| Today, the Reserve Bank released the results of 42nd round of its quarterly Services and Infrastructure Outlook Survey (SIOS) conducted during Q2:2024-25. This forward-looking survey1 captures qualitative assessment and expectations of Indian companies engaged in the services and infrastructure sectors on a set of business parameters relating to demand conditions, price situation and other business conditions. In the latest round of the survey2 , 761 companies provided their assessment for Q2:2024-25 and expectations for Q3:2024-25 as well as outlook on key parameters for the subsequent two quarters. Highlights:
A. Services Sector
Assessment for Q2:2024-25
- Service sector firms retained positive assessment about their overall business situation, turnover and employment position in Q2:2024-25 with somewhat lower sanguinity vis-à-vis the previous quarter (Chart 1 and Table A).
- Pressures emanating from cost of finance, input prices and wages witnessed moderation.
- Sentiments on growth in selling prices and profit margins moderated but remained positive (Table A).
Expectations for Q3:2024-25
- Respondents remained highly optimistic on demand conditions in Q3:2024-25, though their optimism regarding overall business situation and job landscape stood lower vis-à-vis the previous quarter (Chart 1 and Table A).
- Pressures emanating from input costs and finance costs are likely to continue during Q3:2024-25; pressures stemming from salary outgo are, however, expected to ease.
- Selling prices and profit margins are expected to record lower growth in Q3:2024-25.
Expectations for Q4:2024-25 and Q1:2025-26
- Overall business situation is expected to improve; firms remain highly optimistic on turnover and employment (Table C).
- Input cost pressures are likely to persist and growth in selling prices is in sync with it.
- Respondents reported that they could provide 11.2 per cent additional services with their resources during Q1:2024-25 (Table S14).
B. Infrastructure Sector
Assessment for Q2:2024-25
- Infrastructure companies retained positive sentiments on overall business situation as well as their turnover (Chart 2 and Table B).
- Enterprises gauged higher cost pressures from input costs; pressures from salary outgo and cost of finance, however, were assessed to have eased.
- Respondents assessed subdued rise in selling prices and profit margins during Q2:2024-25.
Expectations for Q3:2024-25
- Infrastructure firms polled for highly optimistic outlook on overall business conditions and turnover (Chart 2 and Table B).
- Input cost pressures in the infrastructure sector are likely to persist with associated rise in selling prices; optimism on profit margin moderated.
Expectations for Q4:2024-25 and Q1:2025-26
- Firms expressed high optimism on demand conditions till Q1:2025-26 (Table D).
- Input cost pressures are likely to persist in near term and growth in selling prices are expected to record sustained rise.
Summary of Net Responses3 on Survey Parameters
| Table A: Services Sector |
| (per cent) |
| Parameters |
Assessment period |
Expectations period |
| Q1:24-25 |
Q2:24-25 |
Q2:24-25 |
Q3:24-25 |
| Overall Business Situation |
34.1 |
30.2 |
69.4 |
68.0 |
| Turnover |
33.5 |
30.7 |
68.7 |
68.9 |
| Full-time Employees |
27.8 |
20.1 |
50.5 |
44.0 |
| Part-time Employees |
22.7 |
13.9 |
52.9 |
52.1 |
| Availability of Finance |
32.0 |
19.8 |
57.6 |
50.1 |
| Cost of Finance |
-35.1 |
-32.3 |
-56.9 |
-54.3 |
| Salary & Wages |
-42.6 |
-25.8 |
-53.8 |
-44.5 |
| Cost of Inputs |
-44.7 |
-40.6 |
-65.9 |
-64.2 |
| Selling Price |
21.7 |
12.1 |
54.1 |
48.0 |
| Profit Margin |
10.5 |
4.2 |
45.4 |
38.4 |
| Inventories |
24.3 |
18.4 |
52.0 |
46.6 |
| Technical/Service Capacity |
26.2 |
18.5 |
57.0 |
58.3 |
| Physical Investment |
24.2 |
16.1 |
55.4 |
56.7 |
| Table B: Infrastructure Sector |
| (per cent) |
| Parameters |
Assessment period |
Expectations period |
| Q1:24-25 |
Q2:24-25 |
Q2:24-25 |
Q3:24-25 |
| Overall Business Situation |
26.6 |
21.7 |
74.5 |
67.4 |
| Turnover |
26.6 |
25.4 |
69.9 |
71.0 |
| Full-time Employees |
21.4 |
18.1 |
62.7 |
39.3 |
| Part-time Employees |
25.5 |
9.7 |
60.7 |
48.9 |
| Availability of Finance |
29.2 |
18.2 |
68.0 |
54.4 |
| Cost of Finance |
-29.1 |
-26.6 |
-62.4 |
-60.3 |
| Salary & Wages |
-34.4 |
-26.8 |
-70.6 |
-43.1 |
| Cost of Inputs |
-36.1 |
-40.8 |
-75.2 |
-70.8 |
| Selling Price |
21.5 |
10.9 |
66.7 |
50.0 |
| Profit Margin |
16.9 |
5.8 |
61.8 |
40.6 |
| Inventories |
29.0 |
20.5 |
70.1 |
56.4 |
| Technical/Service Capacity |
31.9 |
19.1 |
79.1 |
72.5 |
| Physical Investment |
27.3 |
25.7 |
75.8 |
75.3 |
Expectations of Select Parameters for extended period – Net response (in per cent)
| Table C: Services Sector |
| Parameter |
Round 41 |
Round 42 |
| Q2:24-25 |
Q3:24-25 |
Q4:24-25 |
Q1:25-26 |
| Overall Business Situation |
69.4 |
68.0 |
69.6 |
69.7 |
| Turnover |
68.7 |
68.9 |
70.7 |
70.4 |
| Full-time Employees |
50.5 |
44.0 |
45.7 |
44.7 |
| Part-time Employees |
52.9 |
52.1 |
51.0 |
50.5 |
| Cost of Inputs |
-65.9 |
-64.2 |
-58.6 |
-58.2 |
| Selling Price |
54.1 |
48.0 |
50.6 |
51.4 |
| Table D: Infrastructure Sector |
| Parameter |
Round 41 |
Round 42 |
| Q2:24-25 |
Q3:24-25 |
Q4:24-25 |
Q1:25-26 |
| Overall Business Situation |
74.5 |
67.4 |
71.9 |
71.1 |
| Turnover |
69.9 |
71.0 |
74.5 |
72.5 |
| Full-time Employees |
62.7 |
39.3 |
45.2 |
42.2 |
| Part-time Employees |
60.7 |
48.9 |
62.4 |
61.9 |
| Cost of Inputs |
-75.2 |
-70.8 |
-59.8 |
-59.8 |
| Selling Price |
66.7 |
50.0 |
57.7 |
60.0 |
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 |
| Better |
No Change |
Worse |
Net response# |
Better |
No Change |
Worse |
Net response |
| Q2:23-24 |
48.4 |
37.7 |
14.0 |
34.4 |
62.3 |
31.3 |
6.4 |
56.0 |
| Q3:23-24 |
47.6 |
40.4 |
12.0 |
35.6 |
51.0 |
41.2 |
7.8 |
43.1 |
| Q4:23-24 |
48.9 |
39.8 |
11.4 |
37.5 |
59.4 |
36.0 |
4.6 |
54.8 |
| Q1:24-25 |
43.0 |
48.1 |
8.9 |
34.1 |
68.5 |
28.4 |
3.1 |
65.3 |
| Q2:24-25 |
41.9 |
46.4 |
11.7 |
30.2 |
71.5 |
26.5 |
2.0 |
69.4 |
| Q3:24-25 |
|
|
|
|
70.1 |
27.8 |
2.1 |
68.0 |
| ‘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 |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
43.8 |
41.3 |
14.9 |
28.9 |
59.3 |
36.3 |
4.4 |
54.9 |
| Q3:23-24 |
48.2 |
35.9 |
15.9 |
32.3 |
40.3 |
49.9 |
9.8 |
30.5 |
| Q4:23-24 |
51.6 |
34.3 |
14.0 |
37.6 |
59.8 |
33.8 |
6.4 |
53.4 |
| Q1:24-25 |
45.2 |
43.1 |
11.7 |
33.5 |
70.5 |
23.6 |
5.9 |
64.6 |
| Q2:24-25 |
43.6 |
43.5 |
12.9 |
30.7 |
71.9 |
24.8 |
3.3 |
68.7 |
| Q3:24-25 |
|
|
|
|
71.9 |
25.2 |
3.0 |
68.9 |
| ‘Increase’ in Turnover is optimistic. Footnotes @ and # given in Table S1 are applicable here. |
| Table S3: Assessment and Expectation for Full-time Employees |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
34.3 |
48.7 |
17.0 |
17.3 |
44.7 |
52.6 |
2.7 |
42.0 |
| Q3:23-24 |
29.9 |
61.6 |
8.5 |
21.4 |
26.4 |
63.7 |
9.9 |
16.5 |
| Q4:23-24 |
33.9 |
57.1 |
9.0 |
24.8 |
32.4 |
64.0 |
3.6 |
28.8 |
| Q1:24-25 |
34.8 |
58.2 |
7.0 |
27.8 |
48.4 |
49.5 |
2.1 |
46.3 |
| Q2:24-25 |
29.0 |
62.0 |
9.0 |
20.1 |
52.2 |
46.0 |
1.7 |
50.5 |
| Q3:24-25 |
|
|
|
|
45.8 |
52.4 |
1.8 |
44.0 |
| ‘Increase’ in Full-time Employees is optimistic. Footnotes @ and # given in Table S1 are applicable here. |
| Table S4: Assessment and Expectation for Part-time Employees |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
24.4 |
57.5 |
18.1 |
6.2 |
36.7 |
57.9 |
5.3 |
31.4 |
| Q3:23-24 |
21.5 |
70.3 |
8.2 |
13.2 |
31.0 |
52.3 |
16.7 |
14.4 |
| Q4:23-24 |
30.2 |
62.4 |
7.5 |
22.7 |
28.8 |
65.4 |
5.8 |
23.1 |
| Q1:24-25 |
28.9 |
65.0 |
6.1 |
22.7 |
50.8 |
46.7 |
2.5 |
48.3 |
| Q2:24-25 |
22.2 |
69.6 |
8.3 |
13.9 |
55.4 |
42.1 |
2.5 |
52.9 |
| Q3:24-25 |
|
|
|
|
54.1 |
43.8 |
2.1 |
52.1 |
| ‘Increase’ in Part-time Employees is optimistic. Footnotes @ and # given in Table S1 are applicable here. |
| Table S5: Assessment and Expectation for Availability of Finance |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Improve |
No Change |
Worsen |
Net response |
Improve |
No Change |
Worsen |
Net response |
| Q2:23-24 |
30.6 |
56.8 |
12.6 |
18.0 |
39.5 |
57.0 |
3.5 |
36.0 |
| Q3:23-24 |
32.3 |
60.3 |
7.4 |
24.9 |
31.5 |
61.1 |
7.3 |
24.2 |
| Q4:23-24 |
36.3 |
55.3 |
8.4 |
27.8 |
40.4 |
56.7 |
2.9 |
37.4 |
| Q1:24-25 |
37.9 |
56.2 |
5.9 |
32.0 |
56.4 |
42.5 |
1.1 |
55.3 |
| Q2:24-25 |
28.5 |
62.8 |
8.7 |
19.8 |
58.8 |
40.0 |
1.2 |
57.6 |
| Q3:24-25 |
|
|
|
|
51.4 |
47.2 |
1.4 |
50.1 |
| ‘Improve’ in Availability of Finance is optimistic. Footnotes @ and # given in Table S1 are applicable here. |
| Table S6: Assessment and Expectation for Cost of Finance |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
39.0 |
52.1 |
8.9 |
-30.1 |
38.1 |
57.6 |
4.3 |
-33.7 |
| Q3:23-24 |
36.5 |
59.3 |
4.2 |
-32.3 |
32.8 |
61.0 |
6.2 |
-26.6 |
| Q4:23-24 |
38.0 |
55.6 |
6.5 |
-31.5 |
38.1 |
58.2 |
3.7 |
-34.4 |
| Q1:24-25 |
40.0 |
55.1 |
4.9 |
-35.1 |
51.0 |
43.5 |
5.5 |
-45.5 |
| Q2:24-25 |
36.6 |
59.0 |
4.3 |
-32.3 |
59.4 |
38.0 |
2.6 |
-56.9 |
| Q3:24-25 |
|
|
|
|
55.9 |
42.5 |
1.6 |
-54.3 |
| ‘Decrease’ in Cost of Finance is optimistic. Footnotes @ and # given in Table S1 are applicable here. |
| Table S7: Assessment and Expectation for Salary/Wages |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
44.5 |
50.3 |
5.3 |
-39.2 |
46.4 |
52.0 |
1.6 |
-44.8 |
| Q3:23-24 |
42.4 |
53.5 |
4.0 |
-38.4 |
33.6 |
62.3 |
4.1 |
-29.5 |
| Q4:23-24 |
34.8 |
60.7 |
4.5 |
-30.2 |
38.6 |
59.6 |
1.8 |
-36.8 |
| Q1:24-25 |
45.3 |
52.0 |
2.7 |
-42.6 |
46.7 |
53.3 |
0.0 |
-46.7 |
| Q2:24-25 |
29.9 |
66.0 |
4.1 |
-25.8 |
54.5 |
44.9 |
0.7 |
-53.8 |
| Q3:24-25 |
|
|
|
|
45.0 |
54.5 |
0.5 |
-44.5 |
| ‘Decrease’ in Salary/Wages is optimistic. Footnotes @ and # given in Table S1 are applicable here. |
| Table S8: Assessment and Expectation for Cost of Inputs |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
39.1 |
49.9 |
11.0 |
-28.1 |
47.0 |
46.8 |
6.1 |
-40.9 |
| Q3:23-24 |
44.6 |
48.6 |
6.8 |
-37.9 |
32.1 |
57.9 |
9.9 |
-22.2 |
| Q4:23-24 |
46.7 |
49.3 |
4.0 |
-42.8 |
47.4 |
50.9 |
1.7 |
-45.7 |
| Q1:24-25 |
47.5 |
49.6 |
2.9 |
-44.7 |
57.1 |
42.5 |
0.4 |
-56.7 |
| Q2:24-25 |
44.4 |
51.8 |
3.8 |
-40.6 |
66.5 |
32.9 |
0.6 |
-65.9 |
| Q3:24-25 |
|
|
|
|
65.6 |
33.1 |
1.3 |
-64.2 |
| ‘Decrease’ in Cost of Inputs is optimistic. Footnotes @ and # given in Table S1 are applicable here. |
| Table S9: Assessment and Expectation for Selling Price |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
21.9 |
62.7 |
15.4 |
6.5 |
39.5 |
53.7 |
6.8 |
32.7 |
| Q3:23-24 |
24.3 |
66.6 |
9.2 |
15.1 |
26.4 |
61.5 |
12.1 |
14.2 |
| Q4:23-24 |
29.9 |
62.6 |
7.5 |
22.4 |
35.3 |
60.0 |
4.7 |
30.7 |
| Q1:24-25 |
26.9 |
67.9 |
5.2 |
21.7 |
52.4 |
46.0 |
1.6 |
50.8 |
| Q2:24-25 |
20.5 |
71.1 |
8.4 |
12.1 |
55.5 |
43.2 |
1.4 |
54.1 |
| Q3:24-25 |
|
|
|
|
50.4 |
47.3 |
2.3 |
48.0 |
| ‘Increase’ in Selling Price is optimistic. Footnotes @ and # given in Table S1 are applicable here. |
| Table S10: Assessment and Expectation for Profit Margin |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
26.3 |
51.8 |
22.0 |
4.3 |
50.3 |
40.6 |
9.1 |
41.2 |
| Q3:23-24 |
27.1 |
55.5 |
17.4 |
9.7 |
27.3 |
59.2 |
13.5 |
13.8 |
| Q4:23-24 |
29.6 |
57.0 |
13.3 |
16.3 |
36.1 |
55.2 |
8.6 |
27.5 |
| Q1:24-25 |
26.5 |
57.5 |
16.0 |
10.5 |
50.6 |
45.1 |
4.2 |
46.4 |
| Q2:24-25 |
21.0 |
62.1 |
16.8 |
4.2 |
49.6 |
46.3 |
4.2 |
45.4 |
| Q3:24-25 |
|
|
|
|
42.3 |
53.7 |
3.9 |
38.4 |
| ‘Increase’ in Profit Margin is optimistic. Footnotes @ and # given in Table S1 are applicable here. |
| Table S11: Assessment and Expectation for Inventories |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
30.2 |
56.2 |
13.6 |
16.5 |
40.3 |
54.3 |
5.4 |
34.8 |
| Q3:23-24 |
29.6 |
62.9 |
7.5 |
22.2 |
34.5 |
53.9 |
11.6 |
22.9 |
| Q4:23-24 |
32.2 |
60.9 |
6.9 |
25.4 |
34.2 |
60.0 |
5.8 |
28.3 |
| Q1:24-25 |
31.2 |
62.0 |
6.9 |
24.3 |
50.9 |
45.9 |
3.2 |
47.8 |
| Q2:24-25 |
24.5 |
69.4 |
6.1 |
18.4 |
54.3 |
43.4 |
2.3 |
52.0 |
| Q3:24-25 |
|
|
|
|
47.7 |
51.3 |
1.1 |
46.6 |
| ‘Increase’ in Inventories is optimistic. Footnotes @ and # given in Table S1 are applicable here. |
| Table S12: Assessment and Expectation for Technical/Service Capacity |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
28.1 |
69.2 |
2.7 |
25.3 |
51.2 |
47.5 |
1.3 |
49.8 |
| Q3:23-24 |
22.6 |
75.8 |
1.6 |
21.0 |
41.9 |
56.3 |
1.9 |
40.0 |
| Q4:23-24 |
29.1 |
66.2 |
4.8 |
24.3 |
34.1 |
65.9 |
0.0 |
34.1 |
| Q1:24-25 |
29.4 |
67.4 |
3.2 |
26.2 |
54.7 |
45.3 |
0.0 |
54.7 |
| Q2:24-25 |
23.0 |
72.5 |
4.5 |
18.5 |
57.2 |
42.5 |
0.2 |
57.0 |
| Q3:24-25 |
|
|
|
|
58.6 |
41.1 |
0.3 |
58.3 |
| ‘Increase’ in Technical/Service Capacity is optimistic. Footnotes @ and # given in Table S1 are applicable here. |
| Table S13: Assessment and Expectation for Physical Investment |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
30.7 |
66.1 |
3.1 |
27.6 |
43.4 |
54.8 |
1.8 |
41.5 |
| Q3:23-24 |
21.7 |
76.6 |
1.6 |
20.1 |
23.3 |
75.8 |
0.9 |
22.3 |
| Q4:23-24 |
28.0 |
66.7 |
5.3 |
22.6 |
32.2 |
67.8 |
0.0 |
32.2 |
| Q1:24-25 |
27.4 |
69.3 |
3.2 |
24.2 |
53.8 |
45.7 |
0.5 |
53.2 |
| Q2:24-25 |
21.6 |
72.9 |
5.5 |
16.1 |
55.7 |
44.1 |
0.3 |
55.4 |
| Q3:24-25 |
|
|
|
|
57.0 |
42.7 |
0.3 |
56.7 |
| ‘Increase’ in Physical Investment is optimistic. Footnotes @ and # given in Table S1 are applicable here. |
| Table S14: Estimated Spare Capacity for the Services Sector |
Survey conducted during |
Reference quarter |
Response rate for the question on Spare Capacity
(per cent) |
Spare Capacity
(per cent) |
| Q4:2020-21 |
Q3:2020-21 |
73.4 |
13.9 |
| Q1:2021-22 |
Q4:2020-21 |
25.0 |
13.3 |
| Q2:2021-22 |
Q1:2021-22 |
69.3 |
24.8 |
| Q3:2021-22 |
Q2:2021-22 |
64.4 |
11.1 |
| Q4:2021-22 |
Q3:2021-22 |
40.8 |
13.0 |
| Q1:2022-23 |
Q4:2021-22 |
58.3 |
17.4 |
| Q2:2022-23 |
Q1:2022-23 |
79.5 |
13.5 |
| Q3:2022-23 |
Q2:2022-23 |
25.2 |
12.6 |
| Q4:2022-23 |
Q3:2022-23 |
63.0 |
13.8 |
| Q1:2023-24 |
Q4:2022-23 |
79.8 |
13.6 |
| Q2:2023-24 |
Q1:2023-24 |
84.3 |
12.3 |
| Q3:2023-24 |
Q2:2023-24 |
74.0 |
11.8 |
| Q4:2023-24 |
Q3:2023-24 |
74.8 |
11.7 |
| Q1:2024-25 |
Q4:2023-24 |
78.8 |
11.3 |
| Q2:2024-25 |
Q1:2024-25 |
71.5 |
11.2 |
Infrastructure Sector
Table I1: Assessment and Expectation for Overall Business Situation |
(Percentage responses)@ |
| Quarter |
Assessment |
Expectation |
| Better |
No Change |
Worse |
Net response# |
Better |
No Change |
Worse |
Net response |
| Q2:23-24 |
44.2 |
41.3 |
14.4 |
29.8 |
62.6 |
30.8 |
6.6 |
56.0 |
| Q3:23-24 |
44.2 |
45.8 |
10.0 |
34.2 |
67.3 |
29.8 |
2.9 |
64.4 |
| Q4:23-24 |
45.0 |
42.5 |
12.5 |
32.5 |
73.1 |
21.8 |
5.0 |
68.1 |
| Q1:24-25 |
37.7 |
51.3 |
11.0 |
26.6 |
70.3 |
25.4 |
4.2 |
66.1 |
| Q2:24-25 |
38.4 |
44.9 |
16.7 |
21.7 |
76.5 |
21.6 |
2.0 |
74.5 |
| Q3:24-25 |
|
|
|
|
70.3 |
26.8 |
2.9 |
67.4 |
| ‘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 |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
46.2 |
39.4 |
14.4 |
31.7 |
61.1 |
33.3 |
5.6 |
55.6 |
| Q3:23-24 |
47.9 |
40.3 |
11.8 |
36.1 |
53.8 |
42.3 |
3.8 |
50.0 |
| Q4:23-24 |
42.5 |
42.5 |
15.0 |
27.5 |
75.6 |
22.7 |
1.7 |
73.9 |
| Q1:24-25 |
37.7 |
51.3 |
11.0 |
26.6 |
68.4 |
24.8 |
6.8 |
61.5 |
| Q2:24-25 |
41.3 |
42.8 |
15.9 |
25.4 |
73.2 |
23.5 |
3.3 |
69.9 |
| Q3:24-25 |
|
|
|
|
73.2 |
24.6 |
2.2 |
71.0 |
| ‘Increase’ in Turnover is optimistic. Footnotes @ and # given in Table I1 are applicable here. |
| Table I3: Assessment and Expectation for Full-time Employees |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
28.8 |
58.7 |
12.5 |
16.3 |
48.9 |
48.9 |
2.2 |
46.7 |
| Q3:23-24 |
32.5 |
57.3 |
10.3 |
22.2 |
42.3 |
54.8 |
2.9 |
39.4 |
| Q4:23-24 |
27.5 |
65.0 |
7.5 |
20.0 |
63.2 |
34.2 |
2.6 |
60.7 |
| Q1:24-25 |
31.2 |
59.1 |
9.7 |
21.4 |
47.5 |
51.7 |
0.8 |
46.6 |
| Q2:24-25 |
28.3 |
61.6 |
10.1 |
18.1 |
64.7 |
33.3 |
2.0 |
62.7 |
| Q3:24-25 |
|
|
|
|
41.5 |
56.3 |
2.2 |
39.3 |
| ‘Increase’ in Full-time Employees is optimistic. Footnotes @ and # given in Table I1 are applicable here. |
| Table I4: Assessment and Expectation for Part-time Employees |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
37.9 |
55.2 |
6.9 |
31.0 |
50.9 |
45.3 |
3.8 |
47.2 |
| Q3:23-24 |
35.8 |
57.5 |
6.6 |
29.2 |
60.3 |
34.5 |
5.2 |
55.2 |
| Q4:23-24 |
29.2 |
66.3 |
4.5 |
24.7 |
68.3 |
31.7 |
0.0 |
68.3 |
| Q1:24-25 |
32.8 |
59.9 |
7.3 |
25.5 |
55.8 |
41.9 |
2.3 |
53.5 |
| Q2:24-25 |
21.5 |
66.7 |
11.8 |
9.7 |
63.7 |
33.3 |
3.0 |
60.7 |
| Q3:24-25 |
|
|
|
|
54.3 |
40.2 |
5.4 |
48.9 |
| ‘Increase’ in Part-time Employees is optimistic. Footnotes @ and # given in Table I1 are applicable here. |
| Table I5: Assessment and Expectation for Availability of Finance |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Improve |
No Change |
Worsen |
Net response |
Improve |
No Change |
Worsen |
Net response |
| Q2:23-24 |
36.5 |
52.9 |
10.6 |
26.0 |
51.1 |
43.3 |
5.6 |
45.6 |
| Q3:23-24 |
36.7 |
57.5 |
5.8 |
30.8 |
46.6 |
49.5 |
3.9 |
42.7 |
| Q4:23-24 |
34.7 |
58.5 |
6.8 |
28.0 |
63.0 |
35.3 |
1.7 |
61.3 |
| Q1:24-25 |
35.1 |
59.1 |
5.8 |
29.2 |
58.6 |
40.5 |
0.9 |
57.8 |
| Q2:24-25 |
31.4 |
55.5 |
13.1 |
18.2 |
68.0 |
32.0 |
0.0 |
68.0 |
| Q3:24-25 |
|
|
|
|
55.1 |
44.1 |
0.7 |
54.4 |
| ‘Improve’ in Availability of Finance is optimistic. Footnotes @ and # given in Table I1 are applicable here. |
| Table I6: Assessment and Expectation for Cost of Finance |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
51.0 |
42.7 |
6.3 |
-44.8 |
44.0 |
53.6 |
2.4 |
-41.7 |
| Q3:23-24 |
38.2 |
55.5 |
6.4 |
-31.8 |
54.2 |
45.8 |
0.0 |
-54.2 |
| Q4:23-24 |
35.2 |
61.1 |
3.7 |
-31.5 |
61.7 |
37.4 |
0.9 |
-60.7 |
| Q1:24-25 |
36.4 |
56.3 |
7.3 |
-29.1 |
60.4 |
38.7 |
0.9 |
-59.4 |
| Q2:24-25 |
38.3 |
50.0 |
11.7 |
-26.6 |
65.1 |
32.2 |
2.7 |
-62.4 |
| Q3:24-25 |
|
|
|
|
63.5 |
33.3 |
3.2 |
-60.3 |
| ‘Decrease’ in Cost of Finance is optimistic. Footnotes @ and # given in Table I1 are applicable here. |
| Table I7: Assessment and Expectation for Salary/Wages |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
42.7 |
50.5 |
6.8 |
-35.9 |
47.8 |
52.2 |
0.0 |
-47.8 |
| Q3:23-24 |
44.9 |
50.8 |
4.2 |
-40.7 |
41.2 |
56.9 |
2.0 |
-39.2 |
| Q4:23-24 |
27.7 |
70.6 |
1.7 |
-26.1 |
59.8 |
39.3 |
0.9 |
-59.0 |
| Q1:24-25 |
38.3 |
57.8 |
3.9 |
-34.4 |
55.2 |
44.8 |
0.0 |
-55.2 |
| Q2:24-25 |
31.9 |
63.0 |
5.1 |
-26.8 |
70.6 |
29.4 |
0.0 |
-70.6 |
| Q3:24-25 |
|
|
|
|
43.1 |
56.9 |
0.0 |
-43.1 |
| ‘Decrease’ in Salary/Wages is optimistic. Footnotes @ and # given in Table I1 are applicable here. |
| Table I8: Assessment and Expectation for Cost of Inputs |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
50.0 |
45.1 |
4.9 |
-45.1 |
51.1 |
44.3 |
4.5 |
-46.6 |
| Q3:23-24 |
52.1 |
43.6 |
4.3 |
-47.9 |
52.0 |
41.0 |
7.0 |
-45.0 |
| Q4:23-24 |
52.6 |
43.9 |
3.5 |
-49.1 |
59.1 |
37.4 |
3.5 |
-55.7 |
| Q1:24-25 |
42.2 |
51.7 |
6.1 |
-36.1 |
63.4 |
36.6 |
0.0 |
-63.4 |
| Q2:24-25 |
49.2 |
42.3 |
8.5 |
-40.8 |
75.9 |
23.4 |
0.7 |
-75.2 |
| Q3:24-25 |
|
|
|
|
70.8 |
29.2 |
0.0 |
-70.8 |
| ‘Decrease’ in Cost of Inputs is optimistic. Footnotes @ and # given in Table I1 are applicable here. |
| Table I9: Assessment and Expectation for Selling Price |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
33.7 |
53.3 |
13.0 |
20.7 |
43.4 |
54.2 |
2.4 |
41.0 |
| Q3:23-24 |
37.0 |
54.0 |
9.0 |
28.0 |
42.4 |
53.3 |
4.3 |
38.0 |
| Q4:23-24 |
28.9 |
61.1 |
10.0 |
18.9 |
62.0 |
36.0 |
2.0 |
60.0 |
| Q1:24-25 |
30.8 |
60.0 |
9.2 |
21.5 |
60.7 |
33.7 |
5.6 |
55.1 |
| Q2:24-25 |
24.5 |
61.8 |
13.6 |
10.9 |
69.8 |
27.1 |
3.1 |
66.7 |
| Q3:24-25 |
|
|
|
|
52.7 |
44.5 |
2.7 |
50.0 |
| ‘Increase’ in Selling Price is optimistic. Footnotes @ and # given in Table I1 are applicable here. |
| Table I10: Assessment and Expectation for Profit Margin |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
24.5 |
58.8 |
16.7 |
7.8 |
46.1 |
48.3 |
5.6 |
40.4 |
| Q3:23-24 |
35.0 |
55.0 |
10.0 |
25.0 |
37.3 |
56.9 |
5.9 |
31.4 |
| Q4:23-24 |
26.1 |
56.3 |
17.6 |
8.4 |
56.3 |
36.1 |
7.6 |
48.7 |
| Q1:24-25 |
28.6 |
59.7 |
11.7 |
16.9 |
54.7 |
38.5 |
6.8 |
47.9 |
| Q2:24-25 |
26.8 |
52.2 |
21.0 |
5.8 |
65.1 |
31.6 |
3.3 |
61.8 |
| Q3:24-25 |
|
|
|
|
45.7 |
49.3 |
5.1 |
40.6 |
| ‘Increase’ in Profit Margin is optimistic. Footnotes @ and # given in Table I1 are applicable here. |
| Table I11: Assessment and Expectation for Inventories |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
42.1 |
52.6 |
5.3 |
36.8 |
36.7 |
60.0 |
3.3 |
33.3 |
| Q3:23-24 |
41.7 |
53.4 |
4.9 |
36.9 |
60.5 |
36.8 |
2.6 |
57.9 |
| Q4:23-24 |
34.0 |
62.1 |
3.9 |
30.1 |
75.2 |
23.8 |
1.0 |
74.3 |
| Q1:24-25 |
34.8 |
59.4 |
5.8 |
29.0 |
58.0 |
39.0 |
3.0 |
55.0 |
| Q2:24-25 |
30.4 |
59.8 |
9.8 |
20.5 |
71.5 |
27.0 |
1.5 |
70.1 |
| Q3:24-25 |
|
|
|
|
59.1 |
38.2 |
2.7 |
56.4 |
| ‘Increase’ in Inventories is optimistic. Footnotes @ and # given in Table I1 are applicable here. |
| Table I12: Assessment and Expectation for Technical/Service Capacity |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
38.3 |
59.6 |
2.1 |
36.2 |
51.2 |
48.8 |
0.0 |
51.2 |
| Q3:23-24 |
39.8 |
55.9 |
4.3 |
35.5 |
66.7 |
33.3 |
0.0 |
66.7 |
| Q4:23-24 |
32.5 |
64.9 |
2.6 |
29.9 |
75.0 |
25.0 |
0.0 |
75.0 |
| Q1:24-25 |
36.2 |
59.5 |
4.3 |
31.9 |
66.2 |
32.4 |
1.4 |
64.9 |
| Q2:24-25 |
30.9 |
57.4 |
11.8 |
19.1 |
79.1 |
20.9 |
0.0 |
79.1 |
| Q3:24-25 |
|
|
|
|
72.5 |
27.5 |
0.0 |
72.5 |
| ‘Increase’ in Technical/Service Capacity is optimistic. Footnotes @ and # given in Table I1 are applicable here. |
| Table I13: Assessment and Expectation for Physical Investment |
| (Percentage responses) |
| Quarter |
Assessment |
Expectation |
| Increase |
No Change |
Decrease |
Net response |
Increase |
No Change |
Decrease |
Net response |
| Q2:23-24 |
38.0 |
58.2 |
3.8 |
34.2 |
36.8 |
60.3 |
2.9 |
33.8 |
| Q3:23-24 |
35.8 |
60.0 |
4.2 |
31.6 |
46.8 |
53.2 |
0.0 |
46.8 |
| Q4:23-24 |
28.6 |
68.8 |
2.6 |
26.0 |
75.3 |
24.7 |
0.0 |
75.3 |
| Q1:24-25 |
33.1 |
61.2 |
5.8 |
27.3 |
64.0 |
36.0 |
0.0 |
64.0 |
| Q2:24-25 |
36.5 |
52.7 |
10.8 |
25.7 |
75.8 |
24.2 |
0.0 |
75.8 |
| Q3:24-25 |
|
|
|
|
75.3 |
24.7 |
0.0 |
75.3 |
| ‘Increase’ in Physical Investment is optimistic. Footnotes @ and # given in Table I1 are applicable here. |
[1] The survey results reflect the respondents’ views, which are not necessarily shared by the Reserve Bank.
[2] Results of the previous survey round were released on the Bank’s website on August 08, 2024.
[3] 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.
|
