Today, the Reserve Bank released the results of 108th round of its quarterly industrial outlook survey (IOS). The survey1 encapsulates qualitative assessment of the business climate by Indian manufacturing companies for Q3:2024-25 and their expectations for Q4:2024-25 as well as outlook on select parameters for the subsequent two quarters. In all, 1,447 companies responded in this round of the survey2 conducted during October-December 2024. Highlights: A. Assessment for Q3:2024-25 -
Manufacturing companies reported marginally better demand conditions in Q3:2024-25 vis-à-vis the previous quarter, as reflected in their assessment for production, employment, capacity utilisation, exports and order books (Table A). -
Input cost pressures are assessed to have risen further during the quarter which impacted profit margins despite some rise in selling prices. -
Business assessment index (BAI) for Q3:2024-25 remained in the expansion terrain close to its level in the previous quarter (Chart 1). B. Expectations for Q4:2024-25 -
Firms remained optimistic on demand conditions in Q4:2024-25, with modest improvement in production, order books, capacity utilisation and exports. -
Input cost pressures are expected to rise further in Q4:2024-25; pressures from salary outgo are likely to soften. -
The pace of rise in selling prices and profit margins are expected to slow down. -
Business expectations index (BEI) stood at 120.0 in Q4:2024-25, remaining close to its level in the previous quarter (Chart 1). C. Expectations for Q1:2025-26 and Q2:2025-26 -
Manufacturers perceive sequential improvement in production, order books, capacity utilisation and overall business situation during H1:2025-26 (Table B). -
Input cost pressures are expected to continue with associated rise in selling price. | Table A: Summary of Net responses3 on Survey Parameters | | (per cent) | | Parameters | Assessment period | Expectation period | | Q2:2024:25 | Q3:2024:25 | Q3:2024:25 | Q4:2024:25 | | Production | 22.9 | 26.2 | 36.3 | 38.6 | | Order Books | 19.5 | 21.9 | 33.3 | 36.8 | | Pending Orders | 8.0 | 10.4 | 1.8 | 7.1 | | Capacity Utilisation | 15.1 | 17.4 | 29.5 | 32.1 | | Inventory of Raw Materials | -2.7 | -6.0 | -9.6 | -7.5 | | Inventory of Finished Goods | -3.0 | -6.8 | -9.9 | -8.9 | | Exports | 5.3 | 7.6 | 26.2 | 24.2 | | Imports | 9.1 | 11.3 | 24.3 | 23.9 | | Employment | 9.7 | 10.2 | 17.6 | 16.7 | | Financial Situation (Overall) | 25.6 | 24.9 | 46.4 | 41.9 | | Availability of Finance (from internal accruals) | 18.1 | 24.7 | 32.1 | 34.6 | | Availability of Finance (from banks & other sources) | 14.4 | 18.9 | 26.7 | 27.1 | | Availability of Finance (from overseas, if applicable) | 5.1 | 8.0 | 20.2 | 18.0 | | Cost of Raw Material | -38.7 | -46.5 | -47.6 | -49.2 | | Cost of Finance | -10.2 | -12.6 | -20.2 | -19.9 | | Salary/ Other Remuneration | -17.4 | -17.5 | -27.4 | -23.0 | | Selling Price | 0.2 | 2.6 | 17.1 | 15.1 | | Profit Margin | -10.2 | -12.8 | 13.6 | 11.7 | | Overall Business Situation | 26.3 | 25.9 | 47.4 | 45.4 |
| Table B: Business Expectations on Select Parameters for extended period – Net response | | (per cent) | | Parameters | Round 107 | Round 108 | | Q3:2024-25 | Q4:2024-25 | Q1:2025-26 | Q2:2025-26 | | Overall Business Situation | 47.4 | 45.4 | 49.9 | 51.6 | | Production | 36.3 | 38.6 | 49.8 | 50.9 | | Order Books | 33.3 | 36.8 | 48.2 | 49.8 | | Capacity Utilisation | 29.5 | 32.1 | 45.0 | 46.6 | | Employment | 17.6 | 16.7 | 26.4 | 26.1 | | Cost of Raw Materials | -47.6 | -49.2 | -49.0 | -49.3 | | Selling Prices | 17.1 | 15.1 | 27.6 | 28.4 | Note: Please see the excel file for time series data. | Table 1: Assessment and Expectations for Production | | (Percentage responses)@ | | Quarter | Total response | Assessment | Expectations | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q3:2023-24 | 1,040 | 41.2 | 12.2 | 46.7 | 29.0 | 70.9 | 5.7 | 23.4 | 65.1 | | Q4:2023-24 | 1,354 | 46.6 | 12.3 | 41.1 | 34.4 | 62.3 | 4.2 | 33.6 | 58.1 | | Q1:2024-25 | 1,351 | 41.4 | 13.6 | 45.0 | 27.9 | 60.0 | 6.0 | 34.0 | 54.0 | | Q2:2024-25 | 1,300 | 37.6 | 14.7 | 47.7 | 22.9 | 40.7 | 4.3 | 55.0 | 36.3 | | Q3:2024-25 | 1,447 | 42.4 | 16.2 | 41.5 | 26.2 | 40.5 | 4.3 | 55.2 | 36.3 | | Q4:2024-25 | | | | | | 42.8 | 4.2 | 52.9 | 38.6 | | ‘Increase’ in production is optimistic. | | @:Due to rounding off Percentage may not add up to 100. |
| Table 2: Assessment and Expectations for Order Books | | (Percentage responses) | | Quarter | Total response | Assessment | Expectations | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q3:2023-24 | 1,040 | 38.3 | 12.0 | 49.7 | 26.3 | 68.5 | 6.1 | 25.4 | 62.3 | | Q4:2023-24 | 1,354 | 43.4 | 11.6 | 44.9 | 31.8 | 61.8 | 6.0 | 32.1 | 55.8 | | Q1:2024-25 | 1,351 | 39.9 | 14.3 | 45.9 | 25.6 | 57.1 | 6.0 | 36.9 | 51.1 | | Q2:2024-25 | 1,300 | 35.3 | 15.8 | 48.9 | 19.5 | 39.4 | 4.2 | 56.3 | 35.2 | | Q3:2024-25 | 1,447 | 40.0 | 18.1 | 41.8 | 21.9 | 38.1 | 4.8 | 57.0 | 33.3 | | Q4:2024-25 | | | | | | 41.6 | 4.7 | 53.7 | 36.8 | | ‘Increase’ in order books is optimistic. Footnote ‘@’ given in Table 1 is applicable here. |
| Table 3: Assessment and Expectations for Pending Orders | | (Percentage responses) | | Quarter | Total response | Assessment | Expectations | | Above Normal | Below Normal | Normal | Net response | Above Normal | Below Normal | Normal | Net response | | Q3:2023-24 | 1,040 | 8.6 | 11.9 | 79.4 | 3.3 | 9.7 | 8.5 | 81.8 | -1.1 | | Q4:2023-24 | 1,354 | 5.5 | 11.7 | 82.8 | 6.2 | 8.2 | 9.3 | 82.5 | 1.1 | | Q1:2024-25 | 1,351 | 5.7 | 11.6 | 82.7 | 5.9 | 6.4 | 8.1 | 85.5 | 1.8 | | Q2:2024-25 | 1,300 | 3.1 | 11.1 | 85.8 | 8.0 | 4.2 | 6.0 | 89.8 | 1.8 | | Q3:2024-25 | 1,447 | 4.4 | 14.8 | 80.8 | 10.4 | 3.8 | 5.6 | 90.5 | 1.8 | | Q4:2024-25 | | | | | | 4.5 | 11.6 | 83.9 | 7.1 | | Pending orders ‘Below Normal’ is optimistic. Footnote ‘@’ given in Table 1 is applicable here. |
| Table 4: Assessment and Expectations for Capacity Utilisation (Main Product) | | (Percentage responses) | | Quarter | Total response | Assessment | Expectations | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q3:2023-24 | 1,040 | 30.1 | 10.6 | 59.3 | 19.6 | 62.1 | 4.6 | 33.3 | 57.5 | | Q4:2023-24 | 1,354 | 34.9 | 9.9 | 55.2 | 24.9 | 51.2 | 4.6 | 44.2 | 46.7 | | Q1:2024-25 | 1,351 | 30.1 | 11.4 | 58.6 | 18.7 | 48.4 | 4.8 | 46.8 | 43.6 | | Q2:2024-25 | 1,300 | 25.1 | 10.0 | 65.0 | 15.1 | 33.2 | 4.0 | 62.9 | 29.2 | | Q3:2024-25 | 1,447 | 29.9 | 12.5 | 57.6 | 17.4 | 33.4 | 3.9 | 62.6 | 29.5 | | Q4:2024-25 | | | | | | 36.2 | 4.1 | 59.6 | 32.1 | | ‘Increase’ in capacity utilisation is optimistic. Footnote ‘@’ given in Table 1 is applicable here. |
| Table 5: Level of capacity utilisation (compared to the average in preceding 4 quarters) | | (Percentage responses) | | Quarter | Total response | Assessment | Expectations | | Above Normal | Below Normal | Normal | Net response | Above Normal | Below Normal | Normal | Net response | | Q3:2023-24 | 1,040 | 26.2 | 9.4 | 64.4 | 16.7 | 36.1 | 6.1 | 57.8 | 30.1 | | Q4:2023-24 | 1,354 | 20.0 | 10.4 | 69.6 | 9.6 | 33.3 | 5.7 | 61.1 | 27.6 | | Q1:2024-25 | 1,351 | 16.2 | 11.7 | 72.1 | 4.6 | 22.5 | 7.1 | 70.4 | 15.4 | | Q2:2024-25 | 1,300 | 14.9 | 8.1 | 77.0 | 6.8 | 13.1 | 4.7 | 82.2 | 8.4 | | Q3:2024-25 | 1,447 | 12.0 | 11.2 | 76.7 | 0.8 | 14.4 | 3.8 | 81.8 | 10.5 | | Q4:2024-25 | | | | | | 12.5 | 4.4 | 83.0 | 8.1 | | ‘Above Normal’ in Level of capacity utilisation is optimistic. Footnote ‘@’ given in Table 1 is applicable here. |
| Table 6: Assessment and Expectations for Assessment of Production Capacity (with regard to expected demand in next 6 months) | | (Percentage responses) | | Quarter | Total response | Assessment | Expectations | | More than adequate | Less than adequate | Adequate | Net response | More than adequate | Less than adequate | Adequate | Net response | | Q3:2023-24 | 1,040 | 25.1 | 4.7 | 70.2 | 20.4 | 42.7 | 3.2 | 54.1 | 39.5 | | Q4:2023-24 | 1,354 | 17.7 | 5.6 | 76.7 | 12.1 | 38.5 | 3.6 | 57.9 | 34.9 | | Q1:2024-25 | 1,351 | 9.8 | 3.2 | 87.0 | 6.6 | 27.2 | 4.7 | 68.1 | 22.5 | | Q2:2024-25 | 1,300 | 6.9 | 2.1 | 90.9 | 4.8 | 14.7 | 2.5 | 82.8 | 12.3 | | Q3:2024-25 | 1,447 | 8.8 | 3.7 | 87.5 | 5.0 | 12.8 | 1.5 | 85.7 | 11.3 | | Q4:2024-25 | | | | | | 11.1 | 2.8 | 86.1 | 8.3 | | ‘More than adequate’ in Assessment of Production Capacity is optimistic. Footnote ‘@’ given in Table 1 is applicable here. |
| Table 7: Assessment and Expectations for Exports | | (Percentage responses) | | Quarter | Total response | Assessment | Expectations | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q3:2023-24 | 1,040 | 25.1 | 13.5 | 61.3 | 11.6 | 58.1 | 5.0 | 36.9 | 53.1 | | Q4:2023-24 | 1,354 | 26.4 | 10.7 | 62.9 | 15.7 | 50.3 | 6.7 | 43.0 | 43.6 | | Q1:2024-25 | 1,351 | 23.7 | 12.8 | 63.4 | 10.9 | 41.6 | 5.5 | 52.9 | 36.1 | | Q2:2024-25 | 1,300 | 18.4 | 13.2 | 68.4 | 5.3 | 29.2 | 4.4 | 66.4 | 24.8 | | Q3:2024-25 | 1,447 | 22.1 | 14.5 | 63.4 | 7.6 | 31.2 | 5.0 | 63.9 | 26.2 | | Q4:2024-25 | | | | | | 29.2 | 4.9 | 65.9 | 24.2 | | ‘Increase’ in exports is optimistic. Footnote ‘@’ given in Table 1 is applicable here. |
| Table 8: Assessment and Expectations for Imports | | (Percentage responses) | | Quarter | Total response | Assessment | Expectations | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q3:2023-24 | 1,040 | 23.2 | 8.7 | 68.0 | 14.5 | 54.8 | 3.9 | 41.3 | 51.0 | | Q4:2023-24 | 1,354 | 21.6 | 7.8 | 70.6 | 13.8 | 45.2 | 4.2 | 50.6 | 41.0 | | Q1:2024-25 | 1,351 | 21.6 | 7.7 | 70.7 | 13.9 | 35.2 | 4.1 | 60.7 | 31.1 | | Q2:2024-25 | 1,300 | 17.6 | 8.5 | 73.8 | 9.1 | 25.7 | 3.0 | 71.3 | 22.8 | | Q3:2024-25 | 1,447 | 20.4 | 9.1 | 70.5 | 11.3 | 28.0 | 3.6 | 68.4 | 24.3 | | Q4:2024-25 | | | | | | 26.6 | 2.7 | 70.7 | 23.9 | | ‘Increase’ in imports is optimistic. Footnote ‘@’ given in Table 1 is applicable here. |
| Table 9: Assessment and Expectations for level of Raw Materials Inventory | | (Percentage responses) | | Quarter | Total response | Assessment | Expectations | | Above average | Below average | average | Net response | Above average | Below average | average | Net response | | Q3:2023-24 | 1,040 | 12.9 | 4.1 | 83.0 | -8.9 | 30.9 | 3.6 | 65.6 | -27.3 | | Q4:2023-24 | 1,354 | 13.3 | 6.0 | 80.7 | -7.3 | 27.4 | 1.7 | 70.9 | -25.7 | | Q1:2024-25 | 1,351 | 11.9 | 6.0 | 82.1 | -5.9 | 20.2 | 3.9 | 75.9 | -16.3 | | Q2:2024-25 | 1,300 | 8.8 | 6.1 | 85.1 | -2.7 | 10.7 | 2.3 | 87.0 | -8.3 | | Q3:2024-25 | 1,447 | 11.0 | 5.0 | 84.0 | -6.0 | 11.9 | 2.3 | 85.8 | -9.6 | | Q4:2024-25 | | | | | | 9.8 | 2.3 | 88.0 | -7.5 | | ‘Below average’ Inventory of raw materials is optimistic. Footnote ‘@’ given in Table 1 is applicable here. |
| Table 10: Assessment and Expectations for level of Finished Goods Inventory | | (Percentage responses) | | Quarter | Total response | Assessment | Expectations | | Above average | Below average | average | Net response | Above average | Below average | average | Net response | | Q3:2023-24 | 1,040 | 14.0 | 4.5 | 81.5 | -9.5 | 31.4 | 3.3 | 65.3 | -28.2 | | Q4:2023-24 | 1,354 | 12.4 | 6.0 | 81.7 | -6.4 | 27.3 | 2.0 | 70.7 | -25.3 | | Q1:2024-25 | 1,351 | 11.9 | 6.4 | 81.7 | -5.5 | 20.1 | 3.9 | 75.9 | -16.2 | | Q2:2024-25 | 1,300 | 9.5 | 6.5 | 84.0 | -3.0 | 10.3 | 2.6 | 87.1 | -7.7 | | Q3:2024-25 | 1,447 | 11.9 | 5.1 | 83.0 | -6.8 | 12.1 | 2.2 | 85.8 | -9.9 | | Q4:2024-25 | | | | | | 11.1 | 2.2 | 86.8 | -8.9 | | ‘Below average’ Inventory of finished goods is optimistic. Footnote ‘@’ given in Table 1 is applicable here. |
| Table 11: Assessment and Expectations for Employment Outlook | | (Percentage responses) | | Quarter | Total response | Assessment | Expectations | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q3:2023-24 | 1,040 | 25.1 | 6.9 | 67.9 | 18.2 | 42.5 | 3.7 | 53.8 | 38.8 | | Q4:2023-24 | 1,354 | 21.7 | 4.9 | 73.4 | 16.8 | 41.7 | 2.2 | 56.1 | 39.5 | | Q1:2024-25 | 1,351 | 18.5 | 7.3 | 74.1 | 11.2 | 31.3 | 2.2 | 66.5 | 29.1 | | Q2:2024-25 | 1,300 | 15.9 | 6.2 | 77.9 | 9.7 | 17.7 | 2.1 | 80.2 | 15.6 | | Q3:2024-25 | 1,447 | 17.3 | 7.2 | 75.5 | 10.2 | 19.3 | 1.6 | 79.1 | 17.6 | | Q4:2024-25 | | | | | | 18.0 | 1.2 | 80.8 | 16.7 | | ‘Increase’ in employment is optimistic. Footnote ‘@’ given in Table 1 is applicable here. |
| Table 12: Assessment and Expectations for Overall Financial Situation | | (Percentage responses) | | Quarter | Total response | Assessment | Expectations | | Better | Worsen | No change | Net response | Better | Worsen | No change | Net response | | Q3:2023-24 | 1,040 | 36.8 | 11.2 | 52.0 | 25.6 | 68.7 | 5.1 | 26.2 | 63.5 | | Q4:2023-24 | 1,354 | 45.0 | 10.1 | 44.9 | 34.8 | 58.2 | 4.0 | 37.8 | 54.2 | | Q1:2024-25 | 1,351 | 40.9 | 12.4 | 46.7 | 28.5 | 59.2 | 5.2 | 35.6 | 54.0 | | Q2:2024-25 | 1,300 | 37.5 | 11.9 | 50.6 | 25.6 | 44.7 | 2.5 | 52.8 | 42.2 | | Q3:2024-25 | 1,447 | 38.0 | 13.1 | 49.0 | 24.9 | 49.1 | 2.7 | 48.1 | 46.4 | | Q4:2024-25 | | | | | | 44.8 | 3.0 | 52.2 | 41.9 | | ‘Better’ overall financial situation is optimistic. Footnote ‘@’ given in Table 1 is applicable here. |
| Table 13: Assessment and Expectations for Working Capital Finance Requirement | | (Percentage responses) | | Quarter | Total response | Assessment | Expectations | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q3:2023-24 | 1,040 | 32.8 | 6.9 | 60.3 | 26.0 | 60.2 | 2.6 | 37.3 | 57.6 | | Q4:2023-24 | 1,354 | 37.5 | 4.7 | 57.8 | 32.8 | 49.6 | 2.9 | 47.6 | 46.7 | | Q1:2024-25 | 1,351 | 31.6 | 6.5 | 61.9 | 25.1 | 46.6 | 3.0 | 50.4 | 43.6 | | Q2:2024-25 | 1,300 | 24.1 | 4.7 | 71.2 | 19.4 | 32.0 | 2.1 | 66.0 | 29.9 | | Q3:2024-25 | 1,447 | 26.9 | 6.5 | 66.6 | 20.3 | 32.4 | 1.2 | 66.5 | 31.2 | | Q4:2024-25 | | | | | | 30.9 | 2.3 | 66.8 | 28.6 | | ‘Increase’ in working capital finance is optimistic. Footnote ‘@’ given in Table 1 is applicable here. |
| Table 14: Assessment and Expectations for Availability of Finance (from Internal Accruals) | | (Percentage responses) | | Quarter | Total response | Assessment | Expectations | | Improve | Worsen | No change | Net response | Improve | Worsen | No change | Net response | | Q3:2023-24 | 1,040 | 30.6 | 6.9 | 62.5 | 23.7 | 61.6 | 2.5 | 35.9 | 59.1 | | Q4:2023-24 | 1,354 | 35.9 | 6.0 | 58.0 | 29.9 | 49.3 | 2.0 | 48.7 | 47.4 | | Q1:2024-25 | 1,351 | 29.5 | 6.5 | 64.0 | 23.0 | 47.7 | 2.9 | 49.4 | 44.8 | | Q2:2024-25 | 1,300 | 23.5 | 5.4 | 71.1 | 18.1 | 33.0 | 1.2 | 65.9 | 31.8 | | Q3:2024-25 | 1,447 | 31.1 | 6.4 | 62.4 | 24.7 | 32.9 | 0.8 | 66.3 | 32.1 | | Q4:2024-25 | | | | | | 35.8 | 1.3 | 62.9 | 34.6 | | ‘Improvement’ in availability of finance is optimistic. Footnote ‘@’ given in Table 1 is applicable here. |
| Table 15: Assessment and Expectations for Availability of Finance (from banks and other sources) | | (Percentage responses) | | Quarter | Total response | Assessment | Expectations | | Improve | Worsen | No change | Net response | Improve | Worsen | No change | Net response | | Q3:2023-24 | 1,040 | 28.8 | 5.6 | 65.5 | 23.2 | 58.2 | 2.5 | 39.3 | 55.8 | | Q4:2023-24 | 1,354 | 31.2 | 5.1 | 63.6 | 26.1 | 46.5 | 2.1 | 51.4 | 44.5 | | Q1:2024-25 | 1,351 | 25.9 | 5.9 | 68.3 | 20.0 | 43.2 | 2.8 | 54.0 | 40.5 | | Q2:2024-25 | 1,300 | 18.7 | 4.3 | 77.0 | 14.4 | 28.7 | 1.4 | 69.9 | 27.2 | | Q3:2024-25 | 1,447 | 23.5 | 4.5 | 72.0 | 18.9 | 27.4 | 0.7 | 72.0 | 26.7 | | Q4:2024-25 | | | | | | 27.9 | 0.8 | 71.3 | 27.1 | | ‘Improvement’ in availability of finance is optimistic. Footnote ‘@’ given in Table 1 is applicable here. |
| Table 16: Assessment and Expectations for Availability of Finance (from overseas, if applicable) | | (Percentage responses) | | Quarter | Total response | Assessment | Expectations | | Improve | Worsen | No change | Net response | Improve | Worsen | No change | Net response | | Q3:2023-24 | 1,040 | 20.2 | 6.0 | 73.9 | 14.2 | 56.4 | 2.9 | 40.7 | 53.5 | | Q4:2023-24 | 1,354 | 21.2 | 5.2 | 73.6 | 15.9 | 45.3 | 1.4 | 53.4 | 43.9 | | Q1:2024-25 | 1,351 | 16.2 | 6.5 | 77.3 | 9.8 | 35.9 | 2.7 | 61.5 | 33.2 | | Q2:2024-25 | 1,300 | 9.4 | 4.3 | 86.4 | 5.1 | 18.1 | 1.2 | 80.7 | 16.9 | | Q3:2024-25 | 1,447 | 13.9 | 5.9 | 80.3 | 8.0 | 20.6 | 0.4 | 79.0 | 20.2 | | Q4:2024-25 | | | | | | 19.0 | 1.0 | 79.9 | 18.0 | | ‘Improvement’ in availability of finance is optimistic. Footnote ‘@’ given in Table 1 is applicable here. |
| Table 17: Assessment and Expectations for Cost of Finance | | (Percentage responses) | | Quarter | Total response | Assessment | Expectations | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q3:2023-24 | 1,040 | 29.2 | 6.8 | 64.0 | -22.5 | 58.5 | 3.6 | 37.9 | -54.9 | | Q4:2023-24 | 1,354 | 31.3 | 6.5 | 62.3 | -24.8 | 48.8 | 2.9 | 48.3 | -45.9 | | Q1:2024-25 | 1,351 | 23.3 | 6.7 | 70.0 | -16.6 | 40.3 | 4.1 | 55.6 | -36.3 | | Q2:2024-25 | 1,300 | 14.3 | 4.1 | 81.6 | -10.2 | 22.1 | 2.9 | 75.0 | -19.2 | | Q3:2024-25 | 1,447 | 17.9 | 5.3 | 76.8 | -12.6 | 22.2 | 2.0 | 75.8 | -20.2 | | Q4:2024-25 | | | | | | 21.8 | 1.9 | 76.3 | -19.9 | | ‘Decrease’ in cost of finance is optimistic. Footnote ‘@’ given in Table 1 is applicable here. The column heads, namely ‘Increase’ and ‘Decrease’ in data releases for rounds 82-87 were interchanged and should be read as above. |
| Table 18: Assessment and Expectations for Cost of Raw Materials | | (Percentage responses) | | Quarter | Total response | Assessment | Expectations | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q3:2023-24 | 1,040 | 41.8 | 8.4 | 49.7 | -33.4 | 67.8 | 2.8 | 29.3 | -65.0 | | Q4:2023-24 | 1,354 | 50.2 | 6.3 | 43.5 | -43.8 | 57.0 | 2.9 | 40.1 | -54.2 | | Q1:2024-25 | 1,351 | 53.9 | 4.6 | 41.5 | -49.3 | 55.9 | 3.1 | 40.9 | -52.8 | | Q2:2024-25 | 1,300 | 44.5 | 5.8 | 49.8 | -38.7 | 52.1 | 1.1 | 46.9 | -51.0 | | Q3:2024-25 | 1,447 | 51.9 | 5.4 | 42.7 | -46.5 | 49.2 | 1.6 | 49.3 | -47.6 | | Q4:2024-25 | | | | | | 51.7 | 2.5 | 45.8 | -49.2 | | ‘Decrease’ in cost of raw materials is optimistic. Footnote ‘@’ given in Table 1 is applicable here. |
| Table 19: Assessment and Expectations for Salary/Other Remuneration | | (Percentage responses) | | Quarter | Total response | Assessment | Expectations | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q3:2023-24 | 1,040 | 30.3 | 4.1 | 65.7 | -26.2 | 47.3 | 1.7 | 51.0 | -45.6 | | Q4:2023-24 | 1,354 | 26.1 | 1.8 | 72.1 | -24.3 | 42.9 | 0.9 | 56.2 | -42.0 | | Q1:2024-25 | 1,351 | 42.9 | 1.2 | 55.9 | -41.7 | 52.9 | 0.9 | 46.2 | -51.9 | | Q2:2024-25 | 1,300 | 18.8 | 1.4 | 79.8 | -17.4 | 26.7 | 0.6 | 72.7 | -26.1 | | Q3:2024-25 | 1,447 | 18.8 | 1.3 | 79.9 | -17.5 | 27.8 | 0.3 | 71.9 | -27.4 | | Q4:2024-25 | | | | | | 23.4 | 0.4 | 76.3 | -23.0 | | ‘Decrease’ in Salary / other remuneration is optimistic. Footnote ‘@’ given in Table 1 is applicable here. |
| Table 20: Assessment and Expectations for Selling Price | | (Percentage responses) | | Quarter | Total response | Assessment | Expectations | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q3:2023-24 | 1,040 | 22.0 | 11.9 | 66.1 | 10.2 | 45.2 | 5.2 | 49.6 | 40.1 | | Q4:2023-24 | 1,354 | 18.9 | 10.8 | 70.3 | 8.1 | 40.4 | 5.6 | 54.0 | 34.8 | | Q1:2024-25 | 1,351 | 18.5 | 10.5 | 71.0 | 8.0 | 30.5 | 5.7 | 63.8 | 24.7 | | Q2:2024-25 | 1,300 | 10.9 | 10.7 | 78.4 | 0.2 | 20.3 | 3.1 | 76.5 | 17.2 | | Q3:2024-25 | 1,447 | 15.0 | 12.4 | 72.6 | 2.6 | 19.3 | 2.2 | 78.5 | 17.1 | | Q4:2024-25 | | | | | | 19.0 | 3.9 | 77.0 | 15.1 | | ‘Increase’ in selling price is optimistic. Footnote ‘@’ given in Table 1 is applicable here. |
| Table 21: Assessment and Expectations for Profit Margin | | (Percentage responses) | | Quarter | Total response | Assessment | Expectations | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q3:2023-24 | 1,040 | 20.5 | 19.1 | 60.4 | 1.4 | 45.5 | 9.7 | 44.8 | 35.8 | | Q4:2023-24 | 1,354 | 17.2 | 20.6 | 62.1 | -3.4 | 40.3 | 9.5 | 50.2 | 30.8 | | Q1:2024-25 | 1,351 | 13.0 | 25.3 | 61.7 | -12.3 | 30.4 | 10.4 | 59.2 | 20.0 | | Q2:2024-25 | 1,300 | 12.2 | 22.4 | 65.4 | -10.2 | 16.7 | 6.8 | 76.4 | 9.9 | | Q3:2024-25 | 1,447 | 12.4 | 25.2 | 62.4 | -12.8 | 19.4 | 5.8 | 74.9 | 13.6 | | Q4:2024-25 | | | | | | 19.0 | 7.3 | 73.7 | 11.7 | | ‘Increase’ in profit margin is optimistic. Footnote ‘@’ given in Table 1 is applicable here. |
| Table 22: Assessment and Expectations for Overall Business Situation | | (Percentage responses) | | Quarter | Total response | Assessment | Expectations | | Better | Worsen | No change | Net response | Better | Worsen | No change | Net response | | Q3:2023-24 | 1,040 | 40.6 | 12.0 | 47.4 | 28.6 | 73.1 | 5.2 | 21.7 | 67.9 | | Q4:2023-24 | 1,354 | 47.2 | 11.3 | 41.4 | 35.9 | 62.5 | 4.2 | 33.3 | 58.3 | | Q1:2024-25 | 1,351 | 42.7 | 13.1 | 44.2 | 29.6 | 62.0 | 5.5 | 32.5 | 56.5 | | Q2:2024-25 | 1,300 | 39.7 | 13.3 | 47.0 | 26.3 | 47.4 | 2.5 | 50.1 | 45.0 | | Q3:2024-25 | 1,447 | 40.4 | 14.5 | 45.1 | 25.9 | 51.2 | 3.9 | 44.9 | 47.4 | | Q4:2024-25 | | | | | | 48.6 | 3.1 | 48.3 | 45.4 | | ‘Better’ Overall Business Situation is optimistic. Footnote ‘@’ given in Table 1 is applicable here. |
| Table 23: Business Sentiments4 | | Quarter | Business Assessment Index (BAI) | Business Expectations Index (BEI) | | Q3:2023-24 | 113.9 | 135.4 | | Q4:2023-24 | 114.2 | 130.3 | | Q1:2024-25 | 110.8 | 127.2 | | Q2:2024-25 | 108.3 | 119.1 | | Q3:2024-25 | 108.5 | 120.3 | | Q4:2024-25 | | 120.0 |
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