CII biz confidence index rises a tad | business | Hindustan Times
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CII biz confidence index rises a tad

business Updated: Mar 28, 2013 20:38 IST
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There is an expectation among a significant number of firms of improvement in employment opportunities in the fourth quarter of this fiscal despite a sluggish economy, according to a business outlook survey by industry chamber CII.

The CII business confidence index, which had slipped below the psychological 50 level mark in the third-quarter of the current fiscal, rose to 51.3 in the final quarter.

As per the survey for January-March 2013, a majority of Indian firms (54.1%), however, expect no change in employment levels.

"However, expectations have improved as 23.5% foresee an increase in their employment levels in the fourth quarter as compared to 11.7% in the third-quarter," CII said.

Despite GDP growth falling to 4.5% in the October-December period of this fiscal against 6% in the year-ago period, the CII survey indicated that 43.5% of the respondents expect the economy to expand 5-5.5% for 2012-13.

Chandrajit Banerjee, director general, CII, said, "Though the index has strengthened in the final quarter of the current fiscal, it is too early to assume that the slowdown has bottomed out and green shoots of recovery have begun to emerge."