India Inc sees signs of hope for the next six months, after business confidence touched a seven-year low in the second quarter of the current fiscal, a FICCI survey said on Monday.
While the country's economy remains week, "there are initial signs of hope", as fewer companies feel that the situation in the third quarter of the current fiscal has worsened over previous six months.
Sixty four per cent of the 384 firms covered under the FICCI business confidence survey said the economic situation has worsened between October and December 2008-09. Whereas in the previous survey conducted by the chamber 88 per cent had spoken of gloom.
Further, the share of firms expecting improvement in the overall economic conditions over the next two quarters have shown an increase from 22 per cent to 30 per cent.
"The phase of weak economic and industrial performance may have reached a trough... And further deterioration seems unlikely," the chamber said.