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Given its bearing on the overall economy, a recovery in rural demand is eagerly awaited.
The latest CII Business Confidence Index for the October-December quarter of fiscal 2023 rebounded from 62.2 in the previous quarter to 67.6, its highest reading in almost two years
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The index is based on the findings of a survey of over 120 firms of varying sizes across industry sectors and regions of the country.
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Even as global economic growth is witnessing headwinds due to tightening financial conditions and geopolitical tensions, an overwhelming 73% of survey respondents expect only a moderate impact on the Indian economy.
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The survey results present an encouraging prognosis, with 90% of the respondents expecting that their company's investment cycle will recover during the next fiscal.
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Given its bearing on the overall economy, a recovery in rural demand is awaited and about 60% of respondents feel that a pick-up in rural consumption will take place in the next fiscal, says the CII.
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With a resumption of business activity, expectations for the December quarter have improved, as the majority of respondents anticipate an increase in sales (60%) and a count of new orders (55%).
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