2022-23 की चौथी तिमाही (Q4) के लिए सेवा और आधारभूत संरचना परिदृश्य का सर्वेक्षण

RbiAnnouncementWeb

असेट प्रकाशक

06 अप्रैल 2023 को प्रकाशित

सुनें

2022-23 की चौथी तिमाही (Q4) के लिए सेवा और आधारभूत संरचना परिदृश्य का सर्वेक्षण

आज भारतीय रिज़र्व बैंक ने 2022-23 की चौथी तिमाही के दौरान संचालित सेवा और आधारभूत संरचना परिदृश्य (एसआइओएस) के तिमाही सर्वेक्षण के 36 वें चक्र का परिणाम जारी किया। भविष्योन्मुखी सर्वेक्षण¹ 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 समुह मे किया जाता है। सर्वेक्षण के इस चक्र में 638 कंपनियों ने 2022-23 की चौथी तिमाही के लिए अपना मूल्यांकन तथा 2023-24 की पहली तिमाही के लिए अपेक्षाओं के साथ-साथ बाद की दो तिमाहियों के लिए प्रमुख मापदंडों पर दृष्टिकोण प्रदान किया।

विशेष:

अ) सेवा क्षेत्र

2022-23 की चौथी तिमाही के लिए मूल्यांकन

सेवा क्षेत्र के उद्यमों ने 2022-23 की चौथी तिमाही के दौरान समग्र व्यावसायिक स्थिति और उनके कारोबार में सुधार का आकलन किया (चार्ट 1 और तालिका ए)।
रोजगार की स्थिति के बारे में धारणा आशावादी बनी रही, हालांकि पिछले सर्वेक्षण के दौर से उनमें नरमी आई है।
लागत का बोझ ऊंचे स्तर पर रहा, हालांकि पिछली तिमाही की तुलना में कुछ कमी का आकलन किया गया है।
फर्मों ने 2022-23 की चौथी तिमाही में बिक्री मूल्य और लाभ मार्जिन दोनों के लिए संरक्षित आशावाद व्यक्त किया। भौतिक निवेश का उनका आकलन सकारात्मक था लेकिन पिछले सर्वेक्षण दौर की तुलना में कम था।

2023-24 की पहली तिमाही के लिए अपेक्षाएं

2023-24 की पहली तिमाही के दौरान प्रतिवादी समग्र व्यावसायिक स्थिति और टर्नओवर के बारे में उत्साहित थे; वे पूर्णकालिक और अंशकालिक कर्मचारियों दोनों के लिए अनुकूल रोजगार की स्थिति की उम्मीद करते हैं, हालांकि विस्तार की गति कुछ धीमी होने की संभावना है (चार्ट 1 और तालिका ए)।
2023-24 की पहली तिमाही में कुछ सहजता के साथ सेवा फर्मों के लिए इनपुट लागत दबाव जारी रहने की संभावना है, और उनकी बिक्री कीमतों में धीमी गति से वृद्धि होने की उम्मीद है; तिमाही के दौरान प्रॉफिट मार्जिन ग्रोथ बरकरार रहने की संभावना है।

2023-24 की दूसरी और तीसरी तिमाही के लिए अपेक्षाएं

सेवाओं की मांग 2023-24 की तीसरी तिमाही तक क्रमिक रूप से बढ़ने की संभावना है (तालिका सी)।
इनपुट लागत दबाव निकट अवधि में बने रहने की संभावना है और बिक्री मूल्य बढ़ने की उम्मीद है।

Chart 1: Turnover of Services Companies -Net Response

ब. आधारभूत संरचना क्षेत्र

2022-23 की चौथी तिमाही के लिए मूल्यांकन

आधारभूत संरचना कंपनियों ने समग्र कारोबारी स्थिति और टर्नओवर में तेजी देखी (चार्ट 2 और सारणी बी)।
उत्तरदाताओं ने पूर्णकालिक रोजगार और अंशकालिक रोजगार दोनों पर सकारात्मक भावनाओं की सूचना दी।
उत्तरदाताओं ने Q4: 2022-23 के लिए इनपुट लागत दबावों में कमी और बिक्री मूल्यों में कम वृद्धि का आकलन किया; तथापि, आधारभूत संरचना में भौतिक निवेश पर उनकी भावना अत्यधिक सकारात्मक रही।

2022-23 की पहली तिमाही के लिए अपेक्षाएं

आधारभूत संरचना क्षेत्र में मांग मापदंडों में 2023-24 की पहली तिमाही में सुधार होने की उम्मीद है और नौकरी परिदृश्य का विस्तार होने की उम्मीद है (चार्ट 2 और तालिका बी)।
आधारभूत संरचना क्षेत्र के फर्मों ने 2023-24 की पहली तिमाही में बिक्री मूल्य वृद्धि और लाभ मार्जिन दोनों के लिए कम आशावाद व्यक्त किया।

2023-24 की दूसरी और तीसरी तिमाही के लिए अपेक्षाएं

फर्मों ने 2023-24 की तीसरी तिमाही तक समग्र व्यावसायिक स्थिति और टर्नओवर पर उच्च आशावाद व्यक्त किया (तालिका डी)।
आधारभूत संरचना क्षेत्र में नौकरी परिदृश्य में क्रमिक रूप से सुधार होने की उम्मीद है।
2023-24 की पहली तिमाही में कुछ नरमी के बाद, उत्तरदाताओं को उम्मीद है कि अगली दो तिमाहियों में इनपुट की लागत और बिक्री मूल्य में बढ़ोतरी होगी।

Chart 2: Turnover of Infrastructure Companies -Net Response

Summary of Net Responses² on Survey Parameters
Table A: Services Sector
(per cent)
Parameters	Assessment period		Expectations period
Parameters	Q3:2022-23	Q4:2022-23	Q4:2022-23	Q1:2023-24
Overall Business Situation	48.1	49.5	50.1	55.8
Turnover	43.7	48.9	45.5	53.1
Full-time Employees	38.4	38.1	42.3	41.6
Part-time Employees	34.9	30.9	36.7	31.1
Availability of Finance	37.5	31.3	36.9	33.4
Cost of Finance	-36.1	-33.5	-36.5	-32.8
Salary & Wages	-44.2	-43.7	-38.7	-38.4
Cost of Inputs	-41.4	-37.2	-44.8	-41.1
Selling Price	36.0	30.9	33.4	31.3
Profit Margin	35.8	33.9	39.4	39.1
Inventories	43.5	34.2	43.5	34.8
Technical/Service Capacity	37.1	33.7	37.0	34.0
Physical Investment	37.0	30.0	36.7	30.3

Table B: Infrastructure Sector
(per cent)
Parameters	Assessment period		Expectations period
Parameters	Q3:2022-23	Q4:2022-23	Q4:2022-23	Q1:2023-24
Overall Business Situation	49.0	50.4	50.9	55.3
Turnover	45.4	48.7	48.8	55.3
Full-time Employees	44.7	41.7	45.5	46.5
Part-time Employees	43.8	42.9	45.9	42.9
Availability of Finance	44.7	39.8	46.4	44.1
Cost of Finance	-44.9	-36.3	-43.8	-41.1
Salary & Wages	-51.9	-43.5	-44.7	-43.9
Cost of Inputs	-46.0	-44.2	-48.5	-47.8
Selling Price	44.5	42.3	43.8	40.7
Profit Margin	44.6	36.3	45.1	40.2
Inventories	45.9	43.4	46.4	46.4
Technical/Service Capacity	44.2	42.2	44.6	43.1
Physical Investment	43.4	42.2	43.2	40.2

Expectations of Select Parameters for extended period – Net response
(in per cent)
Table C: Services Sector
Parameter	Round 35	Round 36
Parameter	Q4:2022-23	Q1:2023-24	Q2:2023-24	Q3:2023-24
Overall Business Situation	50.1	55.8	63.7	63.9
Turnover	45.5	53.1	53.8	55.6
Full-time Employees	42.3	41.6	46.0	46.6
Part-time Employees	36.7	31.1	36.3	37.6
Cost of Inputs	-44.8	-41.1	-45.4	-46.4
Selling Price	33.4	31.3	38.8	44.0

Table D: Infrastructure Sector
Parameter	Round 35	Round 36
Parameter	Q4:2022-23	Q1:2023-24	Q2:2023-24	Q3:2023-24
Overall Business Situation	50.9	55.3	58.8	58.0
Turnover	48.8	55.3	52.6	53.5
Full-time Employees	45.5	46.5	46.5	47.4
Part-time Employees	45.9	42.9	43.0	44.2
Cost of Inputs	-48.5	-47.8	-52.6	-54.4
Selling Price	43.8	40.7	43.8	51.8

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
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	52.4	43.3	4.3	48.1	57.4	38.1	4.4	53.0
Q4:22-23	59.8	30.0	10.3	49.5	55.0	40.0	5.0	50.1
Q1:23-24					64.2	27.4	8.4	55.8
‘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
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	49.2	45.2	5.5	43.7	61.6	34.0	4.4	57.1
Q4:22-23	57.4	34.0	8.5	48.9	51.5	42.5	6.0	45.5
Q1:23-24					60.0	33.1	6.9	53.1
‘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
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	42.9	52.5	4.6	38.4	38.4	55.9	5.8	32.6
Q4:22-23	45.1	48.0	7.0	38.1	47.1	48.0	4.8	42.3
Q1:23-24					47.8	45.9	6.3	41.6
‘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
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	40.1	54.8	5.1	34.9	27.8	67.3	5.0	22.8
Q4:22-23	36.2	58.5	5.3	30.9	41.8	53.1	5.1	36.7
Q1:23-24					35.3	60.6	4.2	31.1
‘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
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	42.1	53.4	4.6	37.5	32.9	61.0	6.2	26.7
Q4:22-23	34.9	61.6	3.6	31.3	42.3	52.4	5.4	36.9
Q1:23-24					36.0	61.4	2.6	33.4
‘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
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	40.7	54.7	4.6	-36.1	39.7	57.1	3.2	-36.5
Q4:22-23	36.7	60.1	3.2	-33.5	41.6	53.2	5.2	-36.5
Q1:23-24					35.4	62.0	2.6	-32.8
‘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
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	47.9	48.4	3.7	-44.2	42.4	56.0	1.6	-40.9
Q4:22-23	47.6	48.4	3.9	-43.7	43.3	52.1	4.6	-38.7
Q1:23-24					45.9	46.7	7.5	-38.4
‘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
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	46.1	49.2	4.7	-41.4	49.4	45.6	4.9	-44.5
Q4:22-23	41.9	53.4	4.7	-37.2	50.1	44.5	5.3	-44.8
Q1:23-24					43.8	53.6	2.7	-41.1
‘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
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	40.8	54.4	4.8	36.0	25.7	68.3	6.1	19.6
Q4:22-23	34.4	62.2	3.5	30.9	38.9	55.6	5.5	33.4
Q1:23-24					35.7	60.0	4.3	31.3
‘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
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	41.9	52.0	6.1	35.8	36.3	54.3	9.5	26.8
Q4:22-23	43.6	46.7	9.7	33.9	44.8	49.7	5.4	39.4
Q1:23-24					48.4	42.3	9.3	39.1
‘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
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	48.3	46.9	4.8	43.5	40.5	56.8	2.7	37.8
Q4:22-23	38.1	58.1	3.8	34.2	48.8	46.0	5.2	43.5
Q1:23-24					38.6	57.7	3.7	34.8
‘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
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	41.7	53.6	4.7	37.1	29.5	68.8	1.7	27.7
Q4:22-23	36.4	60.9	2.7	33.7	41.5	53.9	4.6	37.0
Q1:23-24					36.4	61.1	2.5	34.0
‘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
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	41.3	54.4	4.3	37.0	22.8	75.8	1.5	21.3
Q4:22-23	32.2	65.5	2.3	30.0	41.4	53.9	4.7	36.7
Q1:23-24					33.0	64.3	2.7	30.3
‘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
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	55.5	38.0	6.5	49.0	49.2	46.7	4.1	45.1
Q4:22-23	60.9	28.7	10.4	50.4	56.8	37.2	6.0	50.9
Q1:23-24					60.5	34.2	5.3	55.3
‘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
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	52.6	40.2	7.2	45.4	56.1	35.0	8.9	47.2
Q4:22-23	60.9	27.0	12.2	48.7	55.8	37.2	7.0	48.8
Q1:23-24					61.4	32.5	6.1	55.3
‘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
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	51.2	42.3	6.5	44.7	36.4	57.0	6.6	29.8
Q4:22-23	47.0	47.8	5.2	41.7	52.4	40.7	6.9	45.5
Q1:23-24					50.9	44.7	4.4	46.5
‘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
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	50.3	43.2	6.5	43.8	24.6	68.6	6.8	17.8
Q4:22-23	46.4	50.0	3.6	42.9	52.1	41.7	6.2	45.9
Q1:23-24					43.8	55.4	0.9	42.9
‘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
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	50.5	43.7	5.8	44.7	43.4	50.8	5.7	37.7
Q4:22-23	45.1	49.6	5.3	39.8	52.2	41.9	5.8	46.4
Q1:23-24					46.8	50.5	2.7	44.1
‘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
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	51.0	42.8	6.2	-44.9	47.5	46.7	5.8	-41.7
Q4:22-23	43.4	49.6	7.1	-36.3	49.7	44.5	5.8	-43.8
Q1:23-24					43.8	53.6	2.7	-41.1
‘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
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	56.3	39.2	4.4	-51.9	35.0	62.4	2.6	-32.5
Q4:22-23	47.0	49.6	3.5	-43.5	50.5	43.6	5.8	-44.7
Q1:23-24					46.5	50.9	2.6	-43.9
‘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
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	52.2	41.6	6.2	-46.0	53.0	42.7	4.3	-48.7
Q4:22-23	46.9	50.4	2.7	-44.2	55.3	37.8	6.9	-48.5
Q1:23-24					49.6	48.7	1.8	-47.8
‘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
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	51.4	41.8	6.8	44.5	32.2	62.6	5.2	27.0
Q4:22-23	46.8	48.6	4.5	42.3	50.3	43.1	6.6	43.8
Q1:23-24					43.5	53.7	2.8	40.7
‘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
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	52.2	40.1	7.6	44.6	34.7	47.1	18.2	16.5
Q4:22-23	46.0	44.2	9.7	36.3	52.8	39.6	7.6	45.1
Q1:23-24					47.3	45.5	7.1	40.2
‘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
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	52.4	41.0	6.6	45.9	45.8	47.5	6.8	39.0
Q4:22-23	48.7	46.0	5.3	43.4	53.6	39.2	7.2	46.4
Q1:23-24					48.2	50.0	1.8	46.4
‘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
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	50.2	43.9	6.0	44.2	27.7	70.5	1.8	25.9
Q4:22-23	45.9	50.5	3.7	42.2	50.5	43.5	6.0	44.6
Q1:23-24					45.0	53.2	1.8	43.1
‘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
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	49.7	44.1	6.3	43.4	26.9	70.4	2.8	24.1
Q4:22-23	45.9	50.5	3.7	42.2	49.8	43.6	6.6	43.2
Q1:23-24					43.9	52.3	3.7	40.2
‘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, जिन्हें आवश्यक रूप से रिज़र्व बैंक द्वारा साझा नहीं किया जाता है। पिछले सर्वेक्षण दौर के परिणाम 08 फरवरी 2023 को बैंक की वेबसाइट पर जारी किए गए।

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.