617 प्रकाशन | भारतीय रिज़र्व बैंक की आधिकारिक वेबसाइट
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भारतीय रिज़र्व बैंक की आधिकारिक वेबसाइट का लोगो

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प्रकाशन



वर्ष 2026-27 की पहली तिमाही (Q1) विनिर्माण क्षेत्र के लिए औद्योगिक दृष्टिकोण सर्वेक्षण

आज भारतीय रिज़र्व बैंक ने 2026-27 की पहली तिमाही के दौरान आयोजित अपने त्रैमासिक औद्योगिक दृष्टिकोण सर्वेक्षण (IOS) के 114वें दौर के परिणाम जारी किए। यह सर्वेक्षण1 पहली तिमाही 2026–27 के लिए भारतीय विनिर्माण उद्यमों द्वारा व्यावसायिक परिदृश्य के गुणात्मक मूल्यांकन को दर्शाता है, साथ ही दूसरी तिमाही 2026-27 के लिए उनकी अपेक्षाओं और अगली दो तिमाहियों के लिए चयनित मापदंडों पर दृष्टिकोण को भी शामिल करता है। अप्रैल-जून 2026 के दौरान आयोजित सर्वेक्षण2 के इस दौर में कुल 1,202 कंपनियों ने भाग लिया।

मुख्य बिन्दु:

क. 2026-27 की पहली तिमाही के लिए मूल्यांकन

  • पश्चिम एशिया संघर्ष के बीच उत्पादन, ऑर्डर बुक, क्षमता उपयोग और निर्यात पर भावनाओं के कमजोर होने के साथ, मांग की स्थितियों पर विनिर्माण फर्मों का आशावाद 2026-27 की पहली तिमाही में कमजोर हो गया (तालिका ए)।

  • कंपनियों ने कच्चे माल पर तीव्र लागत दबावों की सूचना दी, साथ ही बिक्री की कीमतों में कुछ वृद्धि हुई।

  • लाभ मार्जिन अधिक तनाव में रहा, जो लागत के सीमित अंतरण (पास-थ्रू) को दर्शाता है।

  • बिज़नस असेसमेंट इंडेक्स (बीएआई) 2025-26 की चौथी तिमाही में 108.8 से गिरकर 2026-27 की पहली तिमाही में 100.4 पर आ गया, जो कोविड-19 के बाद की अवधि में सबसे कम स्तर है, भले ही यह विस्तारवादी क्षेत्र के भीतर रहा (चार्ट 1)।

ख. 2026-27 की दूसरी तिमाही के लिए अपेक्षाएं

  • 2026-27 की दूसरी तिमाही के लिए निर्माताओं का दृष्टिकोण कुछ संयम के साथ सकारात्मक बना हुआ है, जो उत्पादन, ऑर्डर बुक, क्षमता उपयोग और निर्यात पर सतर्क दृष्टिकोण को दर्शाता है।

  • लागत दबाव ऊंचे बने रहने की उम्मीद है, जिसके केवल आंशिक स्थानांतरण के कारण लाभ के मार्जिन पर दबाव बना रहेगा।

  • 2026-27 की दूसरी तिमाही के बिज़नस एक्सपेक्टेशन्स इंडेक्स (बीईआइ) में कमी आई, जो निर्माताओं के बीच सतर्क भावना को दर्शाता है (चार्ट 1)।

Chart 1: Business Sentiments

ग. 2026-27 की तीसरी और चौथी तिमाही के लिए अपेक्षाएं

  • दूसरी तिमाही की तुलना मे 2026-27 की द्वितीय छमाही के दौरान माँग की स्थिति मे सुधार की उम्मीद है (तालिका बी)।

  • उत्तरदाता कंपनियों को उम्मीद है कि इनपुट लागत का दबाव बना रहेगा।

Table A: Summary of Net responses3 on Survey Parameters
(per cent)
Parameters Assessment period Expectation period
Q4:2025-26* Q1:2026-27 Q1:2026-27* Q2:2026-27
Production 18.3 3.4 38.2 26.7
Order Books 19.2 2.9 38.1 27.0
Pending Orders 9.9 15.7 2.1 3.3
Capacity Utilisation 16.9 3.5 32.3 21.5
Inventory of Raw Materials -2.1 8.1 -9.4 -3.4
Inventory of Finished Goods -1.3 8.6 -7.7 -3.2
Exports 1.6 -2.9 19.7 8.9
Imports 6.9 2.1 20.5 7.2
Employment 10.8 6.8 17.1 8.4
Financial Situation (Overall) 23.3 4.5 41.0 25.4
Availability of Finance (from internal accruals) 24.2 11.0 32.9 14.4
Availability of Finance (from banks & other sources) 17.1 9.9 22.7 10.9
Availability of Finance (from overseas, if applicable) 6.9 2.0 15.0 3.5
Cost of Raw Material -53.7 -78.1 -50.9 -52.9
Cost of Finance -8.3 -15.4 -16.9 -13.4
Salary/ Other Remuneration -17.7 -35.0 -37.6 -19.8
Selling Price 5.8 22.3 16.3 15.8
Profit Margin -8.6 -28.8 9.0 -6.1
Overall Business Situation 21.9 1.8 41.1 27.4
*: Based on the previous round’s response.

Table B: Business Expectations on Select Parameters for extended period – Net response
(per cent)
Parameters Round 113 Round 114
Q1:2026-27 Q2:2026-27 Q3:2026-27 Q4:2026-27
Overall Business Situation 41.1 27.4 31.8 35.6
Production 38.2 26.7 33.3 34.7
Order Books 38.1 27.0 32.3 34.2
Capacity Utilisation 32.3 21.5 30.0 30.9
Employment 17.1 8.4 12.4 12.7
Cost of Raw Materials -50.9 -52.9 -51.7 -48.3
Selling Prices 16.3 15.8 21.9 19.6

Note: Please see the excel file for time series data

Table 1: Assessment and Expectations for Production
(Percentage responses)@
Quarter Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q1:2025-26 33.6 12.1 54.3 21.4 41.4 4.6 54.0 36.9
Q2:2025-26 30.1 12.3 57.6 17.9 56.8 3.6 39.6 53.3
Q3:2025-26 37.7 15.9 46.4 21.7 50.5 2.6 47.0 47.9
Q4:2025-26 36.0 17.7 46.3 18.3 48.9 4.3 46.8 44.6
Q1:2026-27 29.1 25.8 45.1 3.4 45.6 7.4 47.1 38.2
Q2:2026-27         35.5 8.8 55.8 26.7
‘Increase’ in production is optimistic.
@:Due to rounding off Percentage may not add up to 100.

Table 2: Assessment and Expectations for Order Books
(Percentage responses)
Quarter Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q1:2025-26 32.3 12.4 55.3 19.9 40.7 5.1 54.2 35.6
Q2:2025-26 27.9 13.1 59.0 14.8 56.1 3.9 40.0 52.1
Q3:2025-26 36.2 16.7 47.1 19.5 48.5 2.8 48.7 45.7
Q4:2025-26 36.1 16.9 47.0 19.2 48.1 4.4 47.5 43.7
Q1:2026-27 28.3 25.3 46.4 2.9 45.6 7.5 46.9 38.1
Q2:2026-27         35.5 8.5 56.1 27.0
‘Increase’ in order books is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 3: Assessment and Expectations for Pending Orders
(Percentage responses)
Quarter Assessment Expectations
Above Normal Below Normal Normal Net response Above Normal Below Normal Normal Net response
Q1:2025-26 4.4 16.8 78.8 12.3 4.3 6.8 88.9 2.5
Q2:2025-26 3.4 17.0 79.6 13.5 3.5 5.2 91.4 1.7
Q3:2025-26 4.3 16.4 79.2 12.1 3.6 3.8 92.6 0.2
Q4:2025-26 4.9 14.8 80.2 9.9 3.8 5.5 90.7 1.7
Q1:2026-27 4.7 20.5 74.8 15.7 4.2 6.3 89.4 2.1
Q2:2026-27         5.0 8.3 86.7 3.3
Pending orders ‘Below Normal’ is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 4: Assessment and Expectations for Capacity Utilisation (Main Product)
(Percentage responses)
Quarter Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q1:2025-26 27.4 11.4 61.2 16.0 35.4 4.4 60.1 31.0
Q2:2025-26 23.3 9.1 67.6 14.2 49.0 5.1 45.9 43.8
Q3:2025-26 29.0 12.9 58.1 16.1 45.8 2.5 51.7 43.3
Q4:2025-26 30.4 13.5 56.1 16.9 42.1 3.7 54.2 38.4
Q1:2026-27 23.7 20.3 56.0 3.5 38.8 6.5 54.7 32.3
Q2:2026-27         29.7 8.1 62.2 21.5
‘Increase’ in capacity utilisation is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 5: Level of capacity utilisation (compared to the average in preceding 4 quarters)
(Percentage responses)
Quarter Assessment Expectations
Above Normal Below Normal Normal Net response Above Normal Below Normal Normal Net response
Q1:2025-26 18.2 14.0 67.8 4.2 9.7 4.6 85.6 5.1
Q2:2025-26 20.1 14.3 65.6 5.8 18.8 5.1 76.1 13.7
Q3:2025-26 12.2 17.7 70.1 -5.5 19.2 3.5 77.3 15.7
Q4:2025-26 16.5 15.7 67.8 0.8 12.0 5.5 82.5 6.5
Q1:2026-27 7.7 23.7 68.6 -16.0 15.4 6.5 78.1 9.0
Q2:2026-27         7.3 8.4 84.3 -1.1
‘Above Normal’ in Level of capacity utilisation is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 6: Assessment and Expectations for Assessment of Production Capacity (with regard to expected demand in next 6 months)
(Percentage responses)
Quarter Assessment Expectations
More than adequate Less than adequate Adequate Net response More than adequate Less than adequate Adequate Net response
Q1:2025-26 9.0 10.2 80.8 -1.1 12.1 1.7 86.2 10.4
Q2:2025-26 8.5 10.8 80.7 -2.3 18.6 2.7 78.8 15.9
Q3:2025-26 10.1 10.4 79.4 -0.3 18.7 2.8 78.4 15.9
Q4:2025-26 12.6 10.2 77.2 2.3 14.5 4.4 81.1 10.1
Q1:2026-27 8.1 16.1 75.8 -8.0 17.4 4.7 77.9 12.7
Q2:2026-27         10.0 7.8 82.3 2.2
‘More than adequate’ in Assessment of Production Capacity is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 7: Assessment and Expectations for Exports
(Percentage responses)
Quarter Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q1:2025-26 22.5 11.6 65.9 10.9 23.4 5.0 71.6 18.4
Q2:2025-26 21.8 11.8 66.5 10.0 38.8 4.0 57.2 34.7
Q3:2025-26 22.3 17.5 60.3 4.8 42.2 4.5 53.3 37.7
Q4:2025-26 20.0 18.4 61.6 1.6 35.1 7.4 57.5 27.8
Q1:2026-27 17.6 20.5 62.0 -2.9 30.9 11.2 57.9 19.7
Q2:2026-27         18.2 9.3 72.5 8.9
‘Increase’ in exports is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 8: Assessment and Expectations for Imports
(Percentage responses)
Quarter Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q1:2025-26 18.4 7.7 73.9 10.7 19.4 3.3 77.2 16.1
Q2:2025-26 18.9 7.0 74.1 12.0 36.2 3.0 60.8 33.2
Q3:2025-26 19.1 10.6 70.3 8.5 38.8 2.5 58.7 36.2
Q4:2025-26 18.2 11.3 70.5 6.9 29.9 5.4 64.7 24.5
Q1:2026-27 14.3 12.2 73.5 2.1 26.8 6.4 66.8 20.5
Q2:2026-27         13.5 6.2 80.3 7.2
‘Increase’ in imports is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 9: Assessment and Expectations for level of Raw Materials Inventory
(Percentage responses)
Quarter Assessment Expectations
Above average Below average average Net response Above average Below average average Net response
Q1:2025-26 7.9 10.9 81.2 3.0 11.0 2.3 86.7 -8.7
Q2:2025-26 9.6 11.1 79.3 1.5 14.9 2.9 82.2 -12.1
Q3:2025-26 12.0 10.1 77.9 -1.9 16.7 1.3 82.0 -15.5
Q4:2025-26 13.4 11.3 75.3 -2.1 10.5 2.3 87.2 -8.2
Q1:2026-27 11.0 19.1 69.9 8.1 12.5 3.1 84.4 -9.4
Q2:2026-27         7.5 4.1 88.4 -3.4
‘Below average’ Inventory of raw materials is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 10: Assessment and Expectations for level of Finished Goods Inventory
(Percentage responses)
Quarter Assessment Expectations
Above average Below average average Net response Above average Below average average Net response
Q1:2025-26 8.5 11.1 80.4 2.6 10.9 1.7 87.4 -9.1
Q2:2025-26 10.7 11.1 78.2 0.5 15.3 2.9 81.8 -12.5
Q3:2025-26 12.1 11.1 76.8 -0.9 17.5 1.7 80.8 -15.7
Q4:2025-26 13.3 12.0 74.8 -1.3 10.3 2.8 86.9 -7.5
Q1:2026-27 11.0 19.6 69.5 8.6 11.3 3.6 85.1 -7.7
Q2:2026-27         7.5 4.4 88.1 -3.2
‘Below average’ Inventory of finished goods is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 11: Assessment and Expectations for Employment Outlook
(Percentage responses)
Quarter Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q1:2025-26 16.8 6.3 76.9 10.6 14.6 1.7 83.7 12.9
Q2:2025-26 15.8 7.8 76.4 8.0 25.4 1.8 72.8 23.7
Q3:2025-26 16.1 8.5 75.5 7.6 26.2 1.0 72.8 25.2
Q4:2025-26 17.6 6.8 75.6 10.8 19.5 2.3 78.2 17.2
Q1:2026-27 16.0 9.2 74.8 6.8 20.7 3.5 75.8 17.1
Q2:2026-27         11.5 3.0 85.5 8.4
‘Increase’ in employment is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 12: Assessment and Expectations for Overall Financial Situation
(Percentage responses)
Quarter Assessment Expectations
Better Worsen No change Net response Better Worsen No change Net response
Q1:2025-26 31.8 10.8 57.4 21.0 39.0 2.6 58.4 36.3
Q2:2025-26 28.8 11.3 59.8 17.5 57.0 3.0 40.0 53.9
Q3:2025-26 34.3 13.1 52.7 21.2 49.8 1.9 48.3 47.9
Q4:2025-26 35.7 12.4 51.9 23.3 45.0 3.2 51.8 41.8
Q1:2026-27 26.8 22.3 50.9 4.5 45.5 4.4 50.1 41.0
Q2:2026-27         33.1 7.8 59.1 25.4
‘Better’ overall financial situation is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 13: Assessment and Expectations for Working Capital Finance Requirement
(Percentage responses)
Quarter Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q1:2025-26 21.0 4.5 74.5 16.4 25.5 2.7 71.8 22.9
Q2:2025-26 19.7 5.8 74.5 13.9 33.4 1.9 64.6 31.5
Q3:2025-26 22.8 5.0 72.2 17.8 34.1 1.5 64.4 32.6
Q4:2025-26 20.6 4.8 74.6 15.8 26.4 1.7 71.9 24.7
Q1:2026-27 21.9 5.3 72.8 16.7 22.6 2.8 74.6 19.9
Q2:2026-27         17.1 2.7 80.2 14.4
‘Increase’ in working capital finance is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 14: Assessment and Expectations for Availability of Finance (from Internal Accruals)
(Percentage responses)
Quarter Assessment Expectations
Improve Worsen No change Net response Improve Worsen No change Net response
Q1:2025-26 25.5 5.4 69.1 20.1 31.7 1.3 67.0 30.4
Q2:2025-26 21.0 5.3 73.7 15.7 47.8 1.3 50.8 46.5
Q3:2025-26 26.9 5.6 67.5 21.4 40.1 0.8 59.0 39.3
Q4:2025-26 29.7 5.5 64.8 24.2 37.5 1.5 61.0 36.0
Q1:2026-27 17.9 6.9 75.2 11.0 36.0 3.1 60.9 32.9
Q2:2026-27         17.7 3.3 78.9 14.4
‘Improvement’ in availability of finance is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 15: Assessment and Expectations for Availability of Finance (from banks and other sources)
(Percentage responses)
Quarter Assessment Expectations
Improve Worsen No change Net response Improve Worsen No change Net response
Q1:2025-26 20.3 3.9 75.8 16.4 23.0 1.3 75.7 21.7
Q2:2025-26 16.4 4.9 78.8 11.5 41.2 0.5 58.3 40.7
Q3:2025-26 21.8 4.5 73.7 17.2 35.4 0.6 64.1 34.8
Q4:2025-26 20.6 3.5 75.9 17.1 27.9 1.2 70.8 26.7
Q1:2026-27 14.4 4.5 81.1 9.9 25.0 2.3 72.7 22.7
Q2:2026-27         13.5 2.7 83.8 10.9
‘Improvement’ in availability of finance is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 16: Assessment and Expectations for Availability of Finance (from overseas, if applicable)
(Percentage responses)
Quarter Assessment Expectations
Improve Worsen No change Net response Improve Worsen No change Net response
Q1:2025-26 11.6 3.9 84.5 7.6 10.7 1.0 88.3 9.7
Q2:2025-26 11.7 5.5 82.9 6.2 32.9 0.5 66.5 32.4
Q3:2025-26 9.7 4.9 85.4 4.7 29.5 0.7 69.8 28.8
Q4:2025-26 11.0 4.0 85.0 6.9 18.2 1.0 80.7 17.2
Q1:2026-27 5.4 3.4 91.2 2.0 16.8 1.8 81.4 15.0
Q2:2026-27         5.1 1.6 93.2 3.5
‘Improvement’ in availability of finance is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 17: Assessment and Expectations for Cost of Finance
(Percentage responses)
Quarter Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q1:2025-26 16.5 9.2 74.3 -7.2 15.5 2.7 81.8 -12.8
Q2:2025-26 14.5 8.4 77.1 -6.1 26.1 13.6 60.2 -12.5
Q3:2025-26 13.0 7.8 79.2 -5.2 30.2 2.3 67.4 -27.9
Q4:2025-26 15.8 7.6 76.6 -8.3 20.1 3.9 76.0 -16.2
Q1:2026-27 19.1 3.7 77.2 -15.4 20.9 4.0 75.1 -16.9
Q2:2026-27         15.7 2.3 82.0 -13.4
‘Decrease’ in cost of finance is optimistic. Footnote ‘@’ given in Table 1 is applicable here. The column heads, namely ‘Increase’ and ‘Decrease’ in data releases for rounds 82-87 were interchanged and should be read as above.

Table 18: Assessment and Expectations for Cost of Raw Materials
(Percentage responses)
Quarter Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q1:2025-26 50.8 4.2 44.9 -46.6 41.6 1.6 56.8 -40.1
Q2:2025-26 42.1 4.1 53.8 -38.1 56.2 1.2 42.6 -54.9
Q3:2025-26 47.6 5.3 47.1 -42.3 46.6 1.0 52.4 -45.6
Q4:2025-26 56.5 2.8 40.7 -53.7 43.9 1.7 54.4 -42.2
Q1:2026-27 79.3 1.2 19.6 -78.1 52.6 1.7 45.7 -50.9
Q2:2026-27         54.2 1.3 44.5 -52.9
‘Decrease’ in cost of raw materials is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 19: Assessment and Expectations for Salary/Other Remuneration
(Percentage responses)
Quarter Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q1:2025-26 29.3 2.2 68.5 -27.1 37.7 0.9 61.5 -36.8
Q2:2025-26 15.9 3.2 80.9 -12.7 32.1 0.5 67.3 -31.6
Q3:2025-26 17.9 2.8 79.3 -15.0 30.7 0.7 68.6 -29.9
Q4:2025-26 19.1 1.4 79.5 -17.7 22.2 1.3 76.5 -20.9
Q1:2026-27 35.9 0.9 63.3 -35.0 38.5 0.9 60.5 -37.6
Q2:2026-27         20.4 0.6 78.9 -19.8
‘Decrease’ in Salary / other remuneration is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 20: Assessment and Expectations for Selling Price
(Percentage responses)
Quarter Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q1:2025-26 15.7 8.8 75.5 6.8 15.7 3.2 81.2 12.5
Q2:2025-26 13.2 10.8 76.0 2.4 26.4 2.6 71.1 23.8
Q3:2025-26 13.2 14.8 72.0 -1.6 26.7 2.6 70.7 24.1
Q4:2025-26 15.6 9.9 74.5 5.8 17.8 4.3 77.9 13.5
Q1:2026-27 30.0 7.8 62.2 22.3 19.8 3.6 76.6 16.3
Q2:2026-27         19.5 3.7 76.8 15.8
‘Increase’ in selling price is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 21: Assessment and Expectations for Profit Margin
(Percentage responses)
Quarter Assessment Expectations
Increase Decrease No change Net response Increase Decrease No change Net response
Q1:2025-26 12.0 17.0 70.9 -5.0 14.5 7.5 78.0 7.0
Q2:2025-26 11.9 18.3 69.8 -6.4 26.2 6.2 67.6 20.1
Q3:2025-26 12.6 22.0 65.4 -9.4 28.9 4.3 66.9 24.6
Q4:2025-26 13.5 22.2 64.3 -8.6 19.8 7.3 72.9 12.4
Q1:2026-27 8.5 37.4 54.1 -28.8 19.4 10.4 70.2 9.0
Q2:2026-27         9.9 16.0 74.1 -6.1
‘Increase’ in profit margin is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 22: Assessment and Expectations for Overall Business Situation
(Percentage responses)
Quarter Assessment Expectations
Better Worsen No change Net response Better Worsen No change Net response
Q1:2025-26 31.7 13.7 54.6 18.0 42.3 3.5 54.3 38.8
Q2:2025-26 29.7 11.7 58.6 18.0 56.7 5.2 38.2 51.5
Q3:2025-26 36.9 14.0 49.1 22.9 51.5 2.2 46.4 49.3
Q4:2025-26 37.0 15.2 47.8 21.9 49.7 3.3 46.9 46.4
Q1:2026-27 27.8 26.0 46.2 1.8 47.3 6.2 46.5 41.1
Q2:2026-27         36.4 9.0 54.7 27.4
‘Better’ Overall Business Situation is optimistic. Footnote ‘@’ given in Table 1 is applicable here.

Table 23: Business Sentiments4
Quarter Business Assessment Index (BAI) Business Expectations Index (BEI)
Q1:2025-26 109.6 117.5
Q2:2025-26 110.6 126.2
Q3:2025-26 107.8 126.3
Q4:2025-26 108.8 122.8
Q1:2026-27 100.4 118.8
Q2:2026-27   111.1

1 सर्वेक्षण के परिणाम उत्तरदाताओं के विचारों को दर्शाते हैं, जिन्हें आवश्यक रूप से रिज़र्व बैंक द्वारा साझा नहीं किया जाता है।

2 पिछले सर्वेक्षण दौर के परिणाम 08 अप्रैल, 2026 को बैंक की वेबसाइट पर जारी किए गए।

3 Net Response (NR) is the difference between the percentage of respondents reporting optimism and those reporting pessimism. It ranges between -100 to 100. Any value greater than zero indicates expansion/optimism and any value less than zero indicates contraction/pessimism. In other words, NR = (I – D), where I is the percentage response of ‘Increase/optimism’, and 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 production is optimism whereas decrease in cost of raw material is optimism.

4 For each survey round, two summary indices are computed – one based on assessment [viz., Business Assessment Index (BAI)] and another based on expectations [viz., Business Expectations Index (BEI)]. Each index is a composite indicator calculated as a simple average of nine business parameters, where each parameter is derived as a weighted net response, weights being the share of industry groups in gross value added (GVA). The nine parameters considered are: (1) overall business situation; (2) production; (3) order books; (4) inventory of raw material; (5) inventory of finished goods; (6) profit margins; (7) employment; (8) exports; and (9) capacity utilisation. BAI/BEI gives a snapshot of the business outlook in every quarter and takes values between 0 and 200, with 100 being the threshold separating expansion from contraction.

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