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प्रकाशन

2022-23 की पहली तिमाही (Q1) के लिए सेवा और आधारभूत संरचना परिदृश्य का सर्वेक्षण

आज भारतीय रिज़र्व बैंक ने 2022-23 की पहली तिमाही के दौरान संचालित सेवा और आधारभूत संरचना परिदृश्य (एसआइओएस) के तिमाही सर्वेक्षण के 33वें चक्र का परिणाम जारी किया। भविष्योन्मुखी सर्वेक्षण में सेवा और आधारभूत संरचना क्षेत्रों में कार्यरत भारतीय कंपनियों का गुणात्मक मूल्यांकन और उनकी अपेक्षाओं की कैपचरिंग मांग स्थितियों, मूल्य स्थितियों और अन्य कारोबार की शर्तों से संबंधित कारोबारी मानदंडों के एक सेट पर किया जाता है। सर्वेक्षण के इस चक्र में 758 कंपनियों ने 2022-231 की पहली तिमाही के लिए अपना मूल्यांकन तथा 2022-23 की दूसरी तिमाही के लिए अपनी प्रत्याशाएं दीं। कोविड 19 महामारी के कारण व्याप्त अनिश्चितता की स्थिति को देखते हुए प्रमुख मानदंडों के आधार पर आगे की दो तिमाहियों के आउटलुक का मूल्यांकन करने के लिए सर्वेक्षण के इस चक्र में एक अतिरिक्त ब्लॉक सम्मिलित किया गया है।

विशेष:

A. सेवा क्षेत्र

2022-23 की पहली तिमाही के लिए मूल्यांकन

  • सेवा क्षेत्र के उद्यमों ने 2022-23 की पहली तिमाही के दौरान व्याप्त समग्र कारोबार और टर्नओवर में आशावादिता दर्शाई (चार्ट-1 और सारणी-ए)।

  • 2022-23 की पहली तिमाही के दौरान सेवा क्षेत्र में रोजगार की स्थिति सुधरी।

  • पिछले सर्वेक्षण दौर की तुलना में अधिक उत्तरदाताओं ने वित्त की लागत, इनपुट कीमतों और मजदूरी से उत्पन्न लागत में उच्च दबावों को महसूस किया और बिक्री मूल्यों में वृद्धि का आकलन किया।

  • सेवा कंपनियाँ लाभ मार्जिन पर निराशावादी बनी रहीं।

2022-23 की दूसरी तिमाही के लिए अपेक्षाएं

  • 2022-23 की दूसरी तिमाही में सेवा क्षेत्र की कंपनियों ने मांग मानदंडों के संदर्भ मे समग्र कारोबार स्थितियों और टर्नओवर में आशावादिता दर्शाई (चार्ट-1 और सारणी-ए)।

  • पूर्णकालिक और अंशकालिक दोनों तरह के रोजगार के मामले में नौकरी के परिदृश्य में सुधार होने की संभावना है।

  • बिक्री मूल्यों में वृद्धि के साथ लागत दबाव जारी रहने की उम्मीद है।

Chart 1: Turnover of Services Companies - Net Response

2022-23 की तीसरी और चौथी तिमाही के लिए अपेक्षाएं

  • उद्यमों को वित्तीय वर्ष की दूसरी छमाही में समग्र व्यावसायिक स्थिति, टर्नओवर और रोजगार में अधिक सुधार की उम्मीद है (सारणी सी)।

  • इनपुट लागत दबाव वर्ष के उत्तरार्ध की छमाही में धीरे - धीरे कम होने के साथ जारी रह सकता है।

B. आधारभूत संरचना क्षेत्र

2022-23 की पहली तिमाही के लिए मूल्यांकन

  • आधारभूत संरचना कंपनियों ने कारोबार की समग्र स्थितियों और साथ ही साथ अपने टर्नओवर में सकारात्मक मूल्यांकन का अनुमान व्यक्त किया है (चार्ट 2 और सारणी बी)।

  • 2022-23 की प्रथम तिमाही में लागत दबाव तेज हो गया, जिससे बिक्री मूल्यों में वृद्धि के लिए भावनाओं में मामूली तेजी आई, हालांकि लाभ मार्जिन पर धारणा कमजोर रही।

2022-23 की दूसरी तिमाही के लिए अपेक्षाएं

  • 2022-23 की दूसरी तिमाही में उत्तरदाता समग्र व्यावसायिक स्थिति, टर्नओवर और रोजगार की स्थिति पर आशावादी थे, हालांकि पिछले सर्वेक्षण दौर की तुलना में उम्मीदें कुछ हद तक शांत थीं (सारणी बी)।

  • लागत दबाव जारी रहने की संभावना है, हालांकि यह मामूली रूप से कम है, और बिक्री मूल्यों में अधिक वृद्धि होने की संभावना है।

Chart 2: Turnover of Infrastructure Companies - Net Response

2022-23 की तीसरी और चौथी तिमाही के लिए अपेक्षाएं

  • वित्तीय वर्ष की दूसरी छमाही में समग्र व्यावसायिक स्थिति में क्रमिक सुधार की उम्मीद है। मांग मानकों पर भावनाओं में तेजी बनी रही है (सारणी डी)।

  • रोजगार की स्थिति में और सुधार होने की संभावना है।

  • उत्तरदाताओं को उम्मीद है कि लागत दबाव जारी रहेगा।

Summary of Net Responses2 on Survey Parameters
Table A: Services Sector
(per cent)
Parameters Assessment period Expectations period
Q4:2021-22 Q1:2022-23 Q1:2022-23 Q2:2022-23
Overall Business Situation 17.3 32.2 53.4 55.9
Turnover 14.9 23.9 51.1 50.6
Full-time Employees 1.7 13.8 22.6 26.0
Part-time Employees 7.4 16.3 17.8 22.4
Availability of Finance 10.5 12.0 28.2 28.2
Cost of Finance -6.0 -27.3 -14.5 -29.1
Salary & Wages -19.8 -35.9 -36.3 -27.3
Cost of Inputs -59.9 -63.8 -58.7 -60.2
Selling Price 14.0 23.9 24.9 29.8
Profit Margin -11.1 -12.7 19.1 18.3
Inventories 8.3 17.4 18.2 24.0
Technical/Service Capacity 18.9 23.5 29.4 31.7
Physical Investment 15.2 22.5 25.3 31.5

Table B: Infrastructure Sector
(per cent)
Parameters Assessment period Expectations period
Q4:2021-22 Q1:2022-23 Q1:2022-23 Q2:2022-23
Overall Business Situation 23.5 20.8 53.1 43.1
Turnover 21.3 4.7 40.0 32.0
Full-time Employees 5.0 7.8 17.9 15.9
Part-time Employees -2.2 10.3 15.9 16.4
Availability of Finance 8.8 8.5 25.0 27.6
Cost of Finance -21.9 -37.2 -25.4 -38.1
Salary & Wages -20.0 -32.3 -37.5 -18.5
Cost of Inputs -74.6 -78.7 -78.9 -75.2
Selling Price 16.1 18.4 23.2 30.6
Profit Margin -26.6 -37.7 12.7 7.0
Inventories 12.8 11.9 20.0 22.7
Technical/Service Capacity 17.9 20.6 28.6 26.5
Physical Investment 10.3 21.6 17.2 36.1

Expectations of Select Parameters for extended period – Net response
(in per cent)
Table C: Services Sector
Parameter Round 32 Round 33
Q1:2022-23 Q2:2022-23 Q3:2022-23 Q4:2022-23
Overall Business Situation 53.4 55.9 60.1 60.2
Turnover 51.1 50.6 57.2 58.5
Full-time Employees 22.6 26.0 29.7 28.5
Part-time Employees 17.8 22.4 30.0 29.7
Cost of Inputs -58.7 -60.2 -58.7 -56.7
Selling Price 24.9 29.8 37.9 35.9

Table D: Infrastructure Sector
Parameter Round 32 Round 33
Q1:2022-23 Q2:2022-23 Q3:2022-23 Q4:2022-23
Overall Business Situation 53.1 43.1 48.8 50.0
Turnover 40.0 32.0 52.3 50.4
Full-time Employees 17.9 15.9 26.8 23.6
Part-time Employees 15.9 16.4 32.0 28.0
Cost of Inputs -78.9 -75.2 -70.2 -69.9
Selling Price 23.2 30.6 32.5 34.1

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
Q1:21-22 22.8 38.5 38.7 -15.9 59.3 31.5 9.2 50.1
Q2:21-22 38.7 46.8 14.5 24.2 51.9 41.1 6.9 45.0
Q3:21-22 41.9 44.3 13.8 28.2 75.3 22.3 2.4 72.9
Q4:21-22 40.7 36.0 23.4 17.3 68.3 28.2 3.5 64.8
Q1:22-23 47.0 38.3 14.7 32.2 56.6 40.1 3.3 53.4
Q2:22-23         59.6 36.7 3.7 55.9
‘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
Q1:21-22 20.5 39.7 39.7 -19.2 62.3 29.1 8.6 53.7
Q2:21-22 38.8 43.4 17.8 21.0 49.0 42.2 8.8 40.1
Q3:21-22 41.5 41.7 16.8 24.7 75.0 21.4 3.7 71.3
Q4:21-22 41.0 32.9 26.1 14.9 67.2 28.6 4.1 63.1
Q1:22-23 43.1 37.7 19.2 23.9 55.5 40.2 4.3 51.1
Q2:22-23         54.6 41.4 4.0 50.6
‘Increase’ in Turnover is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 14.4 64.6 21.0 -6.6 35.2 58.2 6.6 28.7
Q2:21-22 26.5 62.7 10.8 15.6 34.4 61.7 3.9 30.5
Q3:21-22 23.0 65.9 11.2 11.8 55.5 41.9 2.6 52.9
Q4:21-22 20.1 61.5 18.4 1.7 49.7 47.9 2.4 47.2
Q1:22-23 28.2 57.5 14.3 13.8 27.0 68.6 4.4 22.6
Q2:22-23         29.1 67.8 3.1 26.0
‘Increase’ in Full-time Employees is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 16.8 70.8 12.4 4.3 26.6 66.3 7.1 19.4
Q2:21-22 25.3 70.7 4.0 21.2 43.2 52.7 4.1 39.1
Q3:21-22 22.6 69.9 7.4 15.2 70.3 27.0 2.7 67.6
Q4:21-22 18.5 70.4 11.1 7.4 57.5 39.7 2.7 54.8
Q1:22-23 25.2 65.9 8.9 16.3 25.0 67.8 7.2 17.8
Q2:22-23         29.0 64.5 6.6 22.4
‘Increase’ in Part-time Employees is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 14.2 60.6 25.2 -11.0 47.6 43.9 8.5 39.1
Q2:21-22 28.4 57.6 14.0 14.4 40.5 54.4 5.1 35.5
Q3:21-22 25.6 61.1 13.3 12.4 59.8 37.5 2.6 57.2
Q4:21-22 32.2 46.2 21.6 10.5 50.7 45.9 3.4 47.3
Q1:22-23 28.5 54.9 16.5 12.0 33.5 61.3 5.2 28.2
Q2:22-23         33.2 61.7 5.1 28.2
‘Improve’ in Availability of Finance is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 18.6 65.9 15.5 -3.0 34.1 54.2 11.8 -22.3
Q2:21-22 25.8 66.3 7.9 -17.9 41.2 54.7 4.1 -37.2
Q3:21-22 19.5 73.6 6.9 -12.6 56.0 41.2 2.7 -53.3
Q4:21-22 15.5 75.0 9.5 -6.0 43.6 54.0 2.4 -41.2
Q1:22-23 34.4 58.5 7.1 -27.3 17.3 79.9 2.8 -14.5
Q2:22-23         31.5 66.0 2.5 -29.1
‘Decrease’ in Cost of Finance is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 16.4 72.1 11.4 -5.0 45.2 51.2 3.6 -41.6
Q2:21-22 29.0 63.6 7.4 -21.7 34.8 62.5 2.8 -32.0
Q3:21-22 24.0 69.2 6.8 -17.2 53.4 44.9 1.7 -51.7
Q4:21-22 24.1 71.6 4.3 -19.8 49.6 49.3 1.1 -48.5
Q1:22-23 40.4 55.1 4.5 -35.9 37.0 62.4 0.6 -36.3
Q2:22-23         28.4 70.5 1.1 -27.3
‘Decrease’ in Salary/Wages is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 34.6 57.8 7.6 -27.0 46.0 51.1 2.9 -43.2
Q2:21-22 44.4 52.8 2.7 -41.7 47.5 50.2 2.3 -45.2
Q3:21-22 47.5 48.5 4.0 -43.5 69.3 30.3 0.4 -68.8
Q4:21-22 63.5 32.9 3.6 -59.9 73.1 26.1 0.8 -72.4
Q1:22-23 67.0 29.9 3.2 -63.8 61.0 36.6 2.3 -58.7
Q2:22-23         62.0 36.1 1.9 -60.2
‘Decrease’ in Cost of Inputs is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 19.1 73.0 7.9 11.1 37.5 56.1 6.3 31.2
Q2:21-22 24.2 68.4 7.4 16.8 39.2 58.9 1.9 37.2
Q3:21-22 22.4 68.2 9.4 13.0 62.3 35.6 2.1 60.2
Q4:21-22 24.2 65.7 10.2 14.0 54.1 43.1 2.8 51.4
Q1:22-23 31.9 60.1 8.0 23.9 29.5 65.9 4.6 24.9
Q2:22-23         33.3 63.1 3.6 29.8
‘Increase’ in Selling Price is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 13.5 53.0 33.5 -20.0 44.5 43.5 12.0 32.5
Q2:21-22 22.4 55.7 21.9 0.6 38.6 51.7 9.7 28.9
Q3:21-22 21.2 58.3 20.5 0.7 55.0 38.8 6.2 48.8
Q4:21-22 21.2 46.4 32.4 -11.1 46.5 47.0 6.5 40.1
Q1:22-23 19.0 49.3 31.7 -12.7 28.9 61.3 9.8 19.1
Q2:22-23         30.1 58.1 11.8 18.3
‘Increase’ in Profit Margin is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 14.4 73.3 12.3 2.1 29.6 61.9 8.5 21.1
Q2:21-22 25.5 66.4 8.1 17.4 36.0 60.1 3.9 32.0
Q3:21-22 23.5 69.0 7.5 16.0 62.8 34.8 2.4 60.4
Q4:21-22 18.9 70.6 10.6 8.3 54.9 41.8 3.4 51.5
Q1:22-23 25.4 66.7 8.0 17.4 22.9 72.5 4.7 18.2
Q2:22-23         27.5 68.9 3.6 24.0
‘Increase’ in Inventories is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 18.6 76.4 4.9 13.7 42.5 55.9 1.6 40.9
Q2:21-22 29.3 69.3 1.4 27.9 44.4 54.0 1.7 42.7
Q3:21-22 23.1 72.5 4.3 18.8 73.7 25.7 0.6 73.2
Q4:21-22 23.7 71.6 4.7 18.9 65.1 34.1 0.8 64.3
Q1:22-23 25.8 71.9 2.3 23.5 31.3 66.9 1.8 29.4
Q2:22-23         33.9 63.8 2.3 31.7
‘Increase’ in Technical/Service Capacity is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 14.6 80.2 5.3 9.3 34.7 61.8 3.6 31.1
Q2:21-22 27.6 70.8 1.6 26.0 42.8 55.9 1.3 41.5
Q3:21-22 20.7 74.4 4.9 15.8 68.8 30.7 0.5 68.2
Q4:21-22 20.5 74.3 5.3 15.2 61.5 37.4 1.1 60.3
Q1:22-23 25.0 72.5 2.5 22.5 27.7 69.9 2.4 25.3
Q2:22-23         32.5 66.5 1.0 31.5
‘Increase’ in Physical Investment is optimistic. Footnotes @ and # given in Table 1 are applicable here.

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
Q1:21-22 16.7 39.5 43.8 -27.0 70.2 23.8 6.0 64.3
Q2:21-22 35.0 40.8 24.2 10.8 56.6 37.4 6.0 50.5
Q3:21-22 41.9 44.1 14.0 27.9 71.3 26.7 2.1 69.2
Q4:21-22 46.9 29.6 23.5 23.5 75.7 19.9 4.4 71.3
Q1:22-23 46.9 26.9 26.2 20.8 59.3 34.6 6.2 53.1
Q2:22-23         53.1 36.9 10.0 43.1
‘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
Q1:21-22 13.9 41.6 44.5 -30.6 61.2 34.1 4.7 56.5
Q2:21-22 29.6 43.8 26.7 2.9 51.1 41.8 7.1 43.9
Q3:21-22 40.7 46.7 12.6 28.1 67.9 27.5 4.6 63.3
Q4:21-22 45.0 31.3 23.8 21.3 73.3 20.0 6.7 66.7
Q1:22-23 37.2 30.2 32.6 4.7 51.3 37.5 11.3 40.0
Q2:22-23         43.0 46.1 10.9 32.0
‘Increase’ in Turnover is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 9.3 64.6 26.1 -16.8 31.3 61.4 7.2 24.1
Q2:21-22 20.4 61.7 17.9 2.5 36.1 59.9 4.0 32.1
Q3:21-22 20.1 72.4 7.5 12.7 50.0 45.8 4.2 45.8
Q4:21-22 12.5 80.0 7.5 5.0 54.5 39.6 6.0 48.5
Q1:22-23 22.7 62.5 14.8 7.8 23.1 71.8 5.1 17.9
Q2:22-23         20.6 74.6 4.8 15.9
‘Increase’ in Full-time Employees is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 11.0 74.7 14.3 -3.3 23.5 67.6 8.8 14.7
Q2:21-22 23.5 72.5 3.9 19.6 52.5 44.2 3.3 49.2
Q3:21-22 24.5 74.5 1.0 23.5 69.3 28.8 2.0 67.3
Q4:21-22 4.4 88.9 6.7 -2.2 73.2 24.7 2.1 71.1
Q1:22-23 17.2 75.9 6.9 10.3 20.5 75.0 4.5 15.9
Q2:22-23         21.8 72.7 5.5 16.4
‘Increase’ in Part-time Employees is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 10.0 57.9 32.1 -22.1 35.7 53.6 10.7 25.0
Q2:21-22 26.7 52.5 20.8 5.8 44.9 48.5 6.6 38.3
Q3:21-22 27.6 62.7 9.7 17.9 56.1 39.7 4.2 51.9
Q4:21-22 31.3 46.3 22.5 8.8 66.4 29.1 4.5 61.9
Q1:22-23 29.5 49.6 20.9 8.5 28.8 67.5 3.8 25.0
Q2:22-23         33.9 59.8 6.3 27.6
‘Improve’ in Availability of Finance is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 15.9 63.0 21.0 5.1 31.7 67.1 1.2 -30.5
Q2:21-22 23.1 65.5 11.3 -11.8 44.6 51.7 3.7 -41.0
Q3:21-22 24.2 71.9 3.9 -20.3 49.8 47.7 2.6 -47.2
Q4:21-22 27.4 67.1 5.5 -21.9 59.4 38.3 2.3 -57.0
Q1:22-23 43.0 51.2 5.8 -37.2 26.8 71.8 1.4 -25.4
Q2:22-23         39.8 58.5 1.7 -38.1
‘Decrease’ in Cost of Finance is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 11.5 73.8 14.7 3.2 45.6 48.1 6.3 -39.2
Q2:21-22 23.8 65.8 10.4 -13.3 40.7 56.4 2.9 -37.8
Q3:21-22 22.4 73.9 3.7 -18.7 51.3 46.2 2.5 -48.7
Q4:21-22 23.8 72.5 3.8 -20.0 59.0 41.0 0.0 -59.0
Q1:22-23 38.5 55.4 6.2 -32.3 38.8 60.0 1.3 -37.5
Q2:22-23         20.8 76.9 2.3 -18.5
‘Decrease’ in Salary/Wages is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 41.9 53.5 4.6 -37.3 47.2 50.0 2.8 -44.4
Q2:21-22 55.9 42.7 1.3 -54.6 62.4 37.6 0.0 -62.4
Q3:21-22 53.8 46.2 0.0 -53.8 76.5 23.0 0.4 -76.1
Q4:21-22 77.5 19.7 2.8 -74.6 83.1 15.4 1.5 -81.5
Q1:22-23 79.5 19.7 0.8 -78.7 80.3 18.3 1.4 -78.9
Q2:22-23         76.0 23.1 0.8 -75.2
‘Decrease’ in Cost of Inputs is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 12.7 75.6 11.8 0.9 33.3 52.2 14.5 18.8
Q2:21-22 25.8 62.6 11.6 14.1 51.8 46.8 1.4 50.5
Q3:21-22 27.0 67.6 5.4 21.6 59.9 38.1 2.0 57.9
Q4:21-22 21.4 73.2 5.4 16.1 66.4 32.7 0.9 65.5
Q1:22-23 32.2 54.0 13.8 18.4 25.0 73.2 1.8 23.2
Q2:22-23         34.1 62.4 3.5 30.6
‘Increase’ in Selling Price is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 8.6 52.0 39.4 -30.8 39.2 44.3 16.5 22.8
Q2:21-22 19.2 51.9 28.9 -9.6 42.3 50.0 7.7 34.7
Q3:21-22 26.5 52.9 20.6 5.9 49.8 43.5 6.7 43.1
Q4:21-22 19.0 35.4 45.6 -26.6 57.4 33.1 9.6 47.8
Q1:22-23 13.8 34.6 51.5 -37.7 27.8 57.0 15.2 12.7
Q2:22-23         22.5 62.0 15.5 7.0
‘Increase’ in Profit Margin is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 10.9 79.2 10.0 0.9 33.8 59.2 7.0 26.8
Q2:21-22 25.1 66.1 8.7 16.4 45.2 52.1 2.8 42.4
Q3:21-22 26.3 69.3 4.4 21.9 58.6 36.5 5.0 53.6
Q4:21-22 19.1 74.5 6.4 12.8 64.9 31.6 3.5 61.4
Q1:22-23 20.9 70.1 9.0 11.9 24.4 71.1 4.4 20.0
Q2:22-23         25.8 71.2 3.0 22.7
‘Increase’ in Inventories is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 12.1 81.9 6.0 6.0 28.6 64.3 7.1 21.4
Q2:21-22 29.6 66.7 3.7 25.9 70.3 29.1 0.7 69.6
Q3:21-22 27.5 71.4 1.1 26.4 82.1 16.4 1.5 80.6
Q4:21-22 28.6 60.7 10.7 17.9 76.7 22.2 1.1 75.6
Q1:22-23 23.5 73.5 2.9 20.6 32.1 64.3 3.6 28.6
Q2:22-23         29.4 67.6 2.9 26.5
‘Increase’ in Technical/Service Capacity is optimistic. Footnotes @ and # given in Table 1 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
Q1:21-22 15.9 79.0 5.1 10.8 29.0 66.1 4.8 24.2
Q2:21-22 28.5 68.8 2.8 25.7 68.8 31.2 0.0 68.8
Q3:21-22 30.1 68.8 1.1 29.0 73.6 23.6 2.8 70.8
Q4:21-22 17.2 75.9 6.9 10.3 77.4 20.4 2.2 75.3
Q1:22-23 27.0 67.6 5.4 21.6 24.1 69.0 6.9 17.2
Q2:22-23         38.9 58.3 2.8 36.1
‘Increase’ in Physical Investment is optimistic. Footnotes @ and # given in Table 1 are applicable here.

1 सर्वेक्षण के परिणाम उत्तरदाताओं के विचारों को दर्शाते हैं, जो जरूरी नहीं कि रिज़र्व बैंक द्वारा मान्यताप्राप्त हों। सर्वेक्षण का यह चक्र 22 अप्रैल, 2022 को संचालित किया गया और 30 जून, 2022 तक प्राप्त डेटा के साथ परिणामों का संकलित किया गया। पिछले सर्वेक्षण चक्र के परिणाम बैंक की वेबसाइट पर अप्रैल 08, 2022 को जारी किए गए थे।

2 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.

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