Skip to main content
Click here to Visit the RBI’s new website

BBBPLogo

publications

PDF document (342 kb)
Date : Feb 05, 2021
Services and Infrastructure Outlook Survey for Q3:2020-21

Today, the Reserve Bank released the results of 27th round of its quarterly Services and Infrastructure Outlook Survey (SIOS). This forward-looking survey, being conducted since Q1:2014-15, captures qualitative assessment and expectations of Indian companies in the services and infrastructure sectors on a set of business parameters relating to demand conditions, price situation and other business conditions. 526 companies gave their assessment for Q3:2020-21 and expectations for Q4:2020-21 in the latest round of the survey, which was conducted during October-December 2020.1

Highlights:

A. Services Sector

Assessment for Q3:2020-21

  • Services sector firms assessed strong revival in turnover during Q3:2020-21 (Chart 1 and Table A).

  • All major business parameters, except input costs, recorded significant improvement in Q3:2020-21.

  • Respondents assessed subdued selling prices and profit margins, though their sentiments improved over the previous quarter.

  • Sentiments on overall business situation returned to optimism.

Expectations for Q4:2020-21

  • Services sector companies expect further improvement in turnover in Q4:2020-21 (Chart 1).

  • Outlook on major business parameters, except input costs, improved further.

  • Companies expect rise in both selling prices and input costs, resulting in marginal gain in profit margins.

Chart_1

B. Infrastructure Sector

Assessment for Q3:2020-21

  • Infrastructure companies gauged expansion in turnover, where the net sentiments turned positive after two quarters (Chart 2 and Table B).

  • Major business parameters like turnover, employment, selling price and profit margin are assessed to have improved in Q3:2020-21 resulting in overall improvement in business situation.

Expectations for Q4:2020-21

  • The turnover of infrastructure companies is expected to improve further in Q4:2020-21 (Chart 2); other major business parameters are also expected to improve.

  • Employment conditions are expected to turn positive for both full-time and part-time employees.

Chart_2

Summary of Net Responses2 on Survey Parameters
Table A: Services Sector
(per cent)
Parameters Assessment period Expectations period
Q2:20-21 Q3:20-21 Q3:20-21 Q4:20-21
Overall Business Situation -4.7 30.9 27.0 44.5
Turnover -10.7 23.7 21.2 38.4
Full-time Employees -8.8 9.5 4.0 15.4
Part-time Employees -15.4 -4.3 -3.8 6.6
Availability of Finance -1.1 10.7 5.3 16.9
Cost of Finance 0.0 -4.6 -2.2 -8.5
Salary & Wages -0.3 -12.0 -9.5 -20.3
Cost of Inputs -26.2 -28.0 -24.2 -29.2
Selling Price -12.6 -9.9 -5.4 0.3
Profit Margin -29.5 -11.1 -6.3 1.4
Inventories -5.9 6.0 1.3 12.3
Technical/Service Capacity 5.6 10.7 9.6 13.1
Physical Investment -1.4 5.7 1.1 8.7

Table B: Infrastructure Sector
(per cent)
Parameters Assessment period Expectations period
Q2:20-21 Q3:20-21 Q3:20-21 Q4:20-21
Overall Business Situation -11.0 16.2 14.8 37.7
Turnover -17.2 3.5 17.5 31.9
Full-time Employees -26.0 -14.2 -8.0 2.9
Part-time Employees -19.2 -5.8 -2.4 3.0
Availability of Finance -10.4 -0.7 1.6 10.1
Cost of Finance -12.2 -13.8 -21.1 -17.4
Salary & Wages 11.2 -8.6 -17.7 -16.7
Cost of Inputs -31.9 -33.1 -42.7 -40.7
Selling Price -18.8 -7.1 -10.0 3.2
Profit Margin -41.9 -23.4 -17.4 -3.6
Inventories 0.0 0.8 5.7 6.9
Technical/Service Capacity -3.7 1.7 1.9 5.0
Physical Investment -2.9 0.9 7.8 7.0

Note: Please see the excel file for time series data

Services Sector

Table S1: Assessment and Expectation for Overall Business Situation
(Percentage responses)@
Quarter Assessment Expectation
Better No Change Worse Net response# Better No Change Worse Net response
Q3:19-20 32.8 51.4 15.8 17.0 47.0 39.0 13.9 33.1
Q4:19-20 33.0 52.6 14.3 18.7 45.2 45.2 9.6 35.5
Q1:20-21 7.4 31.3 61.3 -53.9 43.8 45.8 10.4 33.4
Q2:20-21 26.4 42.4 31.1 -4.7 29.0 43.9 27.1 1.9
Q3:20-21 43.2 44.5 12.3 30.9 40.3 46.3 13.4 27.0
Q4:20-21         50.4 43.7 5.9 44.5

‘Increase’ in Overall business situation is optimistic.
@: Due to rounding off percentage may not add up to 100.
#: 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/ optimism and any value less than zero indicates contraction/ pessimism.


Table S2: Assessment and Expectation for Turnover
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 40.3 40.3 19.4 20.9 50.5 35.4 14.0 36.5
Q4:19-20 41.6 38.8 19.7 21.9 48.1 40.9 11.0 37.1
Q1:20-21 9.0 23.9 67.1 -58.1 46.6 39.1 14.3 32.2
Q2:20-21 28.0 33.2 38.7 -10.7 30.4 33.9 35.8 -5.4
Q3:20-21 43.7 36.3 20.0 23.7 40.5 40.2 19.3 21.2
Q4:20-21         48.6 41.1 10.3 38.4
‘Increase’ in Turnover is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S3: Assessment and Expectation for Full-time Employees

(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 26.0 57.7 16.3 9.7 26.4 66.2 7.4 19.0
Q4:19-20 30.3 56.9 12.8 17.5 27.4 63.5 9.1 18.3
Q1:20-21 11.6 63.5 24.8 -13.2 28.3 62.8 8.9 19.4
Q2:20-21 15.2 60.9 24.0 -8.8 13.4 68.7 17.9 -4.6
Q3:20-21 24.9 59.8 15.3 9.5 17.0 70.0 13.0 4.0
Q4:20-21         22.9 69.5 7.5 15.4
‘Increase’ in Full-time Employees is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S4: Assessment and Expectation for Part-time Employees
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 12.9 70.6 16.5 -3.6 12.9 77.1 10.0 3.0
Q4:19-20 12.1 75.6 12.4 -0.3 14.7 72.3 13.1 1.6
Q1:20-21 4.5 62.9 32.6 -28.1 15.4 74.1 10.6 4.8
Q2:20-21 8.3 68.1 23.6 -15.4 8.5 70.4 21.2 -12.7
Q3:20-21 10.0 75.7 14.3 -4.3 9.5 77.2 13.3 -3.8
Q4:20-21         15.0 76.7 8.3 6.6
‘Increase’ in Part-time Employees is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S5: Assessment and Expectation for Availability of Finance
(Percentage responses)
Quarter Assessment Expectation
Improve No Change Worsen Net response Improve No Change Worsen Net response
Q3:19-20 17.4 70.1 12.5 4.9 27.8 64.6 7.6 20.2
Q4:19-20 21.5 66.8 11.7 9.8 22.9 68.0 9.1 13.9
Q1:20-21 9.7 66.3 23.9 -14.2 24.0 65.9 10.1 13.9
Q2:20-21 15.4 68.0 16.6 -1.1 15.9 66.6 17.5 -1.7
Q3:20-21 21.3 68.0 10.7 10.7 17.7 69.9 12.4 5.3
Q4:20-21         25.5 65.9 8.6 16.9
‘Improve’ in Availability of Finance is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S6: Assessment and Expectation for Cost of Finance
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 16.5 74.3 9.2 -7.3 16.3 71.2 12.5 -3.8
Q4:19-20 14.9 75.7 9.5 -5.4 15.3 75.7 9.0 -6.3
Q1:20-21 21.4 62.9 15.7 -5.7 13.4 76.6 10.0 -3.4
Q2:20-21 15.1 69.7 15.1 0.0 18.1 68.9 13.0 -5.1
Q3:20-21 16.8 70.9 12.3 -4.6 13.5 75.1 11.4 -2.2
Q4:20-21         17.0 74.6 8.5 -8.5
‘Decrease’ in Cost of Finance is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S7: Assessment and Expectation for Salary/Wages
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 35.1 61.9 3.0 -32.1 34.8 61.0 4.3 -30.5
Q4:19-20 33.6 61.9 4.4 -29.2 31.2 66.8 2.1 -29.1
Q1:20-21 13.2 61.2 25.6 12.3 39.2 57.8 3.0 -36.2
Q2:20-21 16.9 66.4 16.7 -0.3 15.8 66.2 18.0 2.3
Q3:20-21 23.7 64.5 11.7 -12.0 19.0 71.6 9.5 -9.5
Q4:20-21         26.4 67.6 6.0 -20.3
‘Decrease’ in Salary/Wages is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S8: Assessment and Expectation for Cost of Inputs
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 35.8 60.2 4.0 -31.7 33.6 64.1 2.3 -31.3
Q4:19-20 36.2 56.9 6.9 -29.3 31.7 63.9 4.5 -27.2
Q1:20-21 24.5 58.8 16.7 -7.8 32.6 62.7 4.7 -28.0
Q2:20-21 34.6 56.9 8.4 -26.2 25.8 63.6 10.6 -15.2
Q3:20-21 33.2 61.5 5.2 -28.0 30.6 63.1 6.4 -24.2
Q4:20-21         34.0 61.1 4.8 -29.2
‘Decrease’ in Cost of Inputs is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S9: Assessment and Expectation for Selling Price
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 9.8 76.3 13.9 -4.0 12.7 78.8 8.6 4.1
Q4:19-20 11.1 77.8 11.1 0.0 11.7 79.2 9.0 2.7
Q1:20-21 3.0 71.2 25.8 -22.9 12.5 76.0 11.4 1.1
Q2:20-21 6.1 75.1 18.8 -12.6 6.1 75.4 18.6 -12.5
Q3:20-21 7.0 76.0 16.9 -9.9 7.8 79.1 13.2 -5.4
Q4:20-21         11.3 77.7 11.0 0.3
‘Increase’ in Selling Price is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S10: Assessment and Expectation for Profit Margin
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 19.2 52.9 27.9 -8.7 27.2 53.4 19.4 7.8
Q4:19-20 19.4 56.0 24.6 -5.2 26.4 57.0 16.6 9.8
Q1:20-21 3.5 37.7 58.7 -55.2 23.0 59.7 17.3 5.7
Q2:20-21 12.4 45.8 41.9 -29.5 13.4 48.5 38.1 -24.8
Q3:20-21 19.0 50.8 30.2 -11.1 20.5 52.7 26.8 -6.3
Q4:20-21         21.6 58.3 20.2 1.4
‘Increase’ in Profit Margin is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S11: Assessment and Expectation for Inventories
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 15.1 74.2 10.7 4.4 18.1 73.1 8.8 9.2
Q4:19-20 16.7 72.2 11.0 5.7 13.8 78.2 8.0 5.7
Q1:20-21 13.5 63.5 23.0 -9.6 16.9 73.9 9.2 7.7
Q2:20-21 14.4 65.3 20.3 -5.9 14.5 68.8 16.7 -2.2
Q3:20-21 17.9 70.2 11.9 6.0 15.9 69.6 14.6 1.3
Q4:20-21         20.6 71.2 8.3 12.3
‘Increase’ in Inventories is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S12: Assessment and Expectation for Technical/Service Capacity
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 18.2 80.6 1.2 17.0 19.6 78.3 2.1 17.4
Q4:19-20 16.8 81.0 2.2 14.6 18.6 80.1 1.3 17.3
Q1:20-21 9.2 79.2 11.5 -2.3 16.8 81.3 2.0 14.8
Q2:20-21 12.5 80.6 6.9 5.6 13.9 78.6 7.5 6.3
Q3:20-21 14.6 81.5 3.9 10.7 14.8 80.1 5.2 9.6
Q4:20-21         16.8 79.4 3.8 13.1
‘Increase’ in Technical/Service Capacity is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S13: Assessment and Expectation for Physical Investment
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 18.3 79.5 2.2 16.1 18.2 77.8 4.0 14.2
Q4:19-20 18.5 77.4 4.2 14.3 18.0 80.1 1.9 16.1
Q1:20-21 11.7 72.8 15.6 -3.9 15.4 79.5 5.1 10.2
Q2:20-21 8.0 82.7 9.3 -1.4 13.9 75.3 10.8 3.2
Q3:20-21 13.2 79.4 7.4 5.7 8.5 84.0 7.5 1.1
Q4:20-21         14.0 80.8 5.2 8.7
‘Increase’ in Physical Investment is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Infrastructure Sector

Table I1: Assessment and Expectation for Overall Business Situation
(Percentage responses)@
Quarter Assessment Expectation
Better No Change Worse Net response# Better No Change Worse Net response
Q3:19-20 33.1 50.3 16.6 16.6 42.1 43.2 14.7 27.4
Q4:19-20 34.6 47.7 17.7 16.9 49.7 39.9 10.5 39.2
Q1:20-21 13.3 28.6 58.1 -44.8 50.8 40.0 9.2 41.5
Q2:20-21 25.2 38.6 36.2 -11.0 29.5 46.7 23.8 5.7
Q3:20-21 35.2 45.8 19.0 16.2 34.4 46.1 19.5 14.8
Q4:20-21         47.1 43.5 9.4 37.7
‘Increase’ in Overall business situation is optimistic.
@: Due to rounding off percentage may not add up to 100.
#: 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/ optimism and any value less than zero indicates contraction/ pessimism.

Table I2: Assessment and Expectation for Turnover
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 36.3 40.8 22.9 13.4 47.3 37.6 15.1 32.3
Q4:19-20 34.4 45.3 20.3 14.1 45.5 42.2 12.3 33.1
Q1:20-21 9.7 29.1 61.2 -51.5 42.2 47.7 10.2 32.0
Q2:20-21 23.4 35.9 40.6 -17.2 24.5 45.1 30.4 -5.9
Q3:20-21 29.8 44.0 26.2 3.5 38.1 41.3 20.6 17.5
Q4:20-21         41.8 48.2 9.9 31.9
‘Increase’ in Turnover is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I3: Assessment and Expectation for Full-time Employees
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 14.1 67.3 18.6 -4.5 24.2 65.3 10.5 13.7
Q4:19-20 16.2 68.5 15.4 0.8 16.4 73.7 9.9 6.6
Q1:20-21 4.8 68.3 26.9 -22.1 20.5 70.1 9.4 11.0
Q2:20-21 3.9 66.1 29.9 -26.0 7.7 70.2 22.1 -14.4
Q3:20-21 7.1 71.6 21.3 -14.2 8.8 74.4 16.8 -8.0
Q4:20-21         14.3 74.3 11.4 2.9
‘Increase’ in Full-time Employees is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I4: Assessment and Expectation for Part-time Employees
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 8.6 82.8 8.6 0.0 16.1 71.0 12.9 3.2
Q4:19-20 5.5 85.0 9.4 -3.9 10.7 80.5 8.7 2.0
Q1:20-21 3.9 63.1 33.0 -29.1 10.2 81.3 8.6 1.6
Q2:20-21 5.6 69.6 24.8 -19.2 9.8 71.6 18.6 -8.8
Q3:20-21 8.7 76.8 14.5 -5.8 10.6 76.4 13.0 -2.4
Q4:20-21         12.6 77.8 9.6 3.0
‘Increase’ in Part-time Employees is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I5: Assessment and Expectation for Availability of Finance
(Percentage responses)
Quarter Assessment Expectation
Improve No Change Worsen Net response Improve No Change Worsen Net response
Q3:19-20 14.9 66.2 18.8 -3.9 25.0 56.5 18.5 6.5
Q4:19-20 14.5 69.4 16.1 -1.6 22.4 68.4 9.2 13.2
Q1:20-21 7.0 64.0 29.0 -22.0 25.2 64.2 10.6 14.6
Q2:20-21 14.4 60.8 24.8 -10.4 14.7 66.7 18.6 -3.9
Q3:20-21 18.6 62.1 19.3 -0.7 21.8 58.1 20.2 1.6
Q4:20-21         23.0 64.0 12.9 10.1
‘Improve’ in Availability of Finance is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I6: Assessment and Expectation for Cost of Finance
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 33.1 57.8 9.1 -24.0 23.1 58.2 18.7 -4.4
Q4:19-20 27.4 63.7 8.9 -18.5 24.3 66.2 9.5 -14.9
Q1:20-21 29.1 56.3 14.6 -14.6 23.2 66.4 10.4 -12.8
Q2:20-21 24.4 63.4 12.2 -12.2 28.7 59.4 11.9 -16.8
Q3:20-21 20.3 73.2 6.5 -13.8 27.6 65.9 6.5 -21.1
Q4:20-21         24.6 68.1 7.2 -17.4
‘Decrease’ in Cost of Finance is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I7: Assessment and Expectation for Salary/Wages
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 28.4 62.6 9.0 -19.4 30.4 63.0 6.5 -23.9
Q4:19-20 25.0 67.2 7.8 -17.2 28.3 67.8 3.9 -24.3
Q1:20-21 18.6 59.8 21.6 2.9 37.5 61.7 0.8 -36.7
Q2:20-21 12.0 64.8 23.2 11.2 21.8 60.4 17.8 -4.0
Q3:20-21 19.3 70.0 10.7 -8.6 23.4 71.0 5.6 -17.7
Q4:20-21         22.5 71.7 5.8 -16.7
‘Decrease’ in Salary/Wages is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I8: Assessment and Expectation for Cost of Inputs
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 38.9 58.4 2.7 -36.2 35.2 60.2 4.5 -30.7
Q4:19-20 39.3 55.7 4.9 -34.4 37.1 58.7 4.2 -32.9
Q1:20-21 31.6 58.2 10.2 -21.4 36.1 58.8 5.0 -31.1
Q2:20-21 36.1 59.7 4.2 -31.9 31.6 62.2 6.1 -25.5
Q3:20-21 38.2 56.6 5.1 -33.1 44.4 53.8 1.7 -42.7
Q4:20-21         42.2 56.3 1.5 -40.7
‘Decrease’ in Cost of Inputs is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I9: Assessment and Expectation for Selling Price
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 7.6 78.0 14.4 -6.8 19.7 65.8 14.5 5.3
Q4:19-20 8.0 74.3 17.7 -9.7 12.5 78.9 8.6 3.9
Q1:20-21 7.4 66.0 26.6 -19.1 10.8 74.8 14.4 -3.6
Q2:20-21 8.9 63.4 27.7 -18.8 7.5 68.8 23.7 -16.1
Q3:20-21 8.7 75.4 15.9 -7.1 10.9 68.2 20.9 -10.0
Q4:20-21         15.2 72.8 12.0 3.2
‘Increase’ in Selling Price is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I10: Assessment and Expectation for Profit Margin
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 11.3 60.7 28.0 -16.7 18.9 55.6 25.6 -6.7
Q4:19-20 11.6 56.2 32.2 -20.7 17.4 59.0 23.6 -6.3
Q1:20-21 2.9 33.0 64.1 -61.2 18.6 58.5 22.9 -4.2
Q2:20-21 7.3 43.5 49.2 -41.9 11.9 44.6 43.6 -31.7
Q3:20-21 11.3 53.9 34.8 -23.4 17.4 47.9 34.7 -17.4
Q4:20-21         21.0 54.3 24.6 -3.6
‘Increase’ in Profit Margin is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I11: Assessment and Expectation for Inventories
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 17.0 74.1 8.8 8.2 18.6 68.6 12.8 5.8
Q4:19-20 15.8 71.7 12.5 3.3 17.5 72.0 10.5 7.0
Q1:20-21 17.0 68.0 15.0 2.0 16.9 73.7 9.3 7.6
Q2:20-21 12.4 75.2 12.4 0.0 14.3 72.4 13.3 1.0
Q3:20-21 12.9 75.0 12.1 0.8 18.0 69.7 12.3 5.7
Q4:20-21         16.8 73.3 9.9 6.9
‘Increase’ in Inventories is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I12: Assessment and Expectation for Technical/Service Capacity
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 18.0 78.1 3.9 14.1 20.3 77.0 2.7 17.6
Q4:19-20 14.0 82.2 3.7 10.3 16.7 80.2 3.2 13.5
Q1:20-21 4.4 79.1 16.5 -12.1 14.7 82.6 2.8 11.9
Q2:20-21 5.6 85.2 9.3 -3.7 8.8 80.2 11.0 -2.2
Q3:20-21 9.2 83.3 7.5 1.7 9.5 82.9 7.6 1.9
Q4:20-21         10.0 85.0 5.0 5.0
‘Increase’ in Technical/Service Capacity is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I13: Assessment and Expectation for Physical Investment
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q3:19-20 18.9 75.6 5.5 13.4 25.3 66.7 8.0 17.3
Q4:19-20 16.8 79.4 3.7 13.1 21.1 74.0 4.9 16.3
Q1:20-21 6.7 71.9 21.3 -14.6 20.2 76.9 2.9 17.3
Q2:20-21 10.7 75.7 13.6 -2.9 9.1 72.7 18.2 -9.1
Q3:20-21 9.4 82.1 8.5 0.9 17.6 72.5 9.8 7.8
Q4:20-21         14.8 77.4 7.8 7.0
‘Increase’ in Physical Investment is optimistic. Footnotes @ and # given in Table 1 are applicable here.

1 The background and methodological aspects of the survey are documented in the published article “Services and Infrastructure Outlook Survey – Recent Trends” in December 2020 issue of RBI bulletin (Weblink: https://www.rbi.org.in/Scripts/BS_ViewBulletin.aspx?Id=19962).

The survey results reflect the views of the respondents, which are not necessarily shared by the Reserve Bank of India.

2 Net Response (NR) is the difference between the percentage of respondents reporting optimism and those reporting pessimism. It ranges between -100 to 100. Positive value indicates expansion/optimism and negative value indicates contraction/pessimism. In other words, NR = (I – D); where, I is the percentage response of ‘Increase/optimism’, D is the percentage response of ‘Decrease/pessimism’ and E is the percentage response as ‘no change/ equal’ (i.e., I+D+E=100). For example, increase in turnover is optimism whereas decrease in cost of inputs is optimism.

Top