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India's biz confidence recovering but concerns remain: CII
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SME Times News Bureau | 30 Apr, 2012
Most Indian firms have recovered business confidence, but stagnancy in
reforms, high interest rates and increased raw material costs still
remain top concerns, according to a survey by industry lobby,
Confederation of Indian Industry (CII).
The survey found the
business confidence index for the fourth quarter of 2011-12 stood at the
value of 52.9 against 48.8 during the previous quarter. The same stood
at 66.7 during the fourth quarter of 2010-11.
"Although the index
value is showing a moderate recovery for the past two quarters, it
remains at a depressed level and far below the levels achieved in the
previous year," said CII director general Chandrajit Banerjee.
"The
implementation of a few key reforms in the areas of indirect taxation,
pricing of administered products and increasing FDI limits would go a
long way in raising business confidence and improving the growth outlook
for the economy," he added.
The survey, based a sample size of
200 companies, said that 41.8 percent respondents expected the gross
domestic product (GDP) growth rate in 2012-13 to be in the range of
7-7.5 percent, while 31.8 percent expected it to be higher than 7.5
percent.
While average inflation stood at 8.8 percent in 2011-12,
it said 24.7 percent of the respondents expected it to be in the range
of 7-8 percent in 2012-13 and 24.1 percent expected it be above 9
percent.
The survey revealed that 47.2 percent of the
respondents expected domestic investments to increase during the
April-June 2012, while 39.1 percent expected it to remain stagnant.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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