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Profit Of Laws: Thanks To Sustained Reforms, Companies Now Upbeat About Business And Growth Prospects
Owing to measures such as GST, the business community seems confident about moving forward, says CII report. (Saad Faruque/Wikimedia Commons)
The Confederation of Indian Industry Business Confidence Index (CII-BCI) is suggesting that companies are leaving behind the gloominess in the previous quarter and are seeing a noticeable upward momentum in their growth in the quarter that ended in September 2018, reported The Hindu Business Online.
The CII-BCI marked 64.9 per cent for the second quarter of financial year 2019, compared to 60.1 per cent in the previous quarter.
“There is a definite improvement in the tempo of business activity, powered by expectations of improved consumption and investment growth. A steep rise in business confidence reflects positive vibes within the industry about the business environment.”, said Chandrajit Banerjee, Director General of CII, in a statement.
The report finds that 64 per cent of the respondents feel that Gross Domestic Product (GDP) growth in financial year 2019 will be in the range of 6.5-7.5 per cent while majority of them anticipate the price rise in 4-5 per cent range.
More than 60 per cent are anticipating increase in sales and new orders in the July-September 2018 quarter, thus improving business conditions.
Nearly about 65 per cent respondents are anticipating an uptick in private sector investment in the remaining quarters of the financial year 2019.
On the Goods and Service Tax (GST) front, 75 per cent of respondents feel that there has been an improvement in business environment post-implementation of GST, especially in terms of ease of tax paying and transparency in the system.
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