The Industrial Outlook Survey conducted during July-September 2015, provides qualitative assessment of business situation of companies in the Indian manufacturing sector for Q2:2015-16 and their expectation for the ensuing quarter Q3:2015-16. The survey elicited response from 1,304 manufacturing companies. Highlights: | Summary Table: Net response2 (NR in %) comparison over previous quarter | | Indicator | Assessment period | Expectation period | | Q1:2015-16 | Q2:2015-16 | Q2:2015-16 | Q3:2015-16 | | Production | 16.3 | 15.2 | 28.9 | 29.2 | | Order Books | 13.2 | 11.4 | 25.8 | 25.5 | | Pending Orders | 13.6 | 13.5 | 8.5 | 7.6 | | Capacity Utilisation | 6.7 | 3.6 | 17.6 | 17.5 | | Exports | 10.1 | 5.7 | 19.6 | 16.7 | | Imports | 10.7 | 8.4 | 9.9 | 9.2 | | Employment | 7.4 | 5.9 | 9.9 | 9.6 | | Overall Financial Situation | 14.4 | 13.5 | 25.1 | 26.0 | | Cost of Finance | -12.1 | -11.4 | -8.7 | -7.6 | | Cost of Raw Material | -35.9 | -24.8 | -32.9 | -28.1 | | Selling price | 3.1 | -4.0 | 7.9 | 6.2 | | Profit Margin | -14.2 | -16.9 | -1.6 | -1.3 | | Business Situation | 19.6 | 13.9 | 32.0 | 31.6 | | Salary | 34.2 | 28.9 | 27.3 | 22.0 | | Inventory of raw material | -7.7 | -6.3 | -6.0 | -5.1 | | Inventory of finished goods | -10.9 | -10.6 | -8.2 | -5.3 | | Business Expectation Index3 | 104.8 | 102.4 | 113.1 | 113.4 |
Assessment Quarter (Q2:2015-16) -
Lower level of optimism is observed in the major indicators such as selling price, exports, imports, profit margin, production, order books, capacity utilisation, employment, financial situation, availability of finance during the assessment quarter. -
As a result, the business sentiments of the Indian manufacturing sector, as inferred from movements in Business Expectation Index (BEI), decreased in the assessment quarter (104.8 to 102.4). Expectation Quarter (Q3:2015-16) -
The outlook on business sentiments remained range bound in the third quarter of 2015-16. -
This could be attributed to the reduced pessimism in inventory of raw material, inventory of finished goods along with the reduced optimism in exports. Also reduced pessimism is observed in cost of finance and cost of raw material.
| Table 1: Assessment & Expectation for Production | | (Percentage responses)@ | | Quarter | Total response | Assessment | Expectation | | Increase | Decrease | No change | Net response# | Increase | Decrease | No change | Net response | | Q2:2014-15 | 1225 | 35.2 | 16.7 | 48.1 | 18.5 | 43.4 | 9.7 | 46.8 | 33.7 | | Q3:2014-15 | 2088 | 34.9 | 19.3 | 45.9 | 15.6 | 43.6 | 9.8 | 47.3 | 34.5 | | Q4:2014-15 | 1565 | 37.2 | 15.5 | 47.3 | 21.7 | 42.6 | 10.3 | 47.0 | 32.3 | | Q1:2015-16 | 1299 | 34.1 | 17.8 | 48.1 | 16.3 | 39.6 | 10.9 | 49.5 | 28.7 | | Q2:2015-16 | 1304 | 34.1 | 18.9 | 46.9 | 15.2 | 40.3 | 11.4 | 48.3 | 28.9 | | Q3:2015-16 | | | | | | 40.5 | 11.3 | 48.2 | 29.2 | ‘Increase’ in production is optimistic.
@:Due to rounding off percentage may not add up to 100. This is applicable for all the tables from 1 to 17.
#: 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 and any value less than zero indicates contraction. |
| Table 2: Assessment & Expectation for Order Books | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q2:2014-15 | 1225 | 31.2 | 15.8 | 53.0 | 15.4 | 38.2 | 9.1 | 52.6 | 29.1 | | Q3:2014-15 | 2088 | 30.5 | 19.0 | 50.5 | 11.6 | 40.0 | 8.4 | 51.6 | 31.6 | | Q4:2014-15 | 1565 | 32.3 | 16.0 | 51.7 | 16.3 | 38.6 | 9.8 | 51.6 | 28.7 | | Q1:2015-16 | 1299 | 30.8 | 17.7 | 51.5 | 13.2 | 37.8 | 10.5 | 51.7 | 27.3 | | Q2:2015-16 | 1304 | 31.1 | 19.7 | 49.3 | 11.4 | 37.4 | 11.6 | 51.0 | 25.8 | | Q3:2015-16 | | | | | | 37.4 | 11.9 | 50.8 | 25.5 | | ‘Increase’ in order books is optimistic. |
| Table 3: Assessment & Expectation for Pending Orders | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Below Normal | Above Normal | Normal | Net response | Below Normal | Above Normal | Normal | Net response | | Q2:2014-15 | 1225 | 16.8 | 4.2 | 79.1 | 12.6 | 12.3 | 5.7 | 82.0 | 6.5 | | Q3:2014-15 | 2088 | 18.3 | 4.4 | 77.3 | 13.9 | 11.8 | 5.2 | 83.1 | 6.6 | | Q4:2014-15 | 1565 | 17.7 | 6.9 | 75.3 | 10.8 | 12.4 | 5.3 | 82.4 | 7.1 | | Q1:2015-16 | 1299 | 18.6 | 5.1 | 76.3 | 13.6 | 13.1 | 6.9 | 80.1 | 6.2 | | Q2:2015-16 | 1304 | 18.6 | 5.1 | 76.3 | 13.5 | 14.6 | 6.1 | 79.4 | 8.5 | | Q3:2015-16 | | | | | | 14.1 | 6.5 | 79.4 | 7.6 | | Pending orders ‘Below Normal’ is optimistic. |
| Table 4: Assessment & Expectation for Capacity Utilisation | | (Percentage responses) | | Indicator | Options | Assessment | Expectation | | Q2:2014-15 | Q3:2014-15 | Q4:2014-15 | Q1:2015-16 | Q2:2015-16 | Q3:2014-15 | Q4:2014-15 | Q1:2015-16 | Q2:2015-16 | Q3:2015-16 | | Capacity Utilisation (CU)-(main product) | Increase | 23.8 | 22.4 | 23.5 | 23.3 | 21.7 | 29.5 | 28.2 | 27.5 | 27.7 | 27.8 | | No Change | 59.5 | 60.1 | 61.2 | 60.0 | 60.2 | 60.9 | 61.6 | 63.7 | 62.1 | 62.0 | | Decrease | 16.7 | 17.5 | 15.3 | 16.7 | 18.1 | 9.6 | 10.2 | 8.8 | 10.2 | 10.2 | | Net Response | 7.1 | 4.9 | 8.2 | 6.7 | 3.6 | 19.9 | 18.1 | 18.7 | 17.6 | 17.5 | | Level of CU (compared to the average in last 4 quarters) | Above normal | 8.7 | 9.6 | 10.6 | 10.2 | 8.8 | 10.0 | 10.6 | 12.1 | 10.5 | 9.2 | | Normal | 72.3 | 70.8 | 70.6 | 71.3 | 71.9 | 77.3 | 76.8 | 75.6 | 75.5 | 77.6 | | Below Normal | 19.0 | 19.5 | 18.9 | 18.6 | 19.3 | 12.7 | 12.6 | 12.3 | 13.9 | 13.1 | | Net Response | -10.3 | -9.9 | -8.3 | -8.4 | -10.5 | -2.7 | -2.0 | -0.2 | -3.4 | -3.9 | | Assessment of Prod. Capacity (with regard to expected demand in next 6 months) | More than adequate | 13.3 | 14.0 | 14.7 | 15.1 | 14.1 | 13.0 | 12.7 | 13.9 | 15.8 | 14.4 | | Adequate | 78.7 | 77.0 | 76.9 | 76.9 | 78.3 | 80.9 | 80.4 | 79.2 | 77.5 | 78.8 | | Less than adequate | 8.0 | 9.0 | 8.5 | 8.0 | 7.7 | 6.1 | 6.9 | 6.9 | 6.8 | 6.8 | | Net Response | 5.3 | 5.0 | 6.2 | 7.2 | 6.4 | 6.9 | 5.8 | 7.0 | 9.0 | 7.5 | | ‘Increase’ in capacity utilisation is optimistic. |
| Table 5: Assessment & Expectation for Exports | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q2:2014-15 | 1225 | 25.6 | 13.2 | 61.2 | 12.4 | 29.9 | 8.5 | 61.5 | 21.4 | | Q3:2014-15 | 2088 | 25.2 | 14.7 | 60.1 | 10.5 | 28.5 | 7.6 | 63.9 | 20.9 | | Q4:2014-15 | 1565 | 23.9 | 13.8 | 62.3 | 10.1 | 29.3 | 8.3 | 62.4 | 21.1 | | Q1:2015-16 | 1299 | 24.1 | 14.0 | 62.0 | 10.1 | 27.6 | 8.1 | 64.3 | 19.5 | | Q2:2015-16 | 1304 | 23.5 | 17.8 | 58.7 | 5.7 | 27.5 | 8.0 | 64.5 | 19.6 | | Q3:2015-16 | | | | | | 27.3 | 10.6 | 62.1 | 16.7 | | ‘Increase’ in exports is optimistic. |
| Table 6: Assessment & Expectation for Imports | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q2:2014-15 | 1225 | 20.9 | 8.2 | 70.9 | 12.7 | 21.2 | 6.2 | 72.6 | 15.0 | | Q3:2014-15 | 2088 | 20.2 | 9.5 | 70.3 | 10.7 | 19.4 | 6.5 | 74.1 | 12.9 | | Q4:2014-15 | 1565 | 19.4 | 10.0 | 70.6 | 9.4 | 20.5 | 7.4 | 72.1 | 13.1 | | Q1:2015-16 | 1299 | 19.8 | 9.1 | 71.0 | 10.7 | 20.3 | 7.9 | 71.8 | 12.4 | | Q2:2015-16 | 1304 | 18.8 | 10.4 | 70.7 | 8.4 | 18.0 | 8.1 | 73.9 | 9.9 | | Q3:2015-16 | | | | | | 18.0 | 8.8 | 73.2 | 9.2 | | ‘Increase’ in imports is optimistic. |
| Table 7: Assessment & Expectation for level of Inventory (Raw Material and Finished Goods) | | (Percentage responses) | | Indicator | Options | Assessment | Expectation | | Q2:2014-15 | Q3:2014-15 | Q4:2014-15 | Q1:2015-16 | Q2:2015-16 | Q3:2014-15 | Q4:2014-15 | Q1:2015-16 | Q2:2015-16 | Q3:2015-16 | | Inventory of raw material | Below average | 8.4 | 8.3 | 8.4 | 6.5 | 7.4 | 6.1 | 5.6 | 7.1 | 5.5 | 5.5 | | Average | 79.4 | 79.7 | 77.5 | 79.3 | 78.9 | 84.0 | 84.6 | 83.0 | 83.0 | 83.9 | | Above average | 12.3 | 12.0 | 14.1 | 14.2 | 13.7 | 9.9 | 9.8 | 10.0 | 11.5 | 10.6 | | Net Response | -3.9 | -3.6 | -5.7 | -7.7 | -6.3 | -3.8 | -4.3 | -2.9 | -6.0 | -5.1 | | Inventory of finished goods | Below average | 7.5 | 8.4 | 8.1 | 7.2 | 6.9 | 6.7 | 6.1 | 5.8 | 6.4 | 6.3 | | Average | 76.7 | 75.6 | 73.8 | 74.7 | 75.6 | 82.6 | 83.1 | 80.9 | 78.9 | 82.1 | | Above average | 15.8 | 16.0 | 18.2 | 18.1 | 17.5 | 10.8 | 10.8 | 13.4 | 14.6 | 11.6 | | Net Response | -8.3 | -7.6 | -10.1 | -10.9 | -10.6 | -4.1 | -4.7 | -7.6 | -8.2 | -5.3 | | Inventory of raw material and finished goods ‘Below average’ is optimistic. |
| Table 8: Assessment & Expectation for Employment Outlook | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q2:2014-15 | 1225 | 14.6 | 8.3 | 77.1 | 6.3 | 15.2 | 6.2 | 78.6 | 8.9 | | Q3:2014-15 | 2088 | 15.2 | 9.4 | 75.4 | 5.8 | 16.6 | 5.4 | 78.0 | 11.2 | | Q4:2014-15 | 1565 | 17.0 | 8.6 | 74.4 | 8.4 | 15.6 | 6.7 | 77.7 | 9.0 | | Q1:2015-16 | 1299 | 16.7 | 9.3 | 74.0 | 7.4 | 15.8 | 7.0 | 77.2 | 8.8 | | Q2:2015-16 | 1304 | 15.2 | 9.3 | 75.5 | 5.9 | 16.5 | 6.6 | 76.8 | 9.9 | | Q3:2015-16 | | | | | | 15.7 | 6.1 | 78.2 | 9.6 | | ‘Increase’ in employment is optimistic. |
| Table 9: Assessment & Expectation for Overall Financial Situation | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Better | Worsen | No change | Net response | Better | Worsen | No change | Net response | | Q2:2014-15 | 1225 | 27.2 | 12.3 | 60.5 | 14.9 | 33.6 | 6.8 | 59.6 | 26.8 | | Q3:2014-15 | 2088 | 27.1 | 14.1 | 58.8 | 13.0 | 36.0 | 6.2 | 57.8 | 29.8 | | Q4:2014-15 | 1565 | 27.9 | 13.0 | 59.2 | 14.9 | 34.6 | 8.2 | 57.2 | 26.4 | | Q1:2015-16 | 1299 | 27.9 | 13.2 | 59.1 | 14.4 | 34.3 | 8.0 | 57.7 | 26.3 | | Q2:2015-16 | 1304 | 27.5 | 14.0 | 58.6 | 13.5 | 34.2 | 9.1 | 56.7 | 25.1 | | Q3:2015-16 | | | | | | 34.8 | 8.8 | 56.4 | 26.0 | | ‘Better’ overall financial situation is optimistic. |
| Table 10: Assessment & Expectation for Working Capital Finance Requirement | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q2:2014-15 | 1225 | 30.5 | 6.0 | 63.5 | 24.5 | 33.5 | 5.0 | 61.5 | 28.5 | | Q3:2014-15 | 2088 | 33.8 | 6.6 | 59.7 | 27.2 | 31.7 | 4.8 | 63.5 | 26.9 | | Q4:2014-15 | 1565 | 34.2 | 6.6 | 59.2 | 27.6 | 32.9 | 5.0 | 62.1 | 27.9 | | Q1:2015-16 | 1299 | 30.2 | 6.8 | 63.0 | 23.5 | 32.3 | 5.1 | 62.6 | 27.2 | | Q2:2015-16 | 1304 | 30.2 | 6.0 | 63.8 | 24.2 | 29.6 | 4.7 | 65.7 | 25.0 | | Q3:2015-16 | | | | | | 29.9 | 4.3 | 65.8 | 25.5 | | ‘Increase’ in working capital finance is optimistic. |
| Table 11: Assessment & Expectation for Availability of Finance | | (Percentage responses) | | Indicator | Options | Assessment | Expectation | | Q2:2014-15 | Q3:2014-15 | Q4:2014-15 | Q1:2015-16 | Q2:2015-16 | Q3:2014-15 | Q4:2014-15 | Q1:2015-16 | Q2:2015-16 | Q3:2015-16 | | Availability of finance (from internal accruals) | Improve | 23.5 | 23.0 | 22.9 | 21.5 | 21.1 | 26.5 | 26.3 | 24.7 | 23.9 | 23.5 | | No Change | 65.7 | 66.1 | 66.8 | 68.3 | 68.1 | 66.8 | 66.9 | 68.8 | 68.9 | 69.8 | | Worsen | 11.1 | 10.9 | 10.3 | 10.1 | 10.8 | 6.8 | 6.8 | 6.6 | 7.2 | 6.7 | | Net Response | 12.1 | 12.1 | 12.6 | 11.4 | 10.4 | 19.7 | 19.4 | 18.1 | 16.7 | 16.8 | | Availability of Finance(from banks & other sources) | Improve | 18.8 | 19.7 | 20.3 | 19.1 | 19.3 | 20.8 | 20.5 | 22.6 | 21.2 | 20.0 | | No Change | 74.4 | 73.1 | 72.8 | 75.6 | 75.0 | 75.1 | 75.1 | 72.4 | 75.0 | 76.3 | | Worsen | 6.8 | 7.3 | 6.9 | 5.4 | 5.7 | 4.2 | 4.4 | 4.9 | 3.8 | 3.8 | | Net Response | 12.0 | 12.4 | 13.4 | 13.7 | 13.6 | 16.6 | 16.1 | 17.7 | 17.3 | 16.2 | | Availability of Finance (from overseas, if applicable) | Improve | 8.8 | 11.4 | 15.0 | 13.0 | 11.1 | 10.8 | 12.4 | 14.4 | 12.9 | 11.5 | | No Change | 86.1 | 82.9 | 79.4 | 82.2 | 83.9 | 86.3 | 83.8 | 81.6 | 83.6 | 85.0 | | Worsen | 5.1 | 5.7 | 5.6 | 4.8 | 5.0 | 2.9 | 3.8 | 4.0 | 3.5 | 3.5 | | Net Response | 3.7 | 5.8 | 9.4 | 8.2 | 6.1 | 7.9 | 8.6 | 10.4 | 9.3 | 8.0 | | ‘Improvement’ in availability of finance is optimistic. |
| Table 12: Assessment & Expectation for Cost of Finance | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Decrease | Increase | No change | Net response | Decrease | Increase | No change | Net response | | Q2:2014-15 | 1225 | 6.5 | 25.0 | 68.6 | -18.5 | 6.0 | 23.2 | 70.8 | -17.2 | | Q3:2014-15 | 2088 | 7.1 | 25.4 | 67.4 | -18.3 | 5.6 | 22.8 | 71.6 | -17.2 | | Q4:2014-15 | 1565 | 7.4 | 25.1 | 67.5 | -17.7 | 7.4 | 21.8 | 70.8 | -14.4 | | Q1:2015-16 | 1299 | 10.2 | 22.3 | 67.5 | -12.1 | 8.8 | 21.8 | 69.4 | -13.0 | | Q2:2015-16 | 1304 | 9.4 | 20.8 | 69.7 | -11.4 | 9.9 | 18.7 | 71.4 | -8.7 | | Q3:2015-16 | | | | | | 10.2 | 17.9 | 71.9 | -7.6 | | ‘Decrease’ in cost of finance is optimistic. |
| Table 13: Assessment & Expectation for Cost of Raw Material | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Decrease | Increase | No change | Net response | Decrease | Increase | No change | Net response | | Q2:2014-15 | 1225 | 4.6 | 49.3 | 46.2 | -44.7 | 3.7 | 45.8 | 50.6 | -42.1 | | Q3:2014-15 | 2088 | 7.4 | 48.9 | 43.7 | -41.5 | 4.3 | 43.5 | 52.2 | -39.2 | | Q4:2014-15 | 1565 | 9.6 | 42.4 | 48.0 | -32.8 | 4.9 | 41.2 | 53.9 | -36.3 | | Q1:2015-16 | 1299 | 8.6 | 44.5 | 46.9 | -35.9 | 6.0 | 38.8 | 55.2 | -32.8 | | Q2:2015-16 | 1304 | 13.2 | 38.1 | 48.7 | -24.8 | 5.2 | 38.1 | 56.6 | -32.9 | | Q3:2015-16 | | | | | | 7.1 | 35.2 | 57.7 | -28.1 | | ‘Decrease’ in cost of raw material is optimistic. |
| Table 14: Assessment & Expectation for Selling Price | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q2:2014-15 | 1225 | 20.1 | 13.3 | 66.6 | 6.8 | 20.6 | 8.0 | 71.4 | 12.5 | | Q3:2014-15 | 2088 | 20.1 | 14.2 | 65.8 | 5.9 | 20.5 | 7.2 | 72.3 | 13.3 | | Q4:2014-15 | 1565 | 18.1 | 15.5 | 66.4 | 2.6 | 21.3 | 8.5 | 70.2 | 12.8 | | Q1:2015-16 | 1299 | 18.3 | 15.2 | 66.5 | 3.1 | 19.1 | 8.8 | 72.1 | 10.3 | | Q2:2015-16 | 1304 | 15.8 | 19.8 | 64.4 | -4.0 | 19.5 | 11.6 | 68.8 | 7.9 | | Q3:2015-16 | | | | | | 18.3 | 12.2 | 69.5 | 6.2 | | ‘Increase’ in selling price is optimistic. |
| Table 15: Assessment & Expectation for Profit Margin | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q2:2014-15 | 1225 | 12.6 | 27.9 | 59.4 | -15.3 | 18.0 | 20.3 | 61.7 | -2.3 | | Q3:2014-15 | 2088 | 14.0 | 29.0 | 57.0 | -15.1 | 18.9 | 17.9 | 63.2 | 1.0 | | Q4:2014-15 | 1565 | 15.4 | 27.9 | 56.7 | -12.5 | 19.4 | 20.2 | 60.4 | -0.8 | | Q1:2015-16 | 1299 | 14.2 | 28.5 | 57.3 | -14.2 | 18.8 | 19.3 | 61.9 | -0.5 | | Q2:2015-16 | 1304 | 13.1 | 30.0 | 56.9 | -16.9 | 18.5 | 20.0 | 61.5 | -1.6 | | Q3:2015-16 | | | | | | 18.4 | 19.7 | 61.9 | -1.3 | | ‘Increase’ in profit margin is optimistic. |
| Table 16: Assessment & Expectation for Overall Business Situation | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Better | Worsen | No change | Net response | Better | Worsen | No change | Net response | | Q2:2014-15 | 1225 | 34.6 | 12.6 | 52.8 | 22.0 | 43.9 | 7.0 | 49.1 | 37.0 | | Q3:2014-15 | 2088 | 32.9 | 14.3 | 52.8 | 18.6 | 45.4 | 5.7 | 48.9 | 39.7 | | Q4:2014-15 | 1565 | 34.1 | 12.9 | 53.0 | 21.2 | 43.0 | 6.9 | 50.1 | 36.0 | | Q1:2015-16 | 1299 | 32.5 | 12.9 | 54.6 | 19.6 | 42.7 | 6.7 | 50.6 | 36.0 | | Q2:2015-16 | 1304 | 30.2 | 16.3 | 53.6 | 13.9 | 40.3 | 8.2 | 51.5 | 32.0 | | Q3:2015-16 | | | | | | 39.9 | 8.3 | 51.8 | 31.6 | | ‘Better’ Overall Business Situation is optimistic. |
| Table 17: Assessment & Expectation for Salary/Other Remuneration | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | Q2:2014-15 | 1225 | 32.5 | 3.0 | 64.4 | 29.5 | 30.2 | 2.1 | 67.7 | 28.1 | | Q3:2014-15 | 2088 | 25.3 | 5.7 | 69.0 | 19.6 | 24.0 | 2.4 | 73.6 | 21.6 | | Q4:2014-15 | 1565 | 28.1 | 3.6 | 68.3 | 24.5 | 21.5 | 5.9 | 72.6 | 15.6 | | Q1:2015-16 | 1299 | 36.9 | 2.6 | 60.5 | 34.2 | 27.4 | 3.9 | 68.7 | 23.5 | | Q2:2015-16 | 1304 | 31.7 | 2.8 | 65.6 | 28.9 | 30.0 | 2.7 | 67.3 | 27.3 | | Q3:2015-16 | | | | | | 24.3 | 2.3 | 73.4 | 22.0 | | ‘Increase in Salary / other remuneration’ is optimistic. |
| Table 18: Business Expectation Index (BEI) | | Quarter | BEI-Assessment Quarter | BEI-Expectation Quarter | | Q2:2014-15 | 106.3 | 114.7 | | Q3:2014-15 | 104.6 | 117.7 | | Q4:2014-15 | 106.7 | 115.6 | | Q1:2015-16 | 104.8 | 115.2 | | Q2:2015-16 | 102.4 | 113.1 | | Q3:2015-16 | | 113.4 |
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