	46.7	5.8	-41.7
‘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
Q2:21-22	23.8	65.8	10.4	-13.3	40.7	56.4	2.9	-37.8
Q3:21-22	22.4	73.9	3.7	-18.7	51.3	46.2	2.5	-48.7
Q4:21-22	23.8	72.5	3.8	-20.0	59.0	41.0	0.0	-59.0
Q1:22-23	38.5	55.4	6.2	-32.3	38.8	60.0	1.3	-37.5
Q2:22-23	31.1	64.8	4.1	-27.0	20.8	76.9	2.3	-18.5
Q3:22-23					35.0	62.4	2.6	-32.5
‘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
Q2:21-22	55.9	42.7	1.3	-54.6	62.4	37.6	0.0	-62.4
Q3:21-22	53.8	46.2	0.0	-53.8	76.5	23.0	0.4	-76.1
Q4:21-22	77.5	19.7	2.8	-74.6	83.1	15.4	1.5	-81.5
Q1:22-23	79.5	19.7	0.8	-78.7	80.3	18.3	1.4	-78.9
Q2:22-23	50.0	44.2	5.8	-44.2	76.0	23.1	0.8	-75.2
Q3:22-23					53.0	42.7	4.3	-48.7
‘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
Q2:21-22	25.8	62.6	11.6	14.1	51.8	46.8	1.4	50.5
Q3:21-22	27.0	67.6	5.4	21.6	59.9	38.1	2.0	57.9
Q4:21-22	21.4	73.2	5.4	16.1	66.4	32.7	0.9	65.5
Q1:22-23	32.2	54.0	13.8	18.4	25.0	73.2	1.8	23.2
Q2:22-23	27.5	60.0	12.5	15.0	34.1	62.4	3.5	30.6
Q3:22-23					32.2	62.6	5.2	27.0
‘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
Q2:21-22	19.2	51.9	28.9	-9.6	42.3	50.0	7.7	34.7
Q3:21-22	26.5	52.9	20.6	5.9	49.8	43.5	6.7	43.1
Q4:21-22	19.0	35.4	45.6	-26.6	57.4	33.1	9.6	47.8
Q1:22-23	13.8	34.6	51.5	-37.7	27.8	57.0	15.2	12.7
Q2:22-23	22.0	54.5	23.6	-1.6	22.5	62.0	15.5	7.0
Q3:22-23					34.7	47.1	18.2	16.5
‘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
Q2:21-22	25.1	66.1	8.7	16.4	45.2	52.1	2.8	42.4
Q3:21-22	26.3	69.3	4.4	21.9	58.6	36.5	5.0	53.6
Q4:21-22	19.1	74.5	6.4	12.8	64.9	31.6	3.5	61.4
Q1:22-23	20.9	70.1	9.0	11.9	24.4	71.1	4.4	20.0
Q2:22-23	36.4	55.9	7.6	28.8	25.8	71.2	3.0	22.7
Q3:22-23					45.8	47.5	6.8	39.0
‘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
Q2:21-22	29.6	66.7	3.7	25.9	70.3	29.1	0.7	69.6
Q3:21-22	27.5	71.4	1.1	26.4	82.1	16.4	1.5	80.6
Q4:21-22	28.6	60.7	10.7	17.9	76.7	22.2	1.1	75.6
Q1:22-23	23.5	73.5	2.9	20.6	32.1	64.3	3.6	28.6
Q2:22-23	25.5	68.2	6.4	19.1	29.4	67.6	2.9	26.5
Q3:22-23					27.7	70.5	1.8	25.9
‘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
Q2:21-22	28.5	68.8	2.8	25.7	68.8	31.2	0.0	68.8
Q3:21-22	30.1	68.8	1.1	29.0	73.6	23.6	2.8	70.8
Q4:21-22	17.2	75.9	6.9	10.3	77.4	20.4	2.2	75.3
Q1:22-23	27.0	67.6	5.4	21.6	24.1	69.0	6.9	17.2
Q2:22-23	22.0	72.5	5.5	16.5	38.9	58.3	2.8	36.1
Q3:22-23					26.9	70.4	2.8	24.1
‘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 अगस्त 05, 2022 को जारी किए गए थे।

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.