CII business confidence index increased in the second quarter of 2023-24 – Dainik Savera Times
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New Delhi: CII’s business confidence index increased to 67.1 in the July-September quarter of the financial year 2023-24. This shows the strength of the Indian economy despite adverse global conditions. This index is 66.1 in the previous quarter and 62.2 in the same quarter of the last financial year. The Confederation of Indian Industry (CII) said the business confidence index confirms the positive trends seen in high-frequency indicators such as GST collections, air and rail passenger traffic, PMI in the second quarter.
Nearly half of the respondents (52 per cent) in the survey expect rural demand to improve in the first half of the current financial year. Most respondents (66 percent) expect the Indian economy to grow at 6-7 percent in fiscal year 2023-24. The figure is broadly in line with forecasts from the RBI and other multilateral agencies.
Regarding interest rates, more than half of the respondents (58 percent) said that RBI will maintain the status quo on the repo rate in the second half of the current financial year also. CII Director General Chandrajit Banerjee said that the improvement in the CII Business Confidence Index in the second quarter of 2023-24 is encouraging and reflects the industry’s ground experience.
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