The latest CII Business Confidence Index (BCI) jumped to 67.6 in the fiscal third quarter from 62.2 in the preceding quarter, even as much of the world braces for an impending recession in advanced economies.
At a time global growth is slowing due to tightening financial conditions and geopolitical tensions, 73% of the survey respondents said they expect only a moderate impact of the global slowdown on the Indian economy.
About 86% attributed the government's infrastructure focus as the reason for their confidence, followed by higher tax collections and good consumption recovery.
The majority of respondents (70%) said the economy would expand in a range of 6.5% to 7.5% in FY23 (compared to last fiscal year's 8.7%), in line with the first advance estimates, which put it at 7%. However, growth is expected to moderate further in FY24 on global headwinds.
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