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Corporate India's business confidence sharply deteriorated due to the devastating second COVID-19 wave, with nearly three-fourths of the participants reporting weak demand conditions, according to a leading industry group's latest survey.
The steep drop from a decade high reading in the previous round follows a record surge in infections in April and May, which has seen many states reintroduce limited lockdowns and multiple brokerages cutting economic growth expectations.
The overall Business Confidence Index nosedived to 51.5 in the current round compared with 74.2 in the previous round, the Federation of Indian Chambers of Commerce and Industry (FICCI) said on Monday.
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