Companies in Indian are optimistic that the country's economic growth will gain traction during the third quarter this financial year, says a report.
The CII Business Confidence Index (BCI) has climbed up to the level of 59.7 during October-December 2017 compared to 58.3 in the previous quarter, reflecting an improvement in perception regarding overall economic conditions amidst indications of a normalisation in business situation post the recent disruptions like GST.
"The survey underscores the perception that the economy is on a sustainable recovery path, with the many government interventions having an impact on the ground. The climb in business confidence underpins the hope that the upward trend one is seeing on macro figures would be sustained," CII Director General Chandrajit Banerjee said.
The findings are a part of the Confederation of Indian Industry's quarterly Business Outlook Survey, which is based on responses from large, medium and small companies, covering all regions of the country.
"The significant improvement in the index this quarter has been led by a sharp improvement in the Expectation Index, as compared to the Current Situation Index, as firms appeared particularly upbeat about the expectations in their sectors," the chamber said in a statement.