The Industrial Outlook Survey conducted during October-December 2015 (Round 72)1, provides qualitative assessment of business situation of companies in the Indian manufacturing sector for Q3:2015-16 and their expectations for the ensuing quarter Q4:2015-16. The survey elicited response from 1,337 manufacturing companies. Highlights: | Summary Table: Net response2 (NR in %) comparison over previous quarter | | Indicator | Assessment period | Expectation period | | Q2:2015-16 | Q3:2015-16 | Q3:2015-16 | Q4:2015-16 | | Production | 15.2 | 16.0 | 29.2 | 31.1 | | Order Books | 11.4 | 11.5 | 25.5 | 29.1 | | Pending Orders | 13.5 | 14.3 | 7.6 | 6.3 | | Capacity Utilisation | 3.6 | 7.1 | 17.5 | 19.1 | | Exports | 5.7 | 5.7 | 16.7 | 16.9 | | Imports | 8.4 | 6.1 | 9.2 | 7.7 | | Employment | 5.9 | 5.8 | 9.6 | 8.6 | | Financial Situation | 13.5 | 13.2 | 26.0 | 24.7 | | Availability of Finance | 10.4 | 12.9 | 16.8 | 20.0 | | Cost of Finance | -11.4 | -5.4 | -7.6 | -5.5 | | Cost of Raw Material | -24.8 | -26.4 | -28.1 | -27.3 | | Selling price | -4.0 | -1.4 | 6.2 | 7.2 | | Profit Margin | -16.9 | -15.3 | -1.3 | -2.0 | | Overall Business Situation | 13.9 | 17.4 | 31.6 | 33.3 | | Salary | 28.9 | 25.1 | 22.0 | 22.1 | | Business Expectation Index3 | 102.4 | 103.6 | 113.4 | 114.2 |
Assessment Quarter (Q3:2015-16) -
Assessment of major indicators in Q3:2015-16 remained broadly unchanged from the previous quarter. Moderate increase in optimism is observed in ‘Overall Business Situation’. -
As a result, the business sentiments of the Indian manufacturing sector, as inferred from the Business Expectation Index (BEI), remained range bound in the assessment quarter. Expectation Quarter (Q4:2015-16) -
The outlook on business sentiments also remained similar. BEI moved from 113.4 for the previous quarter to 114.2 for Q4:2015-16. -
While marginal increase in optimism was observed for production, order books, capacity utilisation and overall business situation, optimism on employment and profit margin reduced marginally. Sangeeta Das
Director Press Release : 2015-2016/1676
| 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 | | 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 | 1337 | 34.2 | 18.2 | 47.6 | 16.0 | 40.5 | 11.3 | 48.2 | 29.2 | | Q4:2015-16 | | | | | | 41.2 | 10.2 | 48.6 | 31.1 | ‘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 | | 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 | 1337 | 30.4 | 18.8 | 50.8 | 11.5 | 37.4 | 11.9 | 50.8 | 25.5 | | Q4:2015-16 | | | | | | 39.7 | 10.6 | 49.8 | 29.1 | | ‘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 | | 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 | 1337 | 19.2 | 5.0 | 75.8 | 14.3 | 14.1 | 6.5 | 79.4 | 7.6 | | Q4:2015-16 | | | | | | 13.3 | 7.0 | 79.7 | 6.3 | | Pending orders ‘Below Normal’ is optimistic. |
| Table 4: Assessment & Expectation for Capacity Utilisation | | (Percentage responses) | | Indicator | Options | Assessment | Expectation | | Q3:2014-15 | Q4:2014-15 | Q1:2015-16 | Q2:2015-16 | Q3:2015-16 | Q4:2014-15 | Q1:2015-16 | Q2:2015-16 | Q3:2015-16 | Q4:2015-16 | | Capacity Utilisation (CU)-(main product) | Increase | 22.4 | 23.5 | 23.3 | 21.7 | 23.4 | 28.2 | 27.5 | 27.7 | 27.8 | 27.8 | | No Change | 60.1 | 61.2 | 60.0 | 60.2 | 60.4 | 61.6 | 63.7 | 62.1 | 62.0 | 63.5 | | Decrease | 17.5 | 15.3 | 16.7 | 18.1 | 16.3 | 10.2 | 8.8 | 10.2 | 10.2 | 8.7 | | Net Response | 4.9 | 8.2 | 6.7 | 3.6 | 7.1 | 18.1 | 18.7 | 17.6 | 17.5 | 19.1 | | Level of CU (compared to the average in last 4 quarters) | Above normal | 9.6 | 10.6 | 10.2 | 8.8 | 8.7 | 10.6 | 12.1 | 10.5 | 9.2 | 9.4 | | Normal | 70.8 | 70.6 | 71.3 | 71.9 | 72.6 | 76.8 | 75.6 | 75.5 | 77.6 | 78.2 | | Below Normal | 19.5 | 18.9 | 18.6 | 19.3 | 18.6 | 12.6 | 12.3 | 13.9 | 13.1 | 12.4 | | Net Response | -9.9 | -8.3 | -8.4 | -10.5 | -9.9 | -2.0 | -0.2 | -3.4 | -3.9 | -3.0 | | Assessment of Prod. Capacity (with regard to expected demand in next 6 months) | More than adequate | 14.0 | 14.7 | 15.1 | 14.1 | 14.3 | 12.7 | 13.9 | 15.8 | 14.4 | 14.5 | | Adequate | 77.0 | 76.9 | 76.9 | 78.3 | 77.2 | 80.4 | 79.2 | 77.5 | 78.8 | 78.5 | | Less than adequate | 9.0 | 8.5 | 8.0 | 7.7 | 8.5 | 6.9 | 6.9 | 6.8 | 6.8 | 7.0 | | Net Response | 5.0 | 6.2 | 7.2 | 6.4 | 5.8 | 5.8 | 7.0 | 9.0 | 7.5 | 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 | | 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 | 1337 | 23.3 | 17.7 | 59.0 | 5.7 | 27.3 | 10.6 | 62.1 | 16.7 | | Q4:2015-16 | | | | | | 26.9 | 10.0 | 63.1 | 16.9 | | ‘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 | | 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 | 1337 | 17.2 | 11.1 | 71.8 | 6.1 | 18.0 | 8.8 | 73.2 | 9.2 | | Q4:2015-16 | | | | | | 16.4 | 8.6 | 75.0 | 7.7 | | ‘Increase’ in imports is optimistic |
| Table 7: Assessment & Expectations for level of Inventory (Raw Material and Finished Goods) | | (Percentage responses) | | Indicator | Options | Assessment | Expectation | | Q3:2014-15 | Q4:2014-15 | Q1:2015-16 | Q2:2015-16 | Q3:2015-16 | Q4:2014-15 | Q1:2015-16 | Q2:2015-16 | Q3:2015-16 | Q4:2015-16 | | Inventory of raw material | Below average | 8.3 | 8.4 | 6.5 | 7.4 | 6.5 | 5.6 | 7.1 | 5.5 | 5.5 | 5.3 | | Average | 79.7 | 77.5 | 79.3 | 78.9 | 81.4 | 84.6 | 83.0 | 83.0 | 83.9 | 84.8 | | Above average | 12.0 | 14.1 | 14.2 | 13.7 | 12.2 | 9.8 | 10.0 | 11.5 | 10.6 | 9.9 | | Net Response | -3.6 | -5.7 | -7.7 | -6.3 | -5.7 | -4.3 | -2.9 | -6.0 | -5.1 | -4.7 | | Inventory of finished goods | Below average | 8.4 | 8.1 | 7.2 | 6.9 | 7.0 | 6.1 | 5.8 | 6.4 | 6.3 | 6.2 | | Average | 75.6 | 73.8 | 74.7 | 75.6 | 75.7 | 83.1 | 80.9 | 78.9 | 82.1 | 81.6 | | Above average | 16.0 | 18.2 | 18.1 | 17.5 | 17.4 | 10.8 | 13.4 | 14.6 | 11.6 | 12.1 | | Net Response | -7.6 | -10.1 | -10.9 | -10.6 | -10.4 | -4.7 | -7.6 | -8.2 | -5.3 | -5.9 | | Inventory of raw material and finished goods ‘Below average’ is optimistic. |
| Table 8: Assessment & Expectations for Employment Outlook | | (Percentage responses) | | Quarter | Total response | Assessment | Expectation | | Increase | Decrease | No change | Net response | Increase | Decrease | No change | Net response | | 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 | 1337 | 15.3 | 9.4 | 75.3 | 5.8 | 15.7 | 6.1 | 78.2 | 9.6 | | Q4:2015-16 | | | | | | 15.3 | 6.7 | 78.0 | 8.6 | | ‘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 | | 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 | 1337 | 26.2 | 12.9 | 60.9 | 13.2 | 34.8 | 8.8 | 56.4 | 26.0 | | Q4:2015-16 | | | | | | 33.3 | 8.5 | 58.2 | 24.7 | | ‘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 | | 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 | 1337 | 30.3 | 6.7 | 62.9 | 23.6 | 29.9 | 4.3 | 65.8 | 25.5 | | Q4:2015-16 | | | | | | 30.1 | 4.9 | 65.0 | 25.2 | | ‘Increase’ in working capital finance is optimistic. |
| Table 11: Assessment & Expectation for Availability of Finance | | (Percentage responses) | | Indicator | Options | Assessment | Expectation | | Q3:2014-15 | Q4:2014-15 | Q1:2015-16 | Q2:2015-16 | Q3:2015-16 | Q4:2014-15 | Q1:2015-16 | Q2:2015-16 | Q3:2015-16 | Q4:2015-16 | | Availability of finance (from internal accruals) | Improve | 23.0 | 22.9 | 21.5 | 21.1 | 22.3 | 26.3 | 24.7 | 23.9 | 23.5 | 26.1 | | No Change | 66.1 | 66.8 | 68.3 | 68.1 | 68.3 | 66.9 | 68.8 | 68.9 | 69.8 | 67.8 | | Worsen | 10.9 | 10.3 | 10.1 | 10.8 | 9.4 | 6.8 | 6.6 | 7.2 | 6.7 | 6.1 | | Net Response | 12.1 | 12.6 | 11.4 | 10.4 | 12.9 | 19.4 | 18.1 | 16.7 | 16.8 | 20.0 | | Availability of Finance(from banks & other sources) | Improve | 19.7 | 20.3 | 19.1 | 19.3 | 19.2 | 20.5 | 22.6 | 21.2 | 20.0 | 20.6 | | No Change | 73.1 | 72.8 | 75.6 | 75.0 | 74.4 | 75.1 | 72.4 | 75.0 | 76.3 | 74.7 | | Worsen | 7.3 | 6.9 | 5.4 | 5.7 | 6.3 | 4.4 | 4.9 | 3.8 | 3.8 | 4.7 | | Net Response | 12.4 | 13.4 | 13.7 | 13.6 | 12.9 | 16.1 | 17.7 | 17.3 | 16.2 | 16.0 | | Availability of Finance (from overseas, if applicable) | Improve | 11.4 | 15.0 | 13.0 | 11.1 | 11.3 | 12.4 | 14.4 | 12.9 | 11.5 | 12.1 | | No Change | 82.9 | 79.4 | 82.2 | 83.9 | 83.5 | 83.8 | 81.6 | 83.6 | 85.0 | 84.1 | | Worsen | 5.7 | 5.6 | 4.8 | 5.0 | 5.2 | 3.8 | 4.0 | 3.5 | 3.5 | 3.9 | | Net Response | 5.8 | 9.4 | 8.2 | 6.1 | 6.2 | 8.6 | 10.4 | 9.3 | 8.0 | 8.2 | | ‘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 | | 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 | 1337 | 14.0 | 19.4 | 66.6 | -5.4 | 10.2 | 17.9 | 71.9 | -7.6 | | Q4:2015-16 | | | | | | 10.5 | 15.9 | 73.6 | -5.5 | | 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 | | 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 | 1337 | 12.4 | 38.7 | 48.9 | -26.4 | 7.1 | 35.2 | 57.7 | -28.1 | | Q4:2015-16 | | | | | | 6.9 | 34.2 | 58.9 | -27.3 | | ‘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 | | 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 | 1337 | 16.7 | 18.0 | 65.3 | -1.4 | 18.3 | 12.2 | 69.5 | 6.2 | | Q4:2015-16 | | | | | | 17.9 | 10.7 | 71.4 | 7.2 | | ‘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 | | 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 | 1337 | 14.3 | 29.5 | 56.2 | -15.3 | 18.4 | 19.7 | 61.9 | -1.3 | | Q4:2015-16 | | | | | | 18.1 | 20.1 | 61.8 | -2.0 | | ‘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 | | 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 | 1337 | 31.3 | 14.0 | 54.7 | 17.4 | 39.9 | 8.3 | 51.8 | 31.6 | | Q4:2015-16 | | | | | | 40.9 | 7.6 | 51.5 | 33.3 | | ‘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 | | 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 | 1337 | 28.4 | 3.2 | 68.4 | 25.1 | 24.3 | 2.3 | 73.4 | 22.0 | | Q4:2015-16 | | | | | | 25.0 | 2.8 | 72.2 | 22.1 | | ‘Increase in Salary / other remuneration’ is optimistic. |
| Table 18: Business Expectation Index (BEI) | | Quarter | BEI-Assessment Quarter | BEI-Expectation Quarter | | 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 | 103.6 | 113.4 | | Q4:2015-16 | | 114.2 |
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