Indian businesses confidence at new low: NCAER
Friday, March 13, 2009 at 9:03 pm
India Inc’s confidence dipped to a new low in January as the economy slowed down under the impact of global financial meltdown, economic think-tank NCAER said in its quarterly review.
The Business Confidence Index, formulated by NCAER, stood at seven-year low of 91.4 points in January 2009, plummeting 41 per cent compared to a year ago period. On quarterly basis, the index lost 24 per cent compared to October 2008.
“This (BCI) is the lowest since January 2002,” National Council of Applied Economic Research (NCAER) said in its quarterly review of business expectations survey.
It said the slowdown in markets appears to be leading factor in influencing the fall in business expectations.
On a sectoral basis, the decline in BCI was the highest for intermediate goods (-41.6 per cent) followed by capital goods (-19.7 per cent); consumer non-durables (-13.8 per cent), consumer durables (-1.4 per cent) while the service sector contracted by 8.1 per cent.
The BCI is based on four factors — the overall economic conditions over the next six months, expectations on financial position of the firm in the next six months, investment climate of the economy and the current level of capacity utilisation of the firm.
(Agencies)
( This post is from an independent writer. The opinions and views expressed herein are those of the author and are not endorsed by APakistanNews.Com.)
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