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Date : Apr 09, 2025
Services and Infrastructure Outlook Survey for Q4:2024-25

Today, the Reserve Bank released the results of 44th round of its quarterly Services and Infrastructure Outlook Survey (SIOS) conducted during Q4:2024-25. This forward-looking survey1 captures qualitative assessment and expectations of Indian companies engaged in the services and infrastructure sectors on a set of business parameters relating to demand conditions, price situation and other business conditions. In the latest round of the survey2, 879 companies provided their assessment for Q4:2024-25 and expectations for Q1:2025-26 as well as outlook on key parameters for the subsequent two quarters.

Highlights:

A. Services Sector

Assessment for Q4:2024-25

  • Services sector enterprises assessed improvement in overall business situation and their turnover during Q4:2024-25 (Chart 1 and Table A).

  • Sentiments on employment conditions remained optimistic though their optimism moderated from the previous survey round.

  • Responding firms assessed easing of cost pressures; their pricing power as measured in terms of selling prices and profit margins also moderated in Q4:2024-25.

Expectations for Q1:2025-26

  • Services firms expect improvement in overall business situation and turnover in Q1:2025-26; the job landscape is also expected to expand (Chart 1 and Table A).

  • Responding firms expect cost pressures to increase in Q1:2025-26.

  • Firms’ optimism on growth in selling prices and profit margins remained high in tandem with the demand conditions.

Expectations for Q2:2025-26 and Q3:2025-26

  • Services firms expect sequential improvement in their turnover and overall business situation. Respondents remain optimistic on employment conditions till Q3:2025-26 (Table C).

  • Input cost pressures are likely to persist in near term and consequently selling prices are also expected to remain at an elevated level.

Chart 1: Turnover of Services Companies - Net Response

  • Respondents reported that with their existing resources they could have provided 10.9 per cent additional services during Q3:2024-25 (Table S14).

B. Infrastructure Sector

Assessment for Q4:2024-25

  • Infrastructure firms expressed improvement in overall business situation and their turnover in Q4:2024-25 (Chart 2 and Table B).

  • Employment situation gauged in terms of full-time and part-time employment improved.

  • Firms reported higher cost pressures with concomitant rise in selling prices and profit margins vis-à-vis the previous quarter.

Expectations for Q1:2025-26

  • Respondents polled for further improvement in outlook on their demand conditions for Q1:2025-26 (Chart 2 and Table B).

  • Firms anticipate further rise in cost pressures in Q1:2025-26 with improved growth in selling prices and profit margins.

Expectations for Q2:2025-26 and Q3:2025-26

  • Infrastructure firms’ outlook on overall business situation, turnover and job landscape continue to remain high till Q3:2025-26 (Table D).

  • Input cost pressures are likely to continue with associated rise in selling prices.

Chart 2: Turnover of Infrastructure Companies - Net Response

Summary of Net Responses3 on Survey Parameters

Table A: Services Sector
(per cent)
Parameters Assessment period Expectations period
Q3:24-25 Q4:24-25 Q4:24-25 Q1:25-26
Overall Business Situation 33.9 34.9 69.2 69.6
Turnover 33.5 34.3 71.6 72.3
Full-time Employees 27.8 20.4 52.6 53.9
Part-time Employees 23.8 15.8 56.8 56.5
Availability of Finance 28.3 19.7 56.6 57.0
Cost of Finance -35.4 -26.8 -59.2 -59.5
Salary & Wages -30.4 -25.5 -55.1 -61.5
Cost of Inputs -42.7 -36.7 -68.9 -69.2
Selling Price 22.2 14.8 55.6 55.8
Profit Margin 15.0 7.6 48.9 49.3
Inventories 24.3 18.6 53.6 54.1
Technical/Service Capacity 29.0 17.1 63.6 62.7
Physical Investment 26.8 14.8 60.6 57.6

Table B: Infrastructure Sector
(per cent)
Parameters Assessment period Expectations period
Q3:24-25 Q4:24-25 Q4:24-25 Q1:25-26
Overall Business Situation 27.6 37.9 66.9 68.9
Turnover 30.7 37.0 69.5 71.2
Full-time Employees 22.0 23.4 45.3 59.9
Part-time Employees 22.2 28.5 58.0 59.7
Availability of Finance 26.2 27.5 59.2 69.8
Cost of Finance -27.0 -29.6 -58.2 -62.8
Salary & Wages -31.0 -33.3 -47.6 -66.0
Cost of Inputs -41.6 -47.7 -70.4 -71.1
Selling Price 17.1 25.6 56.4 62.1
Profit Margin 11.2 16.3 50.4 57.9
Inventories 28.0 26.9 60.7 70.6
Technical/Service Capacity 27.8 32.2 67.5 72.6
Physical Investment 26.7 31.7 71.1 73.8

Expectations of Select Parameters for extended period – Net response
(in per cent)
Table C: Services Sector
Parameter Round 43 Round 44
Q4:24-25 Q1:25-26 Q2:25-26 Q3:25-26
Overall Business Situation 69.2 69.6 71.3 74.4
Turnover 71.6 72.3 72.5 74.0
Full-time Employees 52.6 53.9 55.1 53.5
Part-time Employees 56.8 56.5 57.5 59.3
Cost of Inputs -68.9 -69.2 -65.9 -66.4
Selling Price 55.6 55.8 57.0 58.8

Table D: Infrastructure Sector
Parameter Round 43 Round 44
Q4:24-25 Q1:25-26 Q2:25-26 Q3:25-26
Overall Business Situation 66.9 68.9 79.5 79.1
Turnover 69.5 71.2 79.1 80.0
Full-time Employees 45.3 59.9 62.5 59.2
Part-time Employees 58.0 59.7 70.6 69.6
Cost of Inputs -70.4 -71.1 -78.0 -79.2
Selling Price 56.4 62.1 70.1 70.7

Note: Please see the excel file for time series data

Services Sector

Table S1: Assessment and Expectation for Overall Business Situation
(Percentage responses)@
Quarter Assessment Expectation
Better No Change Worse Net response# Better No Change Worse Net response
Q4:23-24 48.9 39.8 11.4 37.5 59.4 36.0 4.6 54.8
Q1:24-25 43.0 48.1 8.9 34.1 68.5 28.4 3.1 65.3
Q2:24-25 41.9 46.4 11.7 30.2 71.5 26.5 2.0 69.4
Q3:24-25 42.8 48.3 8.9 33.9 70.1 27.8 2.1 68.0
Q4:24-25 42.5 49.9 7.6 34.9 71.4 26.4 2.2 69.2
Q1:25-26         71.7 26.2 2.1 69.6
‘Increase’ in Overall business situation is optimistic.
@: Due to rounding off percentage may not add up to 100.
#: Net Response (NR) is the difference of percentage of the respondents reporting optimism and that reporting pessimism. The range is -100 to 100. Any value greater than zero indicates expansion/ optimism and any value less than zero indicates contraction/ pessimism.

Table S2: Assessment and Expectation for Turnover
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q4:23-24 51.6 34.3 14.0 37.6 59.8 33.8 6.4 53.4
Q1:24-25 45.2 43.1 11.7 33.5 70.5 23.6 5.9 64.6
Q2:24-25 43.6 43.5 12.9 30.7 71.9 24.8 3.3 68.7
Q3:24-25 44.8 44.0 11.2 33.5 71.9 25.2 3.0 68.9
Q4:24-25 44.9 44.4 10.7 34.3 74.1 23.3 2.6 71.6
Q1:25-26         74.8 22.7 2.5 72.3
‘Increase’ in Turnover is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S3: Assessment and Expectation for Full-time Employees
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q4:23-24 33.9 57.1 9.0 24.8 32.4 64.0 3.6 28.8
Q1:24-25 34.8 58.2 7.0 27.8 48.4 49.5 2.1 46.3
Q2:24-25 29.0 62.0 9.0 20.1 52.2 46.0 1.7 50.5
Q3:24-25 34.5 58.7 6.8 27.8 45.8 52.4 1.8 44.0
Q4:24-25 28.4 63.7 7.9 20.4 54.3 44.0 1.7 52.6
Q1:25-26         55.1 43.8 1.1 53.9
‘Increase’ in Full-time Employees is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S4: Assessment and Expectation for Part-time Employees
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q4:23-24 30.2 62.4 7.5 22.7 28.8 65.4 5.8 23.1
Q1:24-25 28.9 65.0 6.1 22.7 50.8 46.7 2.5 48.3
Q2:24-25 22.2 69.6 8.3 13.9 55.4 42.1 2.5 52.9
Q3:24-25 29.7 64.4 5.9 23.8 54.1 43.8 2.1 52.1
Q4:24-25 22.5 70.7 6.8 15.8 59.0 38.9 2.2 56.8
Q1:25-26         58.0 40.6 1.5 56.5
‘Increase’ in Part-time Employees is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S5: Assessment and Expectation for Availability of Finance
(Percentage responses)
Quarter Assessment Expectation
Improve No Change Worsen Net response Improve No Change Worsen Net response
Q4:23-24 36.3 55.3 8.4 27.8 40.4 56.7 2.9 37.4
Q1:24-25 37.9 56.2 5.9 32.0 56.4 42.5 1.1 55.3
Q2:24-25 28.5 62.8 8.7 19.8 58.8 40.0 1.2 57.6
Q3:24-25 34.7 58.9 6.4 28.3 51.4 47.2 1.4 50.1
Q4:24-25 27.9 63.9 8.2 19.7 58.0 40.6 1.4 56.6
Q1:25-26         58.4 40.2 1.4 57.0
‘Improve’ in Availability of Finance is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S6: Assessment and Expectation for Cost of Finance
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q4:23-24 38.0 55.6 6.5 -31.5 38.1 58.2 3.7 -34.4
Q1:24-25 40.0 55.1 4.9 -35.1 51.0 43.5 5.5 -45.5
Q2:24-25 36.6 59.0 4.3 -32.3 59.4 38.0 2.6 -56.9
Q3:24-25 38.9 57.7 3.4 -35.4 55.9 42.5 1.6 -54.3
Q4:24-25 33.7 59.3 6.9 -26.8 61.1 37.0 1.9 -59.2
Q1:25-26         61.5 36.4 2.0 -59.5
‘Decrease’ in Cost of Finance is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S7: Assessment and Expectation for Salary/Wages
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q4:23-24 34.8 60.7 4.5 -30.2 38.6 59.6 1.8 -36.8
Q1:24-25 45.3 52.0 2.7 -42.6 46.7 53.3 0.0 -46.7
Q2:24-25 29.9 66.0 4.1 -25.8 54.5 44.9 0.7 -53.8
Q3:24-25 33.5 63.5 3.0 -30.4 45.0 54.5 0.5 -44.5
Q4:24-25 29.5 66.4 4.0 -25.5 55.7 43.7 0.6 -55.1
Q1:25-26         61.9 37.7 0.4 -61.5
‘Decrease’ in Salary/Wages is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S8: Assessment and Expectation for Cost of Inputs
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q4:23-24 46.7 49.3 4.0 -42.8 47.4 50.9 1.7 -45.7
Q1:24-25 47.5 49.6 2.9 -44.7 57.1 42.5 0.4 -56.7
Q2:24-25 44.4 51.8 3.8 -40.6 66.5 32.9 0.6 -65.9
Q3:24-25 46.2 50.4 3.4 -42.7 65.6 33.1 1.3 -64.2
Q4:24-25 41.2 54.2 4.5 -36.7 69.4 30.1 0.5 -68.9
Q1:25-26         70.1 29.0 0.9 -69.2
‘Decrease’ in Cost of Inputs is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S9: Assessment and Expectation for Selling Price
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q4:23-24 29.9 62.6 7.5 22.4 35.3 60.0 4.7 30.7
Q1:24-25 26.9 67.9 5.2 21.7 52.4 46.0 1.6 50.8
Q2:24-25 20.5 71.1 8.4 12.1 55.5 43.2 1.4 54.1
Q3:24-25 29.0 64.1 6.9 22.2 50.4 47.3 2.3 48.0
Q4:24-25 21.2 72.4 6.4 14.8 57.9 39.8 2.3 55.6
Q1:25-26         57.4 41.1 1.6 55.8
‘Increase’ in Selling Price is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S10: Assessment and Expectation for Profit Margin
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q4:23-24 29.6 57.0 13.3 16.3 36.1 55.2 8.6 27.5
Q1:24-25 26.5 57.5 16.0 10.5 50.6 45.1 4.2 46.4
Q2:24-25 21.0 62.1 16.8 4.2 49.6 46.3 4.2 45.4
Q3:24-25 28.4 58.2 13.4 15.0 42.3 53.7 3.9 38.4
Q4:24-25 21.2 65.1 13.6 7.6 52.6 43.7 3.7 48.9
Q1:25-26         53.0 43.3 3.7 49.3
‘Increase’ in Profit Margin is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S11: Assessment and Expectation for Inventories
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q4:23-24 32.2 60.9 6.9 25.4 34.2 60.0 5.8 28.3
Q1:24-25 31.2 62.0 6.9 24.3 50.9 45.9 3.2 47.8
Q2:24-25 24.5 69.4 6.1 18.4 54.3 43.4 2.3 52.0
Q3:24-25 29.8 64.6 5.5 24.3 47.7 51.3 1.1 46.6
Q4:24-25 26.5 65.6 7.9 18.6 55.0 43.6 1.4 53.6
Q1:25-26         56.1 41.9 2.0 54.1
‘Increase’ in Inventories is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S12: Assessment and Expectation for Technical/Service Capacity
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q4:23-24 29.1 66.2 4.8 24.3 34.1 65.9 0.0 34.1
Q1:24-25 29.4 67.4 3.2 26.2 54.7 45.3 0.0 54.7
Q2:24-25 23.0 72.5 4.5 18.5 57.2 42.5 0.2 57.0
Q3:24-25 32.4 64.2 3.4 29.0 58.6 41.1 0.3 58.3
Q4:24-25 22.0 73.2 4.8 17.1 64.3 35.0 0.7 63.6
Q1:25-26         62.7 37.3 0.0 62.7
‘Increase’ in Technical/Service Capacity is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S13: Assessment and Expectation for Physical Investment
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q4:23-24 28.0 66.7 5.3 22.6 32.2 67.8 0.0 32.2
Q1:24-25 27.4 69.3 3.2 24.2 53.8 45.7 0.5 53.2
Q2:24-25 21.6 72.9 5.5 16.1 55.7 44.1 0.3 55.4
Q3:24-25 30.2 66.4 3.4 26.8 57.0 42.7 0.3 56.7
Q4:24-25 20.2 74.4 5.4 14.8 61.5 37.7 0.9 60.6
Q1:25-26         58.0 41.6 0.4 57.6
‘Increase’ in Physical Investment is optimistic. Footnotes @ and # given in Table S1 are applicable here.

Table S14: Estimated Spare Capacity for the Services Sector
Survey conducted during Reference quarter Response rate for the
question on Spare Capacity
(per cent)		 Spare Capacity
(per cent)
Q3:2022-23 Q2:2022-23 25.2 12.6
Q4:2022-23 Q3:2022-23 63.0 13.8
Q1:2023-24 Q4:2022-23 79.8 13.6
Q2:2023-24 Q1:2023-24 84.3 12.3
Q3:2023-24 Q2:2023-24 74.0 11.8
Q4:2023-24 Q3:2023-24 74.8 11.7
Q1:2024-25 Q4:2023-24 78.8 11.3
Q2:2024-25 Q1:2024-25 71.5 11.2
Q3:2024-25 Q2:2024-25 79.9 10.6
Q4:2024-25 Q3:2024-25 83.7 10.9

Infrastructure Sector

Table I1: Assessment and Expectation for Overall Business Situation
(Percentage responses)@
Quarter Assessment Expectation
Better No Change Worse Net response# Better No Change Worse Net response
Q4:23-24 45.0 42.5 12.5 32.5 73.1 21.8 5.0 68.1
Q1:24-25 37.7 51.3 11.0 26.6 70.3 25.4 4.2 66.1
Q2:24-25 38.4 44.9 16.7 21.7 76.5 21.6 2.0 74.5
Q3:24-25 40.2 47.2 12.6 27.6 70.3 26.8 2.9 67.4
Q4:24-25 44.4 49.0 6.5 37.9 70.9 25.2 3.9 66.9
Q1:25-26         72.2 24.5 3.3 68.9
‘Increase’ in Overall business situation is optimistic.
@: Due to rounding off percentage may not add up to 100.
#: Net Response (NR) is the difference of percentage of the respondents reporting optimism and that reporting pessimism. The range is -100 to 100. Any value greater than zero indicates expansion/ optimism and any value less than zero indicates contraction/ pessimism.

Table I2: Assessment and Expectation for Turnover
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q4:23-24 42.5 42.5 15.0 27.5 75.6 22.7 1.7 73.9
Q1:24-25 37.7 51.3 11.0 26.6 68.4 24.8 6.8 61.5
Q2:24-25 41.3 42.8 15.9 25.4 73.2 23.5 3.3 69.9
Q3:24-25 44.1 42.5 13.4 30.7 73.2 24.6 2.2 71.0
Q4:24-25 45.5 46.1 8.4 37.0 72.7 24.2 3.1 69.5
Q1:25-26         75.2 20.9 3.9 71.2
‘Increase’ in Turnover is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I3: Assessment and Expectation for Full-time Employees
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q4:23-24 27.5 65.0 7.5 20.0 63.2 34.2 2.6 60.7
Q1:24-25 31.2 59.1 9.7 21.4 47.5 51.7 0.8 46.6
Q2:24-25 28.3 61.6 10.1 18.1 64.7 33.3 2.0 62.7
Q3:24-25 30.7 60.6 8.7 22.0 41.5 56.3 2.2 39.3
Q4:24-25 29.9 63.6 6.5 23.4 48.4 48.4 3.1 45.3
Q1:25-26         61.2 37.5 1.3 59.9
‘Increase’ in Full-time Employees is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I4: Assessment and Expectation for Part-time Employees
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q4:23-24 29.2 66.3 4.5 24.7 68.3 31.7 0.0 68.3
Q1:24-25 32.8 59.9 7.3 25.5 55.8 41.9 2.3 53.5
Q2:24-25 21.5 66.7 11.8 9.7 63.7 33.3 3.0 60.7
Q3:24-25 30.3 61.6 8.1 22.2 54.3 40.2 5.4 48.9
Q4:24-25 31.5 65.4 3.1 28.5 62.0 34.0 4.0 58.0
Q1:25-26         62.8 34.1 3.1 59.7
‘Increase’ in Part-time Employees is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I5: Assessment and Expectation for Availability of Finance
(Percentage responses)
Quarter Assessment Expectation
Improve No Change Worsen Net response Improve No Change Worsen Net response
Q4:23-24 34.7 58.5 6.8 28.0 63.0 35.3 1.7 61.3
Q1:24-25 35.1 59.1 5.8 29.2 58.6 40.5 0.9 57.8
Q2:24-25 31.4 55.5 13.1 18.2 68.0 32.0 0.0 68.0
Q3:24-25 34.1 57.9 7.9 26.2 55.1 44.1 0.7 54.4
Q4:24-25 34.0 59.5 6.5 27.5 60.8 37.6 1.6 59.2
Q1:25-26         71.8 26.2 2.0 69.8
‘Improve’ in Availability of Finance is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I6: Assessment and Expectation for Cost of Finance
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q4:23-24 35.2 61.1 3.7 -31.5 61.7 37.4 0.9 -60.7
Q1:24-25 36.4 56.3 7.3 -29.1 60.4 38.7 0.9 -59.4
Q2:24-25 38.3 50.0 11.7 -26.6 65.1 32.2 2.7 -62.4
Q3:24-25 37.3 52.4 10.3 -27.0 63.5 33.3 3.2 -60.3
Q4:24-25 40.1 49.3 10.5 -29.6 60.7 36.9 2.5 -58.2
Q1:25-26         68.2 26.4 5.4 -62.8
‘Decrease’ in Cost of Finance is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I7: Assessment and Expectation for Salary/Wages
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No
Change		 Decrease Net response
Q4:23-24 27.7 70.6 1.7 -26.1 59.8 39.3 0.9 -59.0
Q1:24-25 38.3 57.8 3.9 -34.4 55.2 44.8 0.0 -55.2
Q2:24-25 31.9 63.0 5.1 -26.8 70.6 29.4 0.0 -70.6
Q3:24-25 34.9 61.1 4.0 -31.0 43.1 56.9 0.0 -43.1
Q4:24-25 35.9 61.4 2.6 -33.3 47.6 52.4 0.0 -47.6
Q1:25-26         66.7 32.7 0.7 -66.0
‘Decrease’ in Salary/Wages is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I8: Assessment and Expectation for Cost of Inputs
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q4:23-24 52.6 43.9 3.5 -49.1 59.1 37.4 3.5 -55.7
Q1:24-25 42.2 51.7 6.1 -36.1 63.4 36.6 0.0 -63.4
Q2:24-25 49.2 42.3 8.5 -40.8 75.9 23.4 0.7 -75.2
Q3:24-25 48.0 45.6 6.4 -41.6 70.8 29.2 0.0 -70.8
Q4:24-25 52.3 43.0 4.6 -47.7 70.4 29.6 0.0 -70.4
Q1:25-26         74.3 22.4 3.3 -71.1
‘Decrease’ in Cost of Inputs is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I9: Assessment and Expectation for Selling Price
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q4:23-24 28.9 61.1 10.0 18.9 62.0 36.0 2.0 60.0
Q1:24-25 30.8 60.0 9.2 21.5 60.7 33.7 5.6 55.1
Q2:24-25 24.5 61.8 13.6 10.9 69.8 27.1 3.1 66.7
Q3:24-25 27.0 63.1 9.9 17.1 52.7 44.5 2.7 50.0
Q4:24-25 30.1 65.4 4.5 25.6 56.4 43.6 0.0 56.4
Q1:25-26         62.9 36.4 0.8 62.1
‘Increase’ in Selling Price is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I10: Assessment and Expectation for Profit Margin
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q4:23-24 26.1 56.3 17.6 8.4 56.3 36.1 7.6 48.7
Q1:24-25 28.6 59.7 11.7 16.9 54.7 38.5 6.8 47.9
Q2:24-25 26.8 52.2 21.0 5.8 65.1 31.6 3.3 61.8
Q3:24-25 28.0 55.2 16.8 11.2 45.7 49.3 5.1 40.6
Q4:24-25 27.5 61.4 11.1 16.3 55.2 40.0 4.8 50.4
Q1:25-26         61.8 34.2 3.9 57.9
‘Increase’ in Profit Margin is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I11: Assessment and Expectation for Inventories
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q4:23-24 34.0 62.1 3.9 30.1 75.2 23.8 1.0 74.3
Q1:24-25 34.8 59.4 5.8 29.0 58.0 39.0 3.0 55.0
Q2:24-25 30.4 59.8 9.8 20.5 71.5 27.0 1.5 70.1
Q3:24-25 35.6 56.8 7.6 28.0 59.1 38.2 2.7 56.4
Q4:24-25 37.2 52.4 10.3 26.9 62.4 35.9 1.7 60.7
Q1:25-26         74.1 22.4 3.5 70.6
‘Increase’ in Inventories is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I12: Assessment and Expectation for Technical/Service Capacity
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q4:23-24 32.5 64.9 2.6 29.9 75.0 25.0 0.0 75.0
Q1:24-25 36.2 59.5 4.3 31.9 66.2 32.4 1.4 64.9
Q2:24-25 30.9 57.4 11.8 19.1 79.1 20.9 0.0 79.1
Q3:24-25 32.9 62.0 5.1 27.8 72.5 27.5 0.0 72.5
Q4:24-25 34.8 62.6 2.6 32.2 68.8 30.0 1.3 67.5
Q1:25-26         72.6 27.4 0.0 72.6
‘Increase’ in Technical/Service Capacity is optimistic. Footnotes @ and # given in Table I1 are applicable here.

Table I13: Assessment and Expectation for Physical Investment
(Percentage responses)
Quarter Assessment Expectation
Increase No Change Decrease Net response Increase No Change Decrease Net response
Q4:23-24 28.6 68.8 2.6 26.0 75.3 24.7 0.0 75.3
Q1:24-25 33.1 61.2 5.8 27.3 64.0 36.0 0.0 64.0
Q2:24-25 36.5 52.7 10.8 25.7 75.8 24.2 0.0 75.8
Q3:24-25 32.6 61.6 5.8 26.7 75.3 24.7 0.0 75.3
Q4:24-25 34.1 63.4 2.4 31.7 71.1 28.9 0.0 71.1
Q1:25-26         73.8 26.2 0.0 73.8
‘Increase’ in Physical Investment is optimistic. Footnotes @ and # given in Table I1 are applicable here.

1 The survey results reflect the respondents’ views, which are not necessarily shared by the Reserve Bank.

2 Results of the previous survey round were released on the Bank’s website on February 07, 2025.

3 Net Response (NR) is the difference between the percentage of respondents reporting optimism and those reporting pessimism. It ranges between -100 to 100. Positive value indicates expansion/optimism and negative value indicates contraction/pessimism. In other words, NR = (I – D); where, I is the percentage response of ‘Increase/optimism’, D is the percentage response of ‘Decrease/pessimism’ and E is the percentage response as ‘no change/ equal’ (i.e., I+D+E=100). For example, increase in turnover is optimism whereas decrease in cost of inputs is optimism.


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