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Date : Sep 30, 2022
Services and Infrastructure Outlook Survey for Q2:2022-23

Today, the Reserve Bank released the results of 34th round of its quarterly services and infrastructure outlook survey (SIOS) conducted during Q2:2022-23. This forward-looking survey captures qualitative assessment and expectations of Indian companies in the services and infrastructure sectors on a set of business parameters relating to demand conditions, price situation and other business conditions. In the latest round of the survey1, 593 companies provided their assessment for Q2:2022-23 and expectations for Q3:2022-23. Owing to uncertainties, an additional block was included in this round of the survey also for assessing the outlook on key parameters for two more additional quarters.

Highlights:

A. Services Sector

Assessment for Q2:2022-23

  • Services sector enterprises gauged sharp uptick in overall business situation as well as in their turnover during Q2:2022-23 (Chart 1 and Table A).

  • Employment situation is perceived to have improved during Q2:2022-23.

  • Input cost pressures have been persistent with some easing in Q2:2022-23; sentiments on cost of finance and wages remained elevated.

  • Service companies polled for recovery in profit margin during Q2:2022-23.

Expectations for Q3:2022-23

  • Respondents expected further improvement in demand conditions during October-December, 2022 as reflected in their optimistic sentiments on turnover, job landscape and overall business situation (Chart 1 and Table A).

  • Firms expected lower input cost pressures in Q3:2022-23 but they also envisaged a rise in cost of finance and wages.

Chart 1: Turnover of Services Companies - Net Response

Expectations for Q4:2022-23 and Q1:2023-24

  • Demand conditions are expected to strengthen sequentially up to Q1:2023-24 (Table C).

  • Turnover and employment conditions are likely to improve in successive quarters till Q1:2023-24.

B. Infrastructure Sector

Assessment for Q2:2022-23

  • Overall business situation as well as turnover recorded notable improvement in during Q2:2022-23 (Chart 2 and Table B).

  • Infrastructure firms remained upbeat on employment situation as well as availability of finance during the quarter.

  • Enterprises gauged sustained pressure stemming from cost of inputs, cost of finance and salary outgo during Q2:2022-23.

Expectations for Q3:2022-23

  • Demand parameters in the infrastructure sector are expected to improve further in Q3:2022-23; sentiments in terms of turnover and job landscape turned more positive (Chart 2 and Table B).

  • Respondents expected easing of input cost pressures and lower growth in selling prices.

  • Infrastructure sector firms polled for higher profit margin in Q3:2022-23.

Chart 2: Turnover of Infrastructure Companies - Net Response

Expectations for Q4:2022-23 and Q1:2023-24

  • Overall business situation, turnover and employment conditions are expected to record sequential improvement till Q1:2023-24 (Table D).

  • Input cost pressures are likely to continue but pricing power is expected to be relatively lower.

Summary of Net Responses2 on Survey Parameters
Table A: Services Sector
(per cent)
Parameters Assessment period Expectations period
Q1:2022-23 Q2:2022-23 Q2:2022-23 Q3:2022-23
Overall Business Situation 32.2 40.5 55.9 53.0
Turnover 23.9 42.7 50.6 57.1
Full-time Employees 13.8 28.9 26.0 32.6
Part-time Employees 16.3 16.2 22.4 22.8
Availability of Finance 12.0 19.6 28.2 26.7
Cost of Finance -27.3 -29.7 -29.1 -36.5
Salary & Wages -35.9 -43.3 -27.3 -40.9
Cost of Inputs -63.8 -42.4 -60.2 -44.5
Selling Price 23.9 13.2 29.8 19.6
Profit Margin -12.7 2.0 18.3 26.8
Inventories 17.4 30.1 24.0 37.8
Technical/Service Capacity 23.5 21.8 31.7 27.7
Physical Investment 22.5 19.4 31.5 21.3

Table B: Infrastructure Sector
(per cent)
Parameters Assessment period Expectations period
Q1:2022-23 Q2:2022-23 Q2:2022-23 Q3:2022-23
Overall Business Situation 20.8 30.6 43.1 45.1
Turnover 4.7 31.7 32.0 47.2
Full-time Employees 7.8 23.4 15.9 29.8
Part-time Employees 10.3 10.7 16.4 17.8
Availability of Finance 8.5 22.0 27.6 37.7
Cost of Finance -37.2 -36.4 -38.1 -41.7
Salary & Wages -32.3 -27.0 -18.5 -32.5
Cost of Inputs -78.7 -44.2 -75.2 -48.7
Selling Price 18.4 15.0 30.6 27.0
Profit Margin -37.7 -1.6 7.0 16.5
Inventories 11.9 28.8 22.7 39.0
Technical/Service Capacity 20.6 19.1 26.5 25.9
Physical Investment 21.6 16.5 36.1 24.1

Expectations of Select Parameters for extended period – Net response
(in per cent)
Table C: Services Sector
Parameter Round 32 Round 33
Q2:2022-23 Q3:2022-23 Q4:2022-23 Q1:2023-24
Overall Business Situation 55.9 53.0 57.4 58.3
Turnover 50.6 57.1 60.4 62.0
Full-time Employees 26.0 32.6 43.2 41.1
Part-time Employees 22.4 22.8 27.8 29.4
Cost of Inputs -60.2 -44.5 -46.2 -42.9
Selling Price 29.8 19.6 23.8 25.2

Table D: Infrastructure Sector
Parameter Round 32 Round 33
Q2:2022-23 Q3:2022-23 Q4:2022-23 Q1:2023-24
Overall Business Situation 43.1 45.1 49.2 50.0
Turnover 32.0 47.2 48.8 54.4
Full-time Employees 15.9 29.8 34.7 35.3
Part-time Employees 16.4 17.8 25.0 30.7
Cost of Inputs -75.2 -48.7 -49.6 -52.6
Selling Price 30.6 27.0 25.4 28.9

Note: Please see the excel file for time series data.

Services Sector

Table S1: Assessment and Expectation for Overall Business Situation
(Percentage responses)@
Quarter Assessment Expectation
Better No Change Worse Net response# Better No Change Worse Net response
Q2:21-22 38.7 46.8 14.5 24.2 51.9 41.1 6.9 45.0
Q3:21-22 41.9 44.3 13.8 28.2 75.3 22.3 2.4 72.9
Q4:21-22 40.7 36.0 23.4 17.3 68.3 28.2 3.5 64.8
Q1:22-23 47.0 38.3 14.7 32.2 56.6 40.1 3.3 53.4
Q2:22-23 45.9 48.7 5.4 40.5 59.6 36.7 3.7 55.9
Q3:22-23         57.4 38.1 4.4 53.0
‘Increase’ in Overall business situation is optimistic.
@: Due to rounding off percentage may not add up to 100.
#: Net Response (NR) is the difference of percentage of the respondents reporting optimism and that reporting pessimism. The range is -100 to 100. Any value greater than zero indicates expansion/ optimism and any value less than zero indicates contraction/ pessimism.

Table S2: Assessment and Expectation for Turnover
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 38.8 43.4 17.8 21.0 49.0 42.2 8.8 40.1
Q3:21-22 41.5 41.7 16.8 24.7 75.0 21.4 3.7 71.3
Q4:21-22 41.0 32.9 26.1 14.9 67.2 28.6 4.1 63.1
Q1:22-23 43.1 37.7 19.2 23.9 55.5 40.2 4.3 51.1
Q2:22-23 51.2 40.3 8.5 42.7 54.6 41.4 4.0 50.6
Q3:22-23         61.6 34.0 4.4 57.1
‘Increase’ in Turnover is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S3: Assessment and Expectation for Full-time Employees
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 26.5 62.7 10.8 15.6 34.4 61.7 3.9 30.5
Q3:21-22 23.0 65.9 11.2 11.8 55.5 41.9 2.6 52.9
Q4:21-22 20.1 61.5 18.4 1.7 49.7 47.9 2.4 47.2
Q1:22-23 28.2 57.5 14.3 13.8 27.0 68.6 4.4 22.6
Q2:22-23 35.6 57.7 6.7 28.9 29.1 67.8 3.1 26.0
Q3:22-23         38.4 55.9 5.8 32.6
‘Increase’ in Full-time Employees is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S4: Assessment and Expectation for Part-time Employees
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 25.3 70.7 4.0 21.2 43.2 52.7 4.1 39.1
Q3:21-22 22.6 69.9 7.4 15.2 70.3 27.0 2.7 67.6
Q4:21-22 18.5 70.4 11.1 7.4 57.5 39.7 2.7 54.8
Q1:22-23 25.2 65.9 8.9 16.3 25.0 67.8 7.2 17.8
Q2:22-23 22.2 71.8 6.0 16.2 29.0 64.5 6.6 22.4
Q3:22-23         27.8 67.3 5.0 22.8
‘Increase’ in Part-time Employees is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S5: Assessment and Expectation for Availability of Finance
(Percentage responses)
Quarter Assessment Expectation
Improve No Change Worsen Net response Improve No Change Worsen Net response
Q2:21-22 28.4 57.6 14.0 14.4 40.5 54.4 5.1 35.5
Q3:21-22 25.6 61.1 13.3 12.4 59.8 37.5 2.6 57.2
Q4:21-22 32.2 46.2 21.6 10.5 50.7 45.9 3.4 47.3
Q1:22-23 28.5 54.9 16.5 12.0 33.5 61.3 5.2 28.2
Q2:22-23 26.9 65.8 7.3 19.6 33.2 61.7 5.1 28.2
Q3:22-23         32.9 61.0 6.2 26.7
‘Improve’ in Availability of Finance is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S6: Assessment and Expectation for Cost of Finance
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 25.8 66.3 7.9 -17.9 41.2 54.7 4.1 -37.2
Q3:21-22 19.5 73.6 6.9 -12.6 56.0 41.2 2.7 -53.3
Q4:21-22 15.5 75.0 9.5 -6.0 43.6 54.0 2.4 -41.2
Q1:22-23 34.4 58.5 7.1 -27.3 17.3 79.9 2.8 -14.5
Q2:22-23 35.1 59.5 5.4 -29.7 31.5 66.0 2.5 -29.1
Q3:22-23         39.7 57.1 3.2 -36.5
‘Decrease’ in Cost of Finance is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S7: Assessment and Expectation for Salary/Wages
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 29.0 63.6 7.4 -21.7 34.8 62.5 2.8 -32.0
Q3:21-22 24.0 69.2 6.8 -17.2 53.4 44.9 1.7 -51.7
Q4:21-22 24.1 71.6 4.3 -19.8 49.6 49.3 1.1 -48.5
Q1:22-23 40.4 55.1 4.5 -35.9 37.0 62.4 0.6 -36.3
Q2:22-23 46.1 51.0 2.9 -43.3 28.4 70.5 1.1 -27.3
Q3:22-23         42.4 56.0 1.6 -40.9
‘Decrease’ in Salary/Wages is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S8: Assessment and Expectation for Cost of Inputs
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 44.4 52.8 2.7 -41.7 47.5 50.2 2.3 -45.2
Q3:21-22 47.5 48.5 4.0 -43.5 69.3 30.3 0.4 -68.8
Q4:21-22 63.5 32.9 3.6 -59.9 73.1 26.1 0.8 -72.4
Q1:22-23 67.0 29.9 3.2 -63.8 61.0 36.6 2.3 -58.7
Q2:22-23 46.0 50.3 3.6 -42.4 62.0 36.1 1.9 -60.2
Q3:22-23         49.4 45.6 4.9 -44.5
‘Decrease’ in Cost of Inputs is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S9: Assessment and Expectation for Selling Price
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 24.2 68.4 7.4 16.8 39.2 58.9 1.9 37.2
Q3:21-22 22.4 68.2 9.4 13.0 62.3 35.6 2.1 60.2
Q4:21-22 24.2 65.7 10.2 14.0 54.1 43.1 2.8 51.4
Q1:22-23 31.9 60.1 8.0 23.9 29.5 65.9 4.6 24.9
Q2:22-23 19.1 74.9 5.9 13.2 33.3 63.1 3.6 29.8
Q3:22-23         25.7 68.3 6.1 19.6
‘Increase’ in Selling Price is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S10: Assessment and Expectation for Profit Margin
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 22.4 55.7 21.9 0.6 38.6 51.7 9.7 28.9
Q3:21-22 21.2 58.3 20.5 0.7 55.0 38.8 6.2 48.8
Q4:21-22 21.2 46.4 32.4 -11.1 46.5 47.0 6.5 40.1
Q1:22-23 19.0 49.3 31.7 -12.7 28.9 61.3 9.8 19.1
Q2:22-23 21.9 58.3 19.9 2.0 30.1 58.1 11.8 18.3
Q3:22-23         36.3 54.3 9.5 26.8
‘Increase’ in Profit Margin is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S11: Assessment and Expectation for Inventories
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 25.5 66.4 8.1 17.4 36.0 60.1 3.9 32.0
Q3:21-22 23.5 69.0 7.5 16.0 62.8 34.8 2.4 60.4
Q4:21-22 18.9 70.6 10.6 8.3 54.9 41.8 3.4 51.5
Q1:22-23 25.4 66.7 8.0 17.4 22.9 72.5 4.7 18.2
Q2:22-23 33.7 62.7 3.6 30.1 27.5 68.9 3.6 24.0
Q3:22-23         40.5 56.8 2.7 37.8
‘Increase’ in Inventories is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S12: Assessment and Expectation for Technical/Service Capacity
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 29.3 69.3 1.4 27.9 44.4 54.0 1.7 42.7
Q3:21-22 23.1 72.5 4.3 18.8 73.7 25.7 0.6 73.2
Q4:21-22 23.7 71.6 4.7 18.9 65.1 34.1 0.8 64.3
Q1:22-23 25.8 71.9 2.3 23.5 31.3 66.9 1.8 29.4
Q2:22-23 24.0 73.8 2.2 21.8 33.9 63.8 2.3 31.7
Q3:22-23         29.5 68.8 1.7 27.7
‘Increase’ in Technical/Service Capacity is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table S13: Assessment and Expectation for Physical Investment
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 27.6 70.8 1.6 26.0 42.8 55.9 1.3 41.5
Q3:21-22 20.7 74.4 4.9 15.8 68.8 30.7 0.5 68.2
Q4:21-22 20.5 74.3 5.3 15.2 61.5 37.4 1.1 60.3
Q1:22-23 25.0 72.5 2.5 22.5 27.7 69.9 2.4 25.3
Q2:22-23 21.4 76.7 2.0 19.4 32.5 66.5 1.0 31.5
Q3:22-23         22.8 75.8 1.5 21.3
‘Increase’ in Physical Investment is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Infrastructure Sector

Table I1: Assessment and Expectation for Overall Business Situation
(Percentage responses)@
Quarter Assessment Expectation
Better No Change Worse Net response# Better No Change Worse Net response
Q2:21-22 35.0 40.8 24.2 10.8 56.6 37.4 6.0 50.5
Q3:21-22 41.9 44.1 14.0 27.9 71.3 26.7 2.1 69.2
Q4:21-22 46.9 29.6 23.5 23.5 75.7 19.9 4.4 71.3
Q1:22-23 46.9 26.9 26.2 20.8 59.3 34.6 6.2 53.1
Q2:22-23 41.9 46.8 11.3 30.6 53.1 36.9 10.0 43.1
Q3:22-23         49.2 46.7 4.1 45.1
‘Increase’ in Overall business situation is optimistic.
@: Due to rounding off percentage may not add up to 100.
#: Net Response (NR) is the difference of percentage of the respondents reporting optimism and that reporting pessimism. The range is -100 to 100. Any value greater than zero indicates expansion/ optimism and any value less than zero indicates contraction/ pessimism.

Table I2: Assessment and Expectation for Turnover
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 29.6 43.8 26.7 2.9 51.1 41.8 7.1 43.9
Q3:21-22 40.7 46.7 12.6 28.1 67.9 27.5 4.6 63.3
Q4:21-22 45.0 31.3 23.8 21.3 73.3 20.0 6.7 66.7
Q1:22-23 37.2 30.2 32.6 4.7 51.3 37.5 11.3 40.0
Q2:22-23 45.5 40.7 13.8 31.7 43.0 46.1 10.9 32.0
Q3:22-23         56.1 35.0 8.9 47.2
‘Increase’ in Turnover is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I3: Assessment and Expectation for Full-time Employees
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 20.4 61.7 17.9 2.5 36.1 59.9 4.0 32.1
Q3:21-22 20.1 72.4 7.5 12.7 50.0 45.8 4.2 45.8
Q4:21-22 12.5 80.0 7.5 5.0 54.5 39.6 6.0 48.5
Q1:22-23 22.7 62.5 14.8 7.8 23.1 71.8 5.1 17.9
Q2:22-23 31.5 60.5 8.1 23.4 20.6 74.6 4.8 15.9
Q3:22-23         36.4 57.0 6.6 29.8
‘Increase’ in Full-time Employees is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I4: Assessment and Expectation for Part-time Employees
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 23.5 72.5 3.9 19.6 52.5 44.2 3.3 49.2
Q3:21-22 24.5 74.5 1.0 23.5 69.3 28.8 2.0 67.3
Q4:21-22 4.4 88.9 6.7 -2.2 73.2 24.7 2.1 71.1
Q1:22-23 17.2 75.9 6.9 10.3 20.5 75.0 4.5 15.9
Q2:22-23 19.7 71.3 9.0 10.7 21.8 72.7 5.5 16.4
Q3:22-23         24.6 68.6 6.8 17.8
‘Increase’ in Part-time Employees is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I5: Assessment and Expectation for Availability of Finance
(Percentage responses)
Quarter Assessment Expectation
Improve No Change Worsen Net response Improve No Change Worsen Net response
Q2:21-22 26.7 52.5 20.8 5.8 44.9 48.5 6.6 38.3
Q3:21-22 27.6 62.7 9.7 17.9 56.1 39.7 4.2 51.9
Q4:21-22 31.3 46.3 22.5 8.8 66.4 29.1 4.5 61.9
Q1:22-23 29.5 49.6 20.9 8.5 28.8 67.5 3.8 25.0
Q2:22-23 30.9 60.2 8.9 22.0 33.9 59.8 6.3 27.6
Q3:22-23         43.4 50.8 5.7 37.7
‘Improve’ in Availability of Finance is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I6: Assessment and Expectation for Cost of Finance
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 23.1 65.5 11.3 -11.8 44.6 51.7 3.7 -41.0
Q3:21-22 24.2 71.9 3.9 -20.3 49.8 47.7 2.6 -47.2
Q4:21-22 27.4 67.1 5.5 -21.9 59.4 38.3 2.3 -57.0
Q1:22-23 43.0 51.2 5.8 -37.2 26.8 71.8 1.4 -25.4
Q2:22-23 43.8 48.8 7.4 -36.4 39.8 58.5 1.7 -38.1
Q3:22-23         47.5 46.7 5.8 -41.7
‘Decrease’ in Cost of Finance is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I7: Assessment and Expectation for Salary/Wages
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 23.8 65.8 10.4 -13.3 40.7 56.4 2.9 -37.8
Q3:21-22 22.4 73.9 3.7 -18.7 51.3 46.2 2.5 -48.7
Q4:21-22 23.8 72.5 3.8 -20.0 59.0 41.0 0.0 -59.0
Q1:22-23 38.5 55.4 6.2 -32.3 38.8 60.0 1.3 -37.5
Q2:22-23 31.1 64.8 4.1 -27.0 20.8 76.9 2.3 -18.5
Q3:22-23         35.0 62.4 2.6 -32.5
‘Decrease’ in Salary/Wages is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I8: Assessment and Expectation for Cost of Inputs
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 55.9 42.7 1.3 -54.6 62.4 37.6 0.0 -62.4
Q3:21-22 53.8 46.2 0.0 -53.8 76.5 23.0 0.4 -76.1
Q4:21-22 77.5 19.7 2.8 -74.6 83.1 15.4 1.5 -81.5
Q1:22-23 79.5 19.7 0.8 -78.7 80.3 18.3 1.4 -78.9
Q2:22-23 50.0 44.2 5.8 -44.2 76.0 23.1 0.8 -75.2
Q3:22-23         53.0 42.7 4.3 -48.7
‘Decrease’ in Cost of Inputs is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I9: Assessment and Expectation for Selling Price
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 25.8 62.6 11.6 14.1 51.8 46.8 1.4 50.5
Q3:21-22 27.0 67.6 5.4 21.6 59.9 38.1 2.0 57.9
Q4:21-22 21.4 73.2 5.4 16.1 66.4 32.7 0.9 65.5
Q1:22-23 32.2 54.0 13.8 18.4 25.0 73.2 1.8 23.2
Q2:22-23 27.5 60.0 12.5 15.0 34.1 62.4 3.5 30.6
Q3:22-23         32.2 62.6 5.2 27.0
‘Increase’ in Selling Price is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I10: Assessment and Expectation for Profit Margin
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 19.2 51.9 28.9 -9.6 42.3 50.0 7.7 34.7
Q3:21-22 26.5 52.9 20.6 5.9 49.8 43.5 6.7 43.1
Q4:21-22 19.0 35.4 45.6 -26.6 57.4 33.1 9.6 47.8
Q1:22-23 13.8 34.6 51.5 -37.7 27.8 57.0 15.2 12.7
Q2:22-23 22.0 54.5 23.6 -1.6 22.5 62.0 15.5 7.0
Q3:22-23         34.7 47.1 18.2 16.5
‘Increase’ in Profit Margin is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I11: Assessment and Expectation for Inventories
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 25.1 66.1 8.7 16.4 45.2 52.1 2.8 42.4
Q3:21-22 26.3 69.3 4.4 21.9 58.6 36.5 5.0 53.6
Q4:21-22 19.1 74.5 6.4 12.8 64.9 31.6 3.5 61.4
Q1:22-23 20.9 70.1 9.0 11.9 24.4 71.1 4.4 20.0
Q2:22-23 36.4 55.9 7.6 28.8 25.8 71.2 3.0 22.7
Q3:22-23         45.8 47.5 6.8 39.0
‘Increase’ in Inventories is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I12: Assessment and Expectation for Technical/Service Capacity
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 29.6 66.7 3.7 25.9 70.3 29.1 0.7 69.6
Q3:21-22 27.5 71.4 1.1 26.4 82.1 16.4 1.5 80.6
Q4:21-22 28.6 60.7 10.7 17.9 76.7 22.2 1.1 75.6
Q1:22-23 23.5 73.5 2.9 20.6 32.1 64.3 3.6 28.6
Q2:22-23 25.5 68.2 6.4 19.1 29.4 67.6 2.9 26.5
Q3:22-23         27.7 70.5 1.8 25.9
‘Increase’ in Technical/Service Capacity is optimistic. Footnotes @ and # given in Table 1 are applicable here.

Table I13: Assessment and Expectation for Physical Investment
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q2:21-22 28.5 68.8 2.8 25.7 68.8 31.2 0.0 68.8
Q3:21-22 30.1 68.8 1.1 29.0 73.6 23.6 2.8 70.8
Q4:21-22 17.2 75.9 6.9 10.3 77.4 20.4 2.2 75.3
Q1:22-23 27.0 67.6 5.4 21.6 24.1 69.0 6.9 17.2
Q2:22-23 22.0 72.5 5.5 16.5 38.9 58.3 2.8 36.1
Q3:22-23         26.9 70.4 2.8 24.1
‘Increase’ in Physical Investment is optimistic. Footnotes @ and # given in Table 1 are applicable here.

1 The survey results reflect the respondents’ views, which are not necessarily shared by the Reserve Bank. Results of the previous survey round were released on the Bank’s website on August 05, 2022.

2 Net Response (NR) is the difference between the percentage of respondents reporting optimism and those reporting pessimism. It ranges between -100 to 100. Positive value indicates expansion/optimism and negative value indicates contraction/pessimism. In other words, NR = (I – D); where, I is the percentage response of ‘Increase/optimism’, 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 turnover is optimism whereas decrease in cost of inputs is optimism.


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