The CII Business Confidence Index shot up to 57.4 in the July-Sept quarter, from 53.7 in the previous quarter
India Inc has shown uptick in business confidence post the formation of Narendra Modi-led government with key industry surveys showing marked improvement in investor perception during the July-September quarter, says a PTI report.
While the survey by industry body FICCI showed business confidence at a 15-quarter high, the CII poll indicated a sharp improvement in business confidence.
The CII Business Confidence Index shot up to 57.4 in the July-Sept quarter, from 53.7 in the previous quarter.
Ficci's Overall Business Confidence Index moved up to 72.7 in the present survey, highest in 15 quarters. The index value in the previous survey was 69.
"The determination shown by the new government at the Centre to provide an impetus to growth along with reviving the 'feel good' factor has sent the business confidence index soaring for the second quarter in a row," CII Director General Chandrajit Banerjee told PTI.
"In order to capitalise on the early signs of improving business sentiments, we must ensure that this momentum is maintained going forward," he added.
Ficci said "The confidence level of the investors is steadily improving. The new government has geared into action and we have seen clearances being given to some big ticket projects. The government has also announced a series of progressive policy and procedural measures that augur well for economic and industrial growth."
It added: "Industry feels that we are on the right track and that government should continue with its efforts to further smoothen the clearance process."
The CII poll found 41 per cent of respondents expecting GDP in the current fiscal to expand by 5-5.5 per cent, up from sub-5 per cent growth witnessed in the last two years, while 30 per cent respondents expected GDP to grow in a range of 5.5-6 per cent in FY15.