The 77th round of the Industrial Outlook Survey (IOS) conducted by the Reserve Bank of India provides a qualitative assessment of the business situation by companies in the Indian manufacturing sector for Q4:2016-17 and their expectations for Q1:2017-181. Responses were received from 1244 companies in this round of the survey. Highlights: 1. Assessment for Q4:2016-17 1.1 There is substantial improvement in sentiments on demand conditions, with respondents more optimistic about production, order books and capacity utilisation in Q4: 2016-17 than a quarter ago. 1.2 The overall financial situation and availability of finance from banks and other sources were also perceived to have improved. 1.3 While respondents were slightly more optimistic than a quarter ago about selling prices, continued pressure from rising cost of raw materials adversely affected profit margins, which remained in the contraction zone. 1.4 Overall, business sentiments in the Indian manufacturing sector improved marginally the Business Expectations Index (BEI)2 rose from 101.1 in Q3:2016-17 to 106.0 in Q4:2016-17. 2. Expectations for Q1: 2017-18 2.1 The outlook on business sentiments for Q1: 2017-18 largely remained similar to the previous quarter, with order books expected to improve, the cost of raw materials expected to increase further, but with greater optimism on pass through to the selling price, leaving the profit margin unaffected. 2.2 The BEI for Q1:2017-18 rose to 114.2 from 111.1 in the previous quarter. Summary Table
Net response3 (in %) comparison over previous quarter | | Parameters | Assessment period | Expectation period | | Q3:2016-17 | Q4:2016-17 | Q4:2016-17 | Q1:2017-18 | | Production | 10.8 | 18.0 | 27.8 | 29.9 | | Order Books | 7.1 | 15.6 | 20.9 | 28.0 | | Pending Orders | 13.7 | 13.0 | 10.3 | 8.5 | | Capacity Utilisation | 2.3 | 10.2 | 16.4 | 17.2 | | Exports | 4.4 | 6.6 | 12.1 | 15.2 | | Imports | 6.2 | 6.8 | 8.4 | 10.1 | | Employment | 3.8 | 6.6 | 5.2 | 9.3 | | Financial Situation | 11.9 | 17.0 | 24.6 | 30.9 | | Availability of Finance (from internal accruals) | 9.9 | 15.3 | 17.4 | 21.3 | | Availability of Finance (from banks & other sources) | 11.7 | 13.7 | 16.9 | 19.9 | | Availability of Finance (from overseas, if applicable) | 4.3 | 4.8 | 6.5 | 7.0 | | Cost of Finance | -3.2 | -0.9 | -0.3 | -2.5 | | Cost of Raw Material | -38.2 | -47.9 | -34.3 | -37.9 | | Selling Price | 0.7 | 8.4 | 5.9 | 12.5 | | Profit Margin | -13.0 | -11.1 | -2.8 | 1.1 | | Overall Business Situation | 13.0 | 22.0 | 27.9 | 36.0 | | Salary | 26.1 | 27.3 | 21.7 | 36.6 | | Business Expectation Index | 101.1 | 106.0 | 111.1 | 114.2 |
| Table 1: Assessment & Expectation for Production | | (Percentage responses)@ | | Quarter | Total response | Assessment | Expectation | | Increase | Decrease | No change | Net response# | Increase | Decrease | No change | Net response | | Q4:2015-16 | 1342 | 35.6 | 18.8 | 45.6 | 16.8 | 41.2 | 10.2 | 48.6 | 31.1 | | Q1:2016-17 | 1275 | 34.5 | 17.2 | 48.3 | 17.3 | 38.8 | 13.8 | 47.4 | 25.0 | | Q2:2016-17 | 723 | 31.4 | 20.6 | 48.0 | 10.8 | 40.2 | 11.2 | 48.6 | 29.0 | | Q3:2016-17 | 1221 | 32.0 | 21.2 | 46.8 | 10.8 | 40.9 | 12.0 | 47.2 | 28.9 | | Q4:2016-17 | 1244 | 35.8 | 17.8 | 46.4 | 18.0 | 41.1 | 13.3 | 45.6 | 27.8 | | Q1:2017-18 | | | | | | 41.6 | 11.7 | 46.7 | 29.9 | ‘Increase’ in production is optimistic.
@: Due to rounding off percentage may not add up to 100. This is applicable for all the tables from 1 to 17.
#: 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 and any value less than zero indicates contraction. |
| Table 2: Assessment & Expectation for Order Books | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q4:2015-16 | 1342 | 31.8 | 19.7 | 48.5 | 12.1 | 39.7 | 10.6 | 49.8 | 29.1 | | Q1:2016-17 | 1275 | 32.1 | 16.5 | 51.3 | 15.6 | 35.5 | 14.3 | 50.3 | 21.2 | | Q2:2016-17 | 723 | 29.3 | 20.4 | 50.3 | 9.0 | 38.1 | 10.8 | 51.1 | 27.3 | | Q3:2016-17 | 1221 | 29.1 | 22.0 | 48.9 | 7.1 | 36.4 | 11.7 | 51.9 | 24.7 | | Q4:2016-17 | 1244 | 34.8 | 19.2 | 46.0 | 15.6 | 35.1 | 14.2 | 50.7 | 20.9 | | Q1:2017-18 | | | | | | 39.5 | 11.5 | 49.0 | 28.0 | | ‘Increase’ in order books is optimistic. |
| Table 3: Assessment & Expectation for Pending Orders | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Below Normal | Above Normal | Normal | Net response | Below Normal | Above Normal | Normal | Net response | | Q4:2015-16 | 1342 | 18.2 | 4.3 | 77.4 | 13.9 | 13.3 | 7.0 | 79.7 | 6.3 | | Q1:2016-17 | 1275 | 16.7 | 5.7 | 77.6 | 11.0 | 15.1 | 4.9 | 80.0 | 10.2 | | Q2:2016-17 | 723 | 18.9 | 5.2 | 75.9 | 13.7 | 12.9 | 6.3 | 80.8 | 6.6 | | Q3:2016-17 | 1222 | 19.0 | 5.3 | 75.7 | 13.7 | 12.9 | 6.7 | 80.4 | 6.2 | | Q4:2016-17 | 1244 | 18.1 | 5.1 | 76.9 | 13.0 | 15.3 | 5.0 | 79.7 | 10.3 | | Q1:2017-18 | | | | | | 13.4 | 4.9 | 81.8 | 8.5 | | Pending orders ‘Below Normal’ is optimistic. |
| Table 4: Assessment & Expectation for Capacity Utilisation | | (Percentage responses) | | Indicator | Options | Assessment | Expectation | | Q4:2015-16 | Q1:2016-17 | Q2:2016-17 | Q3:2016-17 | Q4:2016-17 | Q1:2016-17 | Q2:2016-17 | Q3:2016-17 | Q4:2016-17 | Q1:2017-18 | | Capacity Utilisation (CU)-(main product) | Increase | 24.6 | 21.8 | 21.5 | 20.2 | 25.9 | 26.3 | 26.5 | 27.4 | 27.6 | 28.1 | | No Change | 57.9 | 63.1 | 60.7 | 61.9 | 58.4 | 60.8 | 63.9 | 62.5 | 61.2 | 61.0 | | Decrease | 17.5 | 15.1 | 17.9 | 17.9 | 15.7 | 12.9 | 9.7 | 10.2 | 11.2 | 10.9 | | Net Response | 7.1 | 6.7 | 3.6 | 2.3 | 10.2 | 13.4 | 16.8 | 17.2 | 16.4 | 17.2 | | Level of CU (compared to the average in last 4 quarters) | Above normal | 9.8 | 10.9 | 9.3 | 8.7 | 9.3 | 9.8 | 10.3 | 10.8 | 10.6 | 9.9 | | Normal | 71.0 | 72.5 | 75.3 | 74.9 | 74.6 | 75.6 | 77.8 | 77.7 | 76.5 | 77.9 | | Below Normal | 19.2 | 16.6 | 15.4 | 16.4 | 16.1 | 14.6 | 11.9 | 11.5 | 12.9 | 12.2 | | Net Response | -9.4 | -5.7 | -6.0 | -7.7 | -6.8 | -4.8 | -1.6 | -0.7 | -2.3 | -2.3 | | Assessment of Prod. Capacity (with regard to expected demand in next 6 months) | More than adequate | 13.9 | 14.6 | 14.4 | 12.3 | 14.1 | 13.8 | 13.6 | 14.2 | 11.9 | 13.3 | | Adequate | 77.7 | 76.8 | 77.3 | 78.6 | 78.7 | 79.1 | 78.8 | 78.4 | 80.7 | 79.9 | | Less than adequate | 8.5 | 8.6 | 8.2 | 9.1 | 7.1 | 7.1 | 7.6 | 7.4 | 7.4 | 6.7 | | Net Response | 5.4 | 6.0 | 6.2 | 3.2 | 7.0 | 6.7 | 6.0 | 6.8 | 4.5 | 6.6 | | ‘Increase’ in capacity utilisation is optimistic. |
| Table 5: Assessment & Expectation for Exports | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q4:2015-16 | 1342 | 22.1 | 18.8 | 59.1 | 3.3 | 26.9 | 10.0 | 63.1 | 16.9 | | Q1:2016-17 | 1275 | 21.5 | 15.3 | 63.1 | 6.2 | 25.7 | 12.0 | 62.3 | 13.7 | | Q2:2016-17 | 723 | 19.8 | 20.6 | 59.6 | -0.8 | 26.3 | 9.5 | 64.2 | 16.8 | | Q3:2016-17 | 1221 | 22.9 | 18.5 | 58.6 | 4.4 | 24.3 | 13.2 | 62.5 | 11.2 | | Q4:2016-17 | 1244 | 24.3 | 17.7 | 58.0 | 6.6 | 25.3 | 13.2 | 61.5 | 12.1 | | Q1:2017-18 | | | | | | 26.5 | 11.3 | 62.2 | 15.2 | | ‘Increase’ in exports is optimistic. |
| Table 6: Assessment & Expectation for Imports | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q4:2015-16 | 1342 | 17.6 | 12.9 | 69.4 | 4.7 | 16.4 | 8.6 | 75.0 | 7.7 | | Q1:2016-17 | 1275 | 18.1 | 9.7 | 72.3 | 8.4 | 16.7 | 10.9 | 72.4 | 5.8 | | Q2:2016-17 | 723 | 17.5 | 10.6 | 71.9 | 7.0 | 17.5 | 7.9 | 74.6 | 9.6 | | Q3:2016-17 | 1221 | 17.9 | 11.7 | 70.4 | 6.2 | 18.1 | 9.4 | 72.5 | 8.7 | | Q4:2016-17 | 1244 | 17.5 | 10.7 | 71.8 | 6.8 | 17.7 | 9.3 | 73.1 | 8.4 | | Q1:2017-18 | | | | | | 17.3 | 7.2 | 75.5 | 10.1 | | ‘Increase’ in imports is optimistic. |
| Table 7: Assessment & Expectations for level of Inventory (Raw Material and Finished Goods) | | (Percentage responses) | | Indicator | Options | Assessment | Expectation | | Q4:20 15-16 | Q1:20 16-17 | Q2:20 16-17 | Q3:20 16-17 | Q4:20 16-17 | Q1:20 16-17 | Q2:20 16-17 | Q3:20 16-17 | Q4:20 16-17 | Q1:20 17-18 | | Inventory of raw material | Below average | 7.0 | 6.0 | 7.0 | 7.3 | 6.9 | 5.9 | 5.8 | 5.2 | 6.8 | 6.1 | | Average | 80.5 | 81.7 | 81.2 | 81.1 | 80.7 | 84.4 | 83.5 | 84.5 | 84.2 | 85.2 | | Above average | 12.5 | 12.4 | 11.8 | 11.7 | 12.4 | 9.7 | 10.8 | 10.3 | 9.0 | 8.7 | | Net Response | -5.5 | -6.4 | -4.8 | -4.4 | -5.5 | -3.8 | -5.0 | -5.2 | -2.2 | -2.6 | | Inventory of finished goods | Below average | 8.7 | 7.0 | 6.7 | 6.4 | 7.3 | 7.0 | 7.1 | 4.5 | 6.5 | 6.4 | | Average | 75.9 | 77.7 | 77.5 | 78.3 | 76.1 | 81.9 | 80.8 | 83.0 | 81.9 | 82.8 | | Above average | 15.4 | 15.3 | 15.8 | 15.3 | 16.6 | 11.1 | 12.1 | 12.5 | 11.6 | 10.7 | | Net Response | -6.7 | -8.3 | -9.0 | -8.9 | -9.3 | -4.1 | -5.0 | -7.9 | -5.1 | -4.3 | | Inventory of raw material and finished goods ‘Below average’ is optimistic. |
| Table 8: Assessment & Expectations for Employment Outlook | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q4:2015-16 | 1342 | 14.2 | 10.1 | 75.7 | 4.1 | 15.3 | 6.7 | 78.0 | 8.6 | | Q1:2016-17 | 1275 | 15.0 | 9.7 | 75.3 | 5.3 | 15.1 | 8.0 | 76.9 | 7.1 | | Q2:2016-17 | 723 | 14.5 | 7.7 | 77.8 | 6.8 | 15.8 | 7.7 | 76.5 | 8.1 | | Q3:2016-17 | 1221 | 13.5 | 9.7 | 76.8 | 3.8 | 14.7 | 5.6 | 79.7 | 9.1 | | Q4:2016-17 | 1244 | 15.9 | 9.3 | 74.8 | 6.6 | 12.1 | 6.9 | 81.0 | 5.2 | | Q1:2017-18 | | | | | | 15.9 | 6.6 | 77.5 | 9.3 | | ‘Increase’ in employment is optimistic. |
| Table 9: Assessment & Expectation for Overall Financial Situation | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Better | Worsen | No change | Net response | Better | Worsen | No change | Net response | | Q4:2015-16 | 1342 | 26.6 | 12.3 | 61.0 | 14.3 | 33.3 | 8.5 | 58.2 | 24.7 | | Q1:2016-17 | 1275 | 27.9 | 11.9 | 60.1 | 16.0 | 33.1 | 8.3 | 58.6 | 24.8 | | Q2:2016-17 | 723 | 27.7 | 11.3 | 61.1 | 16.4 | 35.2 | 8.3 | 56.5 | 26.9 | | Q3:2016-17 | 1221 | 26.0 | 14.1 | 59.9 | 11.9 | 33.9 | 6.8 | 59.3 | 27.1 | | Q4:2016-17 | 1244 | 30.6 | 13.6 | 55.9 | 17.0 | 34.1 | 9.5 | 56.4 | 24.6 | | Q1:2017-18 | | | | | | 37.9 | 7.0 | 55.1 | 30.9 | | ‘Better’ overall financial situation is optimistic. |
| Table 10: Assessment & Expectation for Working Capital Finance Requirement | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q4:2015-16 | 1342 | 31.7 | 6.8 | 61.4 | 24.9 | 30.1 | 4.9 | 65.0 | 25.2 | | Q1:2016-17 | 1275 | 28.1 | 7.2 | 64.7 | 20.8 | 30.0 | 5.4 | 64.6 | 24.6 | | Q2:2016-17 | 723 | 26.0 | 6.6 | 67.4 | 19.4 | 29.7 | 5.6 | 64.7 | 24.1 | | Q3:2016-17 | 1221 | 28.9 | 6.9 | 64.3 | 22.0 | 28.1 | 4.1 | 67.8 | 24.1 | | Q4:2016-17 | 1244 | 30.2 | 5.6 | 64.2 | 24.6 | 29.2 | 5.3 | 65.5 | 23.9 | | | | | | | | 29.4 | 5.1 | 65.5 | 24.3 | | ‘Increase’ in working capital finance is optimistic. |
| Table 11: Assessment & Expectation for Availability of Finance | | (Percentage responses) | | Indicator | Options | Assessment | Expectation | | Q4:2015-16 | Q1:2016-17 | Q2:2016-17 | Q3:2016-17 | Q4:2016-17 | Q1:20 16-17 | Q2:20 16-17 | Q3:20 16-17 | Q4:20 16-17 | Q1:20 17-18 | | Availability of finance (from internal accruals) | Improve | 21.7 | 22.4 | 21.0 | 21.6 | 25.6 | 25.6 | 25.9 | 25.2 | 25.4 | 27.5 | | No Change | 69.0 | 68.6 | 70.5 | 66.7 | 64.1 | 68.3 | 68.3 | 69.8 | 66.6 | 66.3 | | Worsen | 9.3 | 8.9 | 8.5 | 11.7 | 10.3 | 6.1 | 5.8 | 5.0 | 8.0 | 6.2 | | Net Response | 12.4 | 13.5 | 12.5 | 9.9 | 15.3 | 19.5 | 20.1 | 20.2 | 17.4 | 21.3 | | Availability of Finance (from banks & other sources) | Improve | 18.3 | 18.7 | 18.3 | 19.6 | 21.3 | 21.6 | 21.7 | 21.8 | 22.5 | 24.8 | | No Change | 74.2 | 73.6 | 76.1 | 72.5 | 71.1 | 73.2 | 72.7 | 74.9 | 71.9 | 70.3 | | Worsen | 7.5 | 7.7 | 5.6 | 7.9 | 7.6 | 5.2 | 5.5 | 3.3 | 5.6 | 4.9 | | Net Response | 10.8 | 11.0 | 12.7 | 11.7 | 13.7 | 16.4 | 16.2 | 18.5 | 16.9 | 19.9 | | Availability of Finance (from overseas, if applicable) | Improve | 8.8 | 10.6 | 10.0 | 9.1 | 8.1 | 10.0 | 12.2 | 10.3 | 10.0 | 9.8 | | No Change | 85.3 | 84.4 | 86.6 | 86.1 | 88.6 | 85.4 | 84.1 | 87.7 | 86.5 | 87.4 | | Worsen | 5.9 | 5.0 | 3.3 | 4.8 | 3.3 | 4.7 | 3.8 | 2.0 | 3.5 | 2.8 | | Net Response | 2.9 | 5.6 | 6.7 | 4.3 | 4.8 | 5.3 | 8.4 | 8.3 | 6.5 | 7.0 | | ‘Improvement’ in availability of finance is optimistic. |
| Table 12: Assessment & Expectation for Cost of Finance | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Decrease | Increase | No change | Net response | Decrease | Increase | No change | Net response | | Q4:2015-16 | 1342 | 11.0 | 19.7 | 69.2 | -8.7 | 10.5 | 15.9 | 73.6 | -5.5 | | Q1:2016-17 | 1275 | 10.1 | 19.9 | 70.0 | -9.8 | 8.8 | 17.1 | 74.1 | -8.3 | | Q2:2016-17 | 723 | 9.4 | 17.3 | 73.3 | -7.9 | 9.9 | 17.4 | 72.6 | -7.5 | | Q3:2016-17 | 1221 | 12.9 | 16.1 | 71.1 | -3.2 | 9.4 | 16.9 | 73.8 | -7.5 | | Q4:2016-17 | 1244 | 15.8 | 16.7 | 67.6 | -0.9 | 14.5 | 14.8 | 70.8 | -0.3 | | Q1:2017-18 | | | | | | 12.9 | 15.4 | 71.7 | -2.5 | | ‘Decrease’ in cost of finance is optimistic. |
| Table 13: Assessment & Expectation for Cost of Raw Material | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Decrease | Increase | No change | Net response | Decrease | Increase | No change | Net response | | Q4:2015-16 | 1342 | 13.3 | 37.7 | 49.0 | -24.4 | 6.9 | 34.2 | 58.9 | -27.3 | | Q1:2016-17 | 1275 | 7.5 | 41.5 | 51.0 | -34.0 | 8.3 | 36.0 | 55.7 | -27.7 | | Q2:2016-17 | 723 | 4.2 | 43.1 | 52.7 | -39.0 | 6.0 | 37.5 | 56.5 | -31.5 | | Q3:2016-17 | 1221 | 6.4 | 44.6 | 48.9 | -38.2 | 5.5 | 37.4 | 57.1 | -32.0 | | Q4:2016-17 | 1244 | 3.5 | 51.4 | 45.0 | -47.9 | 5.1 | 39.4 | 55.6 | -34.3 | | Q1:2017-18 | | | | | | 4.1 | 42.0 | 54.0 | -37.9 | | ‘Decrease’ in cost of raw material is optimistic. |
| Table 14: Assessment & Expectation for Selling Price | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q4:2015-16 | 1342 | 15.9 | 19.6 | 64.5 | -3.7 | 17.9 | 10.7 | 71.4 | 7.2 | | Q1:2016-17 | 1275 | 18.9 | 13.2 | 67.9 | 5.7 | 20.2 | 13.1 | 66.7 | 7.1 | | Q2:2016-17 | 723 | 16.5 | 14.5 | 69.0 | 2.0 | 19.8 | 9.7 | 70.5 | 10.1 | | Q3:2016-17 | 1221 | 16.9 | 16.2 | 66.9 | 0.7 | 17.2 | 10.4 | 72.4 | 6.8 | | Q4:2016-17 | 1244 | 21.4 | 13.0 | 65.6 | 8.4 | 16.8 | 10.9 | 72.3 | 5.9 | | Q1:2017-18 | | | | | | 21.6 | 9.1 | 69.3 | 12.5 | | ‘Increase’ in selling price is optimistic. |
| Table 15: Assessment & Expectation for Profit Margin | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q4:2015-16 | 1342 | 13.4 | 30.1 | 56.5 | -16.7 | 18.1 | 20.1 | 61.8 | -2.0 | | Q1:2016-17 | 1275 | 14.4 | 27.4 | 58.2 | -12.8 | 18.5 | 22.1 | 59.4 | -3.6 | | Q2:2016-17 | 723 | 15.8 | 28.8 | 55.4 | -12.9 | 19.1 | 19.3 | 61.6 | -0.2 | | Q3:2016-17 | 1221 | 15.3 | 28.3 | 56.4 | -13.0 | 19.5 | 19.4 | 61.2 | 0.1 | | Q4:2016-17 | 1244 | 16.7 | 27.8 | 55.5 | -11.1 | 18.5 | 21.3 | 60.2 | -2.8 | | Q1:2017-18 | | | | | | 20.3 | 19.2 | 60.4 | 1.1 | | ‘Increase’ in profit margin is optimistic. |
| Table 16: Assessment & Expectation for Overall Business Situation | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Better | Worsen | No change | Net response | Better | Worsen | No change | Net response | | Q4:2015-16 | 1342 | 30.8 | 14.6 | 54.6 | 16.2 | 40.9 | 7.6 | 51.5 | 33.3 | | Q1:2016-17 | 1275 | 33.3 | 12.1 | 54.6 | 21.2 | 39.4 | 8.9 | 51.7 | 30.5 | | Q2:2016-17 | 723 | 31.4 | 14.0 | 54.6 | 17.4 | 41.2 | 7.7 | 51.1 | 33.5 | | Q3:2016-17 | 1221 | 29.4 | 16.4 | 54.2 | 13.0 | 40.1 | 8.7 | 51.2 | 31.3 | | Q4:2016-17 | 1244 | 36.3 | 14.3 | 49.5 | 22.0 | 39.4 | 11.5 | 49.1 | 27.9 | | Q1:2017-18 | | | | | | 43.6 | 7.6 | 48.8 | 36.0 | | ‘Better’ Overall Business Situation is optimistic. |
| Table 17: Assessment & Expectation for Salary/Other Remuneration | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q4:2015-16 | 1342 | 30.5 | 3.0 | 66.5 | 27.5 | 25.0 | 2.8 | 72.2 | 22.1 | | Q1:2016-17 | 1275 | 34.9 | 2.9 | 62.2 | 32.0 | 33.2 | 2.9 | 63.9 | 30.3 | | Q2:2016-17 | 723 | 35.8 | 3.0 | 61.2 | 32.8 | 30.0 | 3.1 | 66.9 | 26.9 | | Q3:2016-17 | 1222 | 28.9 | 2.8 | 68.3 | 26.1 | 26.6 | 2.0 | 71.4 | 24.7 | | Q4:2016-17 | 1244 | 30.0 | 2.7 | 67.3 | 27.3 | 25.0 | 3.3 | 71.8 | 21.7 | | Q1:2017-18 | | | | | | 38.8 | 2.2 | 59 | 36.6 | | ‘Increase in Salary / other remuneration’ is optimistic. |
| Table 18: Business Expectation Index (BEI) | | Quarter | BEI-Assessment Quarter | BEI-Expectation Quarter | | Q4:2015-16 | 103.0 | 114.2 | | Q1:2016-17 | 104.0 | 110.9 | | Q2:2016-17 | 102.7 | 112.9 | | Q3:2016-17 | 101.1 | 112.9 | | Q4:2016-17 | 106.0 | 111.1 | | Q1:2017-18 | | 114.2 |
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