The 74th round of the Reserve Bank of India’s Industrial Outlook Survey (IOS) indicates optimistic business sentiments. This round of the survey was conducted during April-June 2016. The survey elicited response from 1,275 manufacturing companies. It provides qualitative assessment of business situation of companies in the Indian manufacturing sector for Q1:2016-17 and their expectations for the ensuing quarter Q2:2016-17. The 73rd round (Q4:2015-16) survey results were released on April 05, 2016 on the RBI website. The survey results are those of the respondents and are not necessarily shared by the Reserve Bank of India. Highlights: Assessment for Q1:2016-17 -
The Survey indicates improvement in demand condition in Q1:2016-17 as compared with Q4:2015-16. Net percentage responses indicating higher production, order books, exports/imports and employment during the quarter went up. -
Availability of finance was perceived to have slightly improved. However, sentiments on cost of finance and cost of raw material, to a greater extent, deteriorated. The pricing power of the corporates appeared to have improved. -
Overall, the business sentiments of the Indian manufacturing sector, as inferred from the Business Expectation Index (BEI), was slightly more upbeat than the previous quarter. Expectation for Q2: 2016-17 -
The outlook on business sentiments appears to be more optimistic for Q2:2016-17. The BEI rose from 110.9 (for Q1: 2016-17) to 112.9 (for Q2: 2016-17). -
Optimism in business sentiments is expressed in all major parameters barring cost of raw material. Summary Table
Net response1 (in %) comparison over previous quarter | | Parameters | Assessment period | Expectation period | | Q4:2015-16 | Q1:2016-17 | Q1:2016-17 | Q2:2016-17 | | Production | 16.8 | 17.3 | 25.0 | 29.0 | | Order Books | 12.1 | 15.6 | 21.2 | 27.3 | | Pending Orders | 13.9 | 11.0 | 10.2 | 6.6 | | Capacity Utilisation | 7.1 | 6.7 | 13.4 | 16.8 | | Exports | 3.3 | 6.2 | 13.7 | 16.8 | | Imports | 4.7 | 8.4 | 5.8 | 9.6 | | Employment | 4.1 | 5.3 | 7.1 | 8.1 | | Financial Situation | 14.3 | 16.0 | 24.8 | 26.9 | | Availability of Finance | 12.4 | 13.5 | 19.5 | 20.1 | | Cost of Finance | -8.7 | -9.8 | -8.3 | -7.5 | | Cost of Raw Material | -24.4 | -34.0 | -27.7 | -31.5 | | Selling Price | -3.7 | 5.7 | 7.1 | 10.1 | | Profit Margin | -16.7 | -12.8 | -3.6 | -0.2 | | Overall Business Situation | 16.2 | 21.2 | 30.5 | 33.5 | | Salary | 27.5 | 32.0 | 30.3 | 26.9 | | Business Expectation Index2 | 103.0 | 104.0 | 110.9 | 112.9 |
| 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 | | 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 | 1342 | 35.6 | 18.8 | 45.6 | 16.8 | 41.2 | 10.2 | 48.6 | 31.1 | | Q1:2016-17 | 1275 | 34.5 | 17.2 | 48.3 | 17.3 | 38.8 | 13.8 | 47.4 | 25.0 | | Q2:2016-17 | | | | | | 40.2 | 11.2 | 48.6 | 29.0 | ‘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 | | 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 | 1342 | 31.8 | 19.7 | 48.5 | 12.1 | 39.7 | 10.6 | 49.8 | 29.1 | | Q1:2016-17 | 1275 | 32.1 | 16.5 | 51.3 | 15.6 | 35.5 | 14.3 | 50.3 | 21.2 | | Q2:2016-17 | | | | | | 38.1 | 10.8 | 51.1 | 27.3 | | ‘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 | | 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 | 1342 | 18.2 | 4.3 | 77.4 | 13.9 | 13.3 | 7.0 | 79.7 | 6.3 | | Q1:2016-17 | 1275 | 16.7 | 5.7 | 77.6 | 11.0 | 15.1 | 4.9 | 80.0 | 10.2 | | Q2:2016-17 | | | | | | 12.9 | 6.3 | 80.8 | 6.6 | | Pending orders ‘Below Normal’ is optimistic. |
| Table 4: Assessment & Expectation for Capacity Utilisation | | (Percentage responses) | | Indicator | Options | Assessment | Expectation | | Q1:2015-16 | Q2:2015-16 | Q3:2015-16 | Q4:2015-16 | Q1:2016-17 | Q2:2015-16 | Q3:2015-16 | Q4:2015-16 | Q1:2016-17 | Q2:2016-17 | | Capacity Utilisation (CU)-(main product) | Increase | 23.3 | 21.7 | 23.4 | 24.6 | 21.8 | 27.7 | 27.8 | 27.8 | 26.3 | 26.5 | | No Change | 60.0 | 60.2 | 60.4 | 57.9 | 63.1 | 62.1 | 62.0 | 63.5 | 60.8 | 63.9 | | Decrease | 16.7 | 18.1 | 16.3 | 17.5 | 15.1 | 10.2 | 10.2 | 8.7 | 12.9 | 9.7 | | Net Response | 6.7 | 3.6 | 7.1 | 7.1 | 6.7 | 17.6 | 17.5 | 19.1 | 13.4 | 16.8 | | Level of CU (compared to the average in last 4 quarters) | Above normal | 10.2 | 8.8 | 8.7 | 9.8 | 10.9 | 10.5 | 9.2 | 9.4 | 9.8 | 10.3 | | Normal | 71.3 | 71.9 | 72.6 | 71.0 | 72.5 | 75.5 | 77.6 | 78.2 | 75.6 | 77.8 | | Below Normal | 18.6 | 19.3 | 18.6 | 19.2 | 16.6 | 13.9 | 13.1 | 12.4 | 14.6 | 11.9 | | Net Response | -8.4 | -10.5 | -9.9 | -9.4 | -5.7 | -3.4 | -3.9 | -3.0 | -4.8 | -1.6 | | Assessment of Prod. Capacity (with regard to expected demand in next 6 months) | More than adequate | 15.1 | 14.1 | 14.3 | 13.9 | 14.6 | 15.8 | 14.4 | 14.5 | 13.8 | 13.6 | | Adequate | 76.9 | 78.3 | 77.2 | 77.7 | 76.8 | 77.5 | 78.8 | 78.5 | 79.1 | 78.8 | | Less than adequate | 8.0 | 7.7 | 8.5 | 8.5 | 8.6 | 6.8 | 6.8 | 7.0 | 7.1 | 7.6 | | Net Response | 7.2 | 6.4 | 5.8 | 5.4 | 6.0 | 9.0 | 7.5 | 7.5 | 6.7 | 6.0 | | ‘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 | | 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 | 1342 | 22.1 | 18.8 | 59.1 | 3.3 | 26.9 | 10.0 | 63.1 | 16.9 | | Q1:2016-17 | 1275 | 21.5 | 15.3 | 63.1 | 6.2 | 25.7 | 12.0 | 62.3 | 13.7 | | Q2:2016-17 | | | | | | 26.3 | 9.5 | 64.2 | 16.8 | | ‘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 | | 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 | 1342 | 17.6 | 12.9 | 69.4 | 4.7 | 16.4 | 8.6 | 75.0 | 7.7 | | Q1:2016-17 | 1275 | 18.1 | 9.7 | 72.3 | 8.4 | 16.7 | 10.9 | 72.4 | 5.8 | | Q2:2016-17 | | | | | | 17.5 | 7.9 | 74.6 | 9.6 | | ‘Increase’ in imports is optimistic. |
| Table 7: Assessment & Expectations for level of Inventory (Raw Material and Finished Goods) | | (Percentage responses) | | Indicator | Options | Assessment | Expectation | | Q1:2015-16 | Q2:2015-16 | Q3:2015-16 | Q4:2015-16 | Q1:2016-17 | Q2:2015-16 | Q3:2015-16 | Q4:2015-16 | Q1:2016-17 | Q2:2016-17 | | Inventory of raw material | Below average | 6.5 | 7.4 | 6.5 | 7.0 | 6.0 | 5.5 | 5.5 | 5.3 | 5.9 | 5.8 | | Average | 79.3 | 78.9 | 81.4 | 80.5 | 81.7 | 83.0 | 83.9 | 84.8 | 84.4 | 83.5 | | Above average | 14.2 | 13.7 | 12.2 | 12.5 | 12.4 | 11.5 | 10.6 | 9.9 | 9.7 | 10.8 | | Net Response | -7.7 | -6.3 | -5.7 | -5.5 | -6.4 | -6.0 | -5.1 | -4.7 | -3.8 | -5.0 | | Inventory of finished goods | Below average | 7.2 | 6.9 | 7.0 | 8.7 | 7.0 | 6.4 | 6.3 | 6.2 | 7.0 | 7.1 | | Average | 74.7 | 75.6 | 75.7 | 75.9 | 77.7 | 78.9 | 82.1 | 81.6 | 81.9 | 80.8 | | Above average | 18.1 | 17.5 | 17.4 | 15.4 | 15.3 | 14.6 | 11.6 | 12.1 | 11.1 | 12.1 | | Net Response | -10.9 | -10.6 | -10.4 | -6.7 | -8.3 | -8.2 | -5.3 | -5.9 | -4.1 | -5.0 | | 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 | | 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 | 1342 | 14.2 | 10.1 | 75.7 | 4.1 | 15.3 | 6.7 | 78.0 | 8.6 | | Q1:2016-17 | 1275 | 15.0 | 9.7 | 75.3 | 5.3 | 15.1 | 8.0 | 76.9 | 7.1 | | Q2:2016-17 | | | | | | 15.8 | 7.7 | 76.5 | 8.1 | | ‘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 | | 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 | 1342 | 26.6 | 12.3 | 61.0 | 14.3 | 33.3 | 8.5 | 58.2 | 24.7 | | Q1:2016-17 | 1275 | 27.9 | 11.9 | 60.1 | 16.0 | 33.1 | 8.3 | 58.6 | 24.8 | | Q2:2016-17 | | | | | | 35.2 | 8.3 | 56.5 | 26.9 | | ‘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 | | 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 | 1342 | 31.7 | 6.8 | 61.4 | 24.9 | 30.1 | 4.9 | 65.0 | 25.2 | | Q1:2016-17 | 1275 | 28.1 | 7.2 | 64.7 | 20.8 | 30.0 | 5.4 | 64.6 | 24.6 | | Q2:2016-17 | | | | | | 29.7 | 5.6 | 64.7 | 24.1 | | ‘Increase’ in working capital finance is optimistic. |
| Table 11: Assessment & Expectation for Availability of Finance | | (Percentage responses) | | Indicator | Options | Assessment | Expectation | | Q1:2015-16 | Q2:2015-16 | Q3:2015-16 | Q4:2015-16 | Q1:2016-17 | Q2:2015-16 | Q3:2015-16 | Q4:2015-16 | Q1:20 16-17 | Q2:20 16-17 | | Availability of finance (from internal accruals) | Improve | 21.5 | 21.1 | 22.3 | 21.7 | 22.4 | 23.9 | 23.5 | 26.1 | 25.6 | 25.9 | | No Change | 68.3 | 68.1 | 68.3 | 69.0 | 68.6 | 68.9 | 69.8 | 67.8 | 68.3 | 68.3 | | Worsen | 10.1 | 10.8 | 9.4 | 9.3 | 8.9 | 7.2 | 6.7 | 6.1 | 6.1 | 5.8 | | Net Response | 11.4 | 10.4 | 12.9 | 12.4 | 13.5 | 16.7 | 16.8 | 20.0 | 19.5 | 20.1 | | Availability of Finance (from banks & other sources) | Improve | 19.1 | 19.3 | 19.2 | 18.3 | 18.7 | 21.2 | 20.0 | 20.6 | 21.6 | 21.7 | | No Change | 75.6 | 75.0 | 74.4 | 74.2 | 73.6 | 75.0 | 76.3 | 74.7 | 73.2 | 72.7 | | Worsen | 5.4 | 5.7 | 6.3 | 7.5 | 7.7 | 3.8 | 3.8 | 4.7 | 5.2 | 5.5 | | Net Response | 13.7 | 13.6 | 12.9 | 10.8 | 11.0 | 17.3 | 16.2 | 16.0 | 16.4 | 16.2 | | Availability of Finance (from overseas, if applicable) | Improve | 13.0 | 11.1 | 11.3 | 8.8 | 10.6 | 12.9 | 11.5 | 12.1 | 10.0 | 12.2 | | No Change | 82.2 | 83.9 | 83.5 | 85.3 | 84.4 | 83.6 | 85.0 | 84.1 | 85.4 | 84.1 | | Worsen | 4.8 | 5.0 | 5.2 | 5.9 | 5.0 | 3.5 | 3.5 | 3.9 | 4.7 | 3.8 | | Net Response | 8.2 | 6.1 | 6.2 | 2.9 | 5.6 | 9.3 | 8.0 | 8.2 | 5.3 | 8.4 | | ‘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 | | 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 | 1342 | 11.0 | 19.7 | 69.2 | -8.7 | 10.5 | 15.9 | 73.6 | -5.5 | | Q1:2016-17 | 1275 | 10.1 | 19.9 | 70.0 | -9.8 | 8.8 | 17.1 | 74.1 | -8.3 | | Q2:2016-17 | | | | | | 9.9 | 17.4 | 72.6 | -7.5 | | 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 | | 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 | 1342 | 13.3 | 37.7 | 49.0 | -24.4 | 6.9 | 34.2 | 58.9 | -27.3 | | Q1:2016-17 | 1275 | 7.5 | 41.5 | 51.0 | -34.0 | 8.3 | 36.0 | 55.7 | -27.7 | | Q2:2016-17 | | | | | | 6.0 | 37.5 | 56.5 | -31.5 | | ‘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 | | 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 | 1342 | 15.9 | 19.6 | 64.5 | -3.7 | 17.9 | 10.7 | 71.4 | 7.2 | | Q1:2016-17 | 1275 | 18.9 | 13.2 | 67.9 | 5.7 | 20.2 | 13.1 | 66.7 | 7.1 | | Q2:2016-17 | | | | | | 19.8 | 9.7 | 70.5 | 10.1 | | ‘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 | | 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 | 1342 | 13.4 | 30.1 | 56.5 | -16.7 | 18.1 | 20.1 | 61.8 | -2.0 | | Q1:2016-17 | 1275 | 14.4 | 27.4 | 58.2 | -12.8 | 18.5 | 22.1 | 59.4 | -3.6 | | Q2:2016-17 | | | | | | 19.1 | 19.3 | 61.6 | -0.2 | | ‘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 | | 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 | 1342 | 30.8 | 14.6 | 54.6 | 16.2 | 40.9 | 7.6 | 51.5 | 33.3 | | Q1:2016-17 | 1275 | 33.3 | 12.1 | 54.6 | 21.2 | 39.4 | 8.9 | 51.7 | 30.5 | | Q2:2016-17 | | | | | | 41.2 | 7.7 | 51.1 | 33.5 | | ‘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 | | 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 | 1342 | 30.5 | 3.0 | 66.5 | 27.5 | 25.0 | 2.8 | 72.2 | 22.1 | | Q1:2016-17 | 1275 | 34.9 | 2.9 | 62.2 | 32.0 | 33.2 | 2.9 | 63.9 | 30.3 | | Q2:2016-17 | | | | | | 30.0 | 3.1 | 66.9 | 26.9 | | ‘Increase in Salary / other remuneration’ is optimistic. |
| Table 18: Business Expectation Index (BEI) | | Quarter | BEI-Assessment Quarter | BEI-Expectation Quarter | | Q1:2015-16 | 104.8 | 115.2 | | Q2:2015-16 | 102.4 | 113.1 | | Q3:2015-16 | 103.6 | 113.4 | | Q4:2015-16 | 103.0 | 114.2 | | Q1:2016-17 | 104.0 | 110.9 | | Q2:2016-17 | | 112.9 |
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