617 भारतीय रिज़र्व बैंक - प्रकाशन
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भारतीय रिज़र्व बैंक

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प्रकाशन



वर्ष 2025-26 की तीसरी तिमाही (Q3) विनिर्माण क्षेत्र के लिए औद्योगिक दृष्टिकोण सर्वेक्षण

भारतीय रिजर्व बैंक ने आज अक्टूबर–दिसंबर 2025 के दौरान आयोजित अपने त्रैमासिक औद्योगिक दृष्टिकोण सर्वेक्षण (IOS) के 112वें दौर के परिणाम जारी किए। यह सर्वेक्षण1 Q3:2025–26 के लिए भारतीय विनिर्माण उद्यमों द्वारा व्यावसायिक परिदृश्य के गुणात्मक मूल्यांकन को दर्शाता है, साथ ही Q4:2025–26 के लिए उनकी अपेक्षाओं और अगली दो तिमाहियों के लिए चयनित मापदंडों पर दृष्टिकोण को भी शामिल करता है। इस दौर के सर्वेक्षण2 में कुल 1,453 कंपनियों ने भाग लिया।

विशेष:

क. तीसरी तिमाही (Q3) 2025-26 का मूल्यांकन

  • Q3:2025–26 के लिए विनिर्माताओं की मांग स्थितियों के प्रति आशावाद में पिछली तिमाही की तुलना में सुधार हुआ, जैसा कि उत्पादन, ऑर्डर बुक और क्षमता उपयोगिता पर उनके मूल्यांकन में प्रतिबिंबित है (तालिका A)।

  • प्रतिक्रिया देने वाली कंपनियों ने कच्चे माल की लागत और वेतन बिल से बढ़े दबाव की सूचना दी। विक्रय मूल्यों और लाभ मार्जिन में वृद्धि के संबंध में विनिर्माताओं की भावनाएं निराशावादी हो गईं।

  • विनिर्माण क्षेत्र में समग्र व्यावसायिक भावनाएं मंद पड़ गईं; व्यावसायिक मूल्यांकन सूचकांक (BAI) पिछली तिमाही के 110.6 से घटकर Q3:2025–26 में 107.8 पर पहुंच गया (चार्ट 1)।

ख. चौथी तिमाही (Q4) 2025-26 के लिए अपेक्षाएँ

  • Q4:2025–26 के लिए विनिर्माताओं का दृष्टिकोण सकारात्मक बना हुआ है, हालांकि कुछ मध्यमता के साथ, जो उत्पादन, ऑर्डर बुक, क्षमता उपयोगिता और निर्यात पर कमजोर दृष्टिकोण को प्रतिबिंबित करता है।

  • कंपनियां लागत दबाव में कमी, विक्रय मूल्यों में कम दर से वृद्धि और लाभ मार्जिन में कमजोरी की अपेक्षा कर रही हैं।

  • Q4:2025–26 में व्यावसायिक अपेक्षाओं सूचकांक में मंदी आई, जो विनिर्माताओं के बीच सावधान और संयमित भावना को दर्शाता है (चार्ट 1)।

Chart 1: Business Sentiments

ग. Q1:2026–27 और Q2:2026–27 के लिए अपेक्षाएं

  • वर्ष 2026–27 की पहली छमाही के दौरान मांग स्थितियों में सुधार की अपेक्षा की जा रही है (तालिका B)।

  • विनिर्माताओं को आगे भी आगत लागत दबाव बने रहने की उम्मीद है, लेकिन वे विक्रय मूल्यों में अधिक वृद्धि के माध्यम से बेहतर मूल्य निर्धारण शक्ति की भी अपेक्षा कर रहे हैं।

Table A: Summary of Net responses3 on Survey Parameters
(per cent)
Parameters Assessment period Expectation period
Q2:2025-26* Q3:2025-26 Q3:2025-26* Q4:2025-26
Production 17.9 21.7 47.9 44.6
Order Books 14.8 19.5 45.7 43.7
Pending Orders 13.5 12.1 0.2 1.7
Capacity Utilisation 14.2 16.1 43.3 38.4
Inventory of Raw Materials 1.5 -1.9 -15.5 -8.2
Inventory of Finished Goods 0.5 -0.9 -15.7 -7.5
Exports 10.0 4.8 37.7 27.8
Imports 12.0 8.5 36.2 24.5
Employment 8.0 7.6 25.2 17.2
Financial Situation (Overall) 17.5 21.2 47.9 41.8
Availability of Finance (from internal accruals) 15.7 21.4 39.3 36.0
Availability of Finance (from banks & other sources) 11.5 17.2 34.8 26.7
Availability of Finance (from overseas, if applicable) 6.2 4.7 28.8 17.2
Cost of Raw Material -38.1 -42.3 -45.6 -42.2
Cost of Finance -6.1 -5.2 -27.9 -16.2
Salary/ Other Remuneration -12.7 -15.0 -29.9 -20.9
Selling Price 2.4 -1.6 24.1 13.5
Profit Margin -6.4 -9.4 24.6 12.4
Overall Business Situation 18.0 22.9 49.3 46.4
*: Based on the previous round’s response.

Table B: Business Expectations on Select Parameters for extended period – Net response
(per cent)
Parameters Round 111 Round 112
Q3:2025-26 Q4:2025-26 Q1:2026-27 Q2:2026-27
Overall Business Situation 49.3 46.4 50.3 51.4
Production 47.9 44.6 49.2 50.8
Order Books 45.7 43.7 48.6 49.5
Capacity Utilisation 43.3 38.4 45.6 45.3
Employment 25.2 17.2 23.6 23.4
Cost of Raw Materials -45.6 -42.2 -46.6 -44.2
Selling Prices 24.1 13.5 21.0 21.7

Note: Please see the excel file for time series data

Table 1: Assessment and Expectations for Production
(Percentage responses)@
Quarter Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q3:2024-25 42.4 16.2 41.5 26.2 40.5 4.3 55.2 36.3
Q4:2024-25 40.9 13.0 46.1 27.9 42.8 4.2 52.9 38.6
Q1:2025-26 33.6 12.1 54.3 21.4 41.4 4.6 54.0 36.9
Q2:2025-26 30.1 12.3 57.6 17.9 56.8 3.6 39.6 53.3
Q3:2025-26 37.7 15.9 46.4 21.7 50.5 2.6 47.0 47.9
Q4:2025-26         48.9 4.3 46.8 44.6
‘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 Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q3:2024-25 40.0 18.1 41.8 21.9 38.1 4.8 57.0 33.3
Q4:2024-25 38.2 13.8 48.0 24.4 41.6 4.7 53.7 36.8
Q1:2025-26 32.3 12.4 55.3 19.9 40.7 5.1 54.2 35.6
Q2:2025-26 27.9 13.1 59.0 14.8 56.1 3.9 40.0 52.1
Q3:2025-26 36.2 16.7 47.1 19.5 48.5 2.8 48.7 45.7
Q4:2025-26         48.1 4.4 47.5 43.7
‘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 Assessment Expectations
Above Normal Below Normal Normal Net response Above Normal Below Normal Normal Net response
Q3:2024-25 4.4 14.8 80.8 10.4 3.8 5.6 90.5 1.8
Q4:2024-25 4.9 11.1 84.0 6.2 4.5 11.6 83.9 7.1
Q1:2025-26 4.4 16.8 78.8 12.3 4.3 6.8 88.9 2.5
Q2:2025-26 3.4 17.0 79.6 13.5 3.5 5.2 91.4 1.7
Q3:2025-26 4.3 16.4 79.2 12.1 3.6 3.8 92.6 0.2
Q4:2025-26         3.8 5.5 90.7 1.7
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 Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q3:2024-25 29.9 12.5 57.6 17.4 33.4 3.9 62.6 29.5
Q4:2024-25 29.1 10.3 60.6 18.7 36.2 4.1 59.6 32.1
Q1:2025-26 27.4 11.4 61.2 16.0 35.4 4.4 60.1 31.0
Q2:2025-26 23.3 9.1 67.6 14.2 49.0 5.1 45.9 43.8
Q3:2025-26 29.0 12.9 58.1 16.1 45.8 2.5 51.7 43.3
Q4:2025-26         42.1 3.7 54.2 38.4
‘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 Assessment Expectations
Above Normal Below Normal Normal Net response Above Normal Below Normal Normal Net response
Q3:2024-25 12.0 11.2 76.7 0.8 14.4 3.8 81.8 10.5
Q4:2024-25 10.9 8.5 80.6 2.3 12.5 4.4 83.0 8.1
Q1:2025-26 18.2 14.0 67.8 4.2 9.7 4.6 85.6 5.1
Q2:2025-26 20.1 14.3 65.6 5.8 18.8 5.1 76.1 13.7
Q3:2025-26 12.2 17.7 70.1 -5.5 19.2 3.5 77.3 15.7
Q4:2025-26         12.0 5.5 82.5 6.5
‘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 Assessment Expectations
More than adequate Less than adequate Adequate Net response More than adequate Less than adequate Adequate Net response
Q3:2024-25 8.8 3.7 87.5 5.0 12.8 1.5 85.7 11.3
Q4:2024-25 9.1 2.4 88.5 6.7 11.1 2.8 86.1 8.3
Q1:2025-26 9.0 10.2 80.8 -1.1 12.1 1.7 86.2 10.4
Q2:2025-26 8.5 10.8 80.7 -2.3 18.6 2.7 78.8 15.9
Q3:2025-26 10.1 10.4 79.4 -0.3 18.7 2.8 78.4 15.9
Q4:2025-26         14.5 4.4 81.1 10.1
‘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 Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q3:2024-25 22.1 14.5 63.4 7.6 31.2 5.0 63.9 26.2
Q4:2024-25 23.0 9.5 67.6 13.5 29.2 4.9 65.9 24.2
Q1:2025-26 22.5 11.6 65.9 10.9 23.4 5.0 71.6 18.4
Q2:2025-26 21.8 11.8 66.5 10.0 38.8 4.0 57.2 34.7
Q3:2025-26 22.3 17.5 60.3 4.8 42.2 4.5 53.3 37.7
Q4:2025-26         35.1 7.4 57.5 27.8
‘Increase’ in exports is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 8: Assessment and Expectations for Imports
(Percentage responses)
Quarter Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q3:2024-25 20.4 9.1 70.5 11.3 28.0 3.6 68.4 24.3
Q4:2024-25 19.0 6.8 74.3 12.3 26.6 2.7 70.7 23.9
Q1:2025-26 18.4 7.7 73.9 10.7 19.4 3.3 77.2 16.1
Q2:2025-26 18.9 7.0 74.1 12.0 36.2 3.0 60.8 33.2
Q3:2025-26 19.1 10.6 70.3 8.5 38.8 2.5 58.7 36.2
Q4:2025-26         29.9 5.4 64.7 24.5
‘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 Assessment Expectations
Above average Below average average Net response Above average Below average average Net response
Q3:2024-25 11.0 5.0 84.0 -6.0 11.9 2.3 85.8 -9.6
Q4:2024-25 11.3 4.9 83.8 -6.4 9.8 2.3 88.0 -7.5
Q1:2025-26 7.9 10.9 81.2 3.0 11.0 2.3 86.7 -8.7
Q2:2025-26 9.6 11.1 79.3 1.5 14.9 2.9 82.2 -12.1
Q3:2025-26 12.0 10.1 77.9 -1.9 16.7 1.3 82.0 -15.5
Q4:2025-26         10.5 2.3 87.2 -8.2
‘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 Assessment Expectations
Above average Below average average Net response Above average Below average average Net response
Q3:2024-25 11.9 5.1 83.0 -6.8 12.1 2.2 85.8 -9.9
Q4:2024-25 12.6 4.7 82.7 -7.9 11.1 2.2 86.8 -8.9
Q1:2025-26 8.5 11.1 80.4 2.6 10.9 1.7 87.4 -9.1
Q2:2025-26 10.7 11.1 78.2 0.5 15.3 2.9 81.8 -12.5
Q3:2025-26 12.1 11.1 76.8 -0.9 17.5 1.7 80.8 -15.7
Q4:2025-26         10.3 2.8 86.9 -7.5
‘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 Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q3:2024-25 17.3 7.2 75.5 10.2 19.3 1.6 79.1 17.6
Q4:2024-25 17.4 5.4 77.2 12.0 18.0 1.2 80.8 16.7
Q1:2025-26 16.8 6.3 76.9 10.6 14.6 1.7 83.7 12.9
Q2:2025-26 15.8 7.8 76.4 8.0 25.4 1.8 72.8 23.7
Q3:2025-26 16.1 8.5 75.5 7.6 26.2 1.0 72.8 25.2
Q4:2025-26         19.5 2.3 78.2 17.2
‘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 Assessment Expectations
Better Worsen No change Net response Better Worsen No change Net response
Q3:2024-25 38.0 13.1 49.0 24.9 49.1 2.7 48.1 46.4
Q4:2024-25 37.0 10.1 52.9 27.0 44.8 3.0 52.2 41.9
Q1:2025-26 31.8 10.8 57.4 21.0 39.0 2.6 58.4 36.3
Q2:2025-26 28.8 11.3 59.8 17.5 57.0 3.0 40.0 53.9
Q3:2025-26 34.3 13.1 52.7 21.2 49.8 1.9 48.3 47.9
Q4:2025-26         45.0 3.2 51.8 41.8
‘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 Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q3:2024-25 26.9 6.5 66.6 20.3 32.4 1.2 66.5 31.2
Q4:2024-25 24.3 5.1 70.6 19.2 30.9 2.3 66.8 28.6
Q1:2025-26 21.0 4.5 74.5 16.4 25.5 2.7 71.8 22.9
Q2:2025-26 19.7 5.8 74.5 13.9 33.4 1.9 64.6 31.5
Q3:2025-26 22.8 5.0 72.2 17.8 34.1 1.5 64.4 32.6
Q4:2025-26         26.4 1.7 71.9 24.7
‘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 Assessment Expectations
Improve Worsen No change Net response Improve Worsen No change Net response
Q3:2024-25 31.1 6.4 62.4 24.7 32.9 0.8 66.3 32.1
Q4:2024-25 27.8 5.5 66.6 22.3 35.8 1.3 62.9 34.6
Q1:2025-26 25.5 5.4 69.1 20.1 31.7 1.3 67.0 30.4
Q2:2025-26 21.0 5.3 73.7 15.7 47.8 1.3 50.8 46.5
Q3:2025-26 26.9 5.6 67.5 21.4 40.1 0.8 59.0 39.3
Q4:2025-26         37.5 1.5 61.0 36.0
‘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 Assessment Expectations
Improve Worsen No change Net response Improve Worsen No change Net response
Q3:2024-25 23.5 4.5 72.0 18.9 27.4 0.7 72.0 26.7
Q4:2024-25 19.8 4.7 75.5 15.1 27.9 0.8 71.3 27.1
Q1:2025-26 20.3 3.9 75.8 16.4 23.0 1.3 75.7 21.7
Q2:2025-26 16.4 4.9 78.8 11.5 41.2 0.5 58.3 40.7
Q3:2025-26 21.8 4.5 73.7 17.2 35.4 0.6 64.1 34.8
Q4:2025-26         27.9 1.2 70.8 26.7
‘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 Assessment Expectations
Improve Worsen No change Net response Improve Worsen No change Net response
Q3:2024-25 13.9 5.9 80.3 8.0 20.6 0.4 79.0 20.2
Q4:2024-25 8.5 4.7 86.8 3.8 19.0 1.0 79.9 18.0
Q1:2025-26 11.6 3.9 84.5 7.6 10.7 1.0 88.3 9.7
Q2:2025-26 11.7 5.5 82.9 6.2 32.9 0.5 66.5 32.4
Q3:2025-26 9.7 4.9 85.4 4.7 29.5 0.7 69.8 28.8
Q4:2025-26         18.2 1.0 80.7 17.2
‘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 Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q3:2024-25 17.9 5.3 76.8 -12.6 22.2 2.0 75.8 -20.2
Q4:2024-25 14.3 3.6 82.1 -10.8 21.8 1.9 76.3 -19.9
Q1:2025-26 16.5 9.2 74.3 -7.2 15.5 2.7 81.8 -12.8
Q2:2025-26 14.5 8.4 77.1 -6.1 26.1 13.6 60.2 -12.5
Q3:2025-26 13.0 7.8 79.2 -5.2 30.2 2.3 67.4 -27.9
Q4:2025-26         20.1 3.9 76.0 -16.2
‘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 Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q3:2024-25 51.9 5.4 42.7 -46.5 49.2 1.6 49.3 -47.6
Q4:2024-25 50.7 3.5 45.8 -47.2 51.7 2.5 45.8 -49.2
Q1:2025-26 50.8 4.2 44.9 -46.6 41.6 1.6 56.8 -40.1
Q2:2025-26 42.1 4.1 53.8 -38.1 56.2 1.2 42.6 -54.9
Q3:2025-26 47.6 5.3 47.1 -42.3 46.6 1.0 52.4 -45.6
Q4:2025-26         43.9 1.7 54.4 -42.2
‘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 Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q3:2024-25 18.8 1.3 79.9 -17.5 27.8 0.3 71.9 -27.4
Q4:2024-25 19.2 1.2 79.6 -18.0 23.4 0.4 76.3 -23.0
Q1:2025-26 29.3 2.2 68.5 -27.1 37.7 0.9 61.5 -36.8
Q2:2025-26 15.9 3.2 80.9 -12.7 32.1 0.5 67.3 -31.6
Q3:2025-26 17.9 2.8 79.3 -15.0 30.7 0.7 68.6 -29.9
Q4:2025-26         22.2 1.3 76.5 -20.9
‘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 Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q3:2024-25 15.0 12.4 72.6 2.6 19.3 2.2 78.5 17.1
Q4:2024-25 14.1 9.6 76.3 4.4 19.0 3.9 77.0 15.1
Q1:2025-26 15.7 8.8 75.5 6.8 15.7 3.2 81.2 12.5
Q2:2025-26 13.2 10.8 76.0 2.4 26.4 2.6 71.1 23.8
Q3:2025-26 13.2 14.8 72.0 -1.6 26.7 2.6 70.7 24.1
Q4:2025-26         17.8 4.3 77.9 13.5
‘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 Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q3:2024-25 12.4 25.2 62.4 -12.8 19.4 5.8 74.9 13.6
Q4:2024-25 10.8 20.3 69.0 -9.5 19.0 7.3 73.7 11.7
Q1:2025-26 12.0 17.0 70.9 -5.0 14.5 7.5 78.0 7.0
Q2:2025-26 11.9 18.3 69.8 -6.4 26.2 6.2 67.6 20.1
Q3:2025-26 12.6 22.0 65.4 -9.4 28.9 4.3 66.9 24.6
Q4:2025-26         19.8 7.3 72.9 12.4
‘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 Assessment Expectations
Better Worsen No change Net response Better Worsen No change Net response
Q3:2024-25 40.4 14.5 45.1 25.9 51.2 3.9 44.9 47.4
Q4:2024-25 40.7 12.3 46.9 28.4 48.6 3.1 48.3 45.4
Q1:2025-26 31.7 13.7 54.6 18.0 42.3 3.5 54.3 38.8
Q2:2025-26 29.7 11.7 58.6 18.0 56.7 5.2 38.2 51.5
Q3:2025-26 36.9 14.0 49.1 22.9 51.5 2.2 46.4 49.3
Q4:2025-26         49.7 3.3 46.9 46.4
‘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)
Q3:2024-25 108.5 120.3
Q4:2024-25 110.4 120.0
Q1:2025-26 109.6 117.5
Q2:2025-26 110.6 126.2
Q3:2025-26 107.8 126.3
Q4:2025-26   122.8

1 सर्वेक्षण के परिणाम उत्तरदाताओं के विचारों को दर्शाते हैं, जिन्हें आवश्यक रूप से रिज़र्व बैंक द्वारा साझा नहीं किया जाता है।

2 पिछले सर्वेक्षण दौर के परिणाम अक्टूबर 01, 2025 को बैंक की वेबसाइट पर जारी किए गए।

3 नेट रिस्पॉन्स (NR) आशावाद व्यक्त करने वाले प्रतिभागियों के प्रतिशत और निराशावाद व्यक्त करने वाले प्रतिभागियों के प्रतिशत के बीच का अंतर है। यह -100 से 100 के बीच होता है। शून्य से अधिक कोई भी मान विस्तार/आशावाद को दर्शाता है और शून्य से कम कोई भी मान संकुचन/निराशावाद को दर्शाता है। दूसरे शब्दों में, NR = (I – D), जहां I 'वृद्धि/आशावाद' का प्रतिशत उत्तर है, D 'कमी/निराशावाद' का प्रतिशत उत्तर है, और E 'कोई बदलाव नहीं/समान' का प्रतिशत उत्तर है (अर्थात, I + D + E = 100)। उदाहरण के लिए, उत्पादन में वृद्धि आशावाद है, जबकि कच्चे माल की लागत में कमी भी आशावाद है।

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