RBI Quarterly Surveys Reveal Worst Business Climate Since 2008

New Delhi, October 6, 2019:

According to the Reserve Bank of India’s (RBI) quarterly surveys, India’s business climate that in the September quarter was the worst one since the 2008 financial crisis.

The ongoing economic slowdown that has gripped the country is assumed to be the reason behind the worst business scene in India.

RBI had conducted various surveys to determine the country’s business climate. Among these were the industrial outlook survey, consumer confidence survey and Business Assessment Index.

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The industrial outlook survey showed a drop in order inflows, output and employment conditions in Q2 FY20. It stated that there was waning optimism on the exports and imports.

The consumer confidence was weak and household income also declined during the September quarter.

The Business Assessment Index, which denotes qualitative assessment of the business climate by manufacturing companies, slumped to the lowest since the financial crisis.

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While the sentiment on overall spending as well as essential spending remained strong, the sentiment on discretionary spending weakened.

The surveys, reportedly, suggested a rise in inflation in the coming months as growth measures begin to take effect.

Meanwhile, a survey of experts has predicted that real gross domestic product (GDP) is likely to grow at 6.2 percent in 2019-20 and 7.0 per cent in 2020-21, which are lower than the previous estimates.

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