|
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.
|
