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Corporate India's business confidence hit a 12-month low in the quarter ending June 2011 and is expected to get worse in the next six months (July-December 2011), says a FICCI survey.
The industry chamber survey shows that the overall business confidence index value has come down to 51.6 (quarter one of 2011-12) from 63.7 in the previous survey (quarter four of 2010-11).
The survey, conducted during July 2011, drew responses from 295 companies with turnover ranging Rs 1 crore to Rs 2,50,000 crore.
With the US and the Euro zone reeling under a fiscal crisis, there is fear of the world economy entering another recession. Leading factors constraining business performance were weak demand, rising interest cost and rising cost of raw materials and manpower.
The survey respondents mentioned a list of issues as being high on industry's agenda for improving sentiments. Some of the pointers listed, related to addressing the issues of land acquisition, bringing down the cost of credit and ensuring introduction of goods and services tax and the direct tax code from April 2012.
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