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Monday, Oct 28, 2002

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Corporates cautiously upbeat, says FICCI survey

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NEW DELHI, Oct. 27

INDIA Inc is "cautiously optimistic" about business prospects in the next six months even as weak demand tells on current performance.

The findings of a Business Confidence Survey released by the Federation of Indian Chambers of Commerce and Industry (FICCI) here show that the hardening oil prices and general slowdown in the pace of second-generation reforms have not cast a pall of gloom over the Indian industry.

About 69 per cent of the 426 respondents expect their industry to perform "moderately to substantially better" during the next six months.

Further, the Standard & Poor's downgrade of India's sovereign local currency rating has been given a thumbs-down, with 51 per cent of the respondents saying that the downgrade iss not justified.

The respondents spanned a wide range of activities, with a turnover ranging from Rs 1 crore to Rs 2,500 crore.

The sectors covered include engineering, pharmaceuticals, chemicals, food and beverages, textiles, automobiles and auto ancillary, real estate development, IT, banking, steel and cement, FMCG, advertising and entertainment.

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Corporates cautiously upbeat, says FICCI survey

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