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Business confidence for July-September slides 13%
Business confidence for the July-September quarter of 2017 declined 13.3 per cent over the last year as India Inc feels the heat on the implementation and compliance with the new GST regime, according to a latest report by Dun & Bradstreet, a global provider of business services.
Hyderabad: Business confidence for the July-September quarter of 2017 declined 13.3 per cent over the last year as India Inc feels the heat on the implementation and compliance with the new GST regime, according to a latest report by Dun & Bradstreet, a global provider of business services. The Dun & Bradstreet Composite Business Optimism Index stands at 72.1 during Q3 of 2017, a decrease of 13.3 percent, when to Q3 of 2016. Based on the responses received, four out of the six optimism indices have registered a decline as compared to Q3 2016.
Manish Sinha, MD (India), Dun and Bradstreet, said: “Given the scale of the changes, our respondents are factoring into their scores teething issues in the short-run: learning the intricacies of the new tax regime, adjusting to the input tax credit and logistics of the GST system. Further, whilst bigger companies are largely geared up for the transition, the same cannot be said for the SMEs who could see their costs escalate to ensure compliance. These issues during the survey period could have played a role in dampening business confidence.”
Four out of the six optimism indices have registered a decline over the year-ago period. The score on volume of sales, net profits, new orders and selling prices has declined compared to July-September 2016. He further noted that short-term issues surrounding GST implementation should fade over the course of the year and production processes would get aligned with the new framework that would help in reviving business confidence since benefits from the GST regime boost the economy's growth and rating prospects.
"Going forward, the progress of monsoon will also be critical in shaping business sentiment and influencing the pace of rural demand," he added. The index measures the pulse of the business community and is arrived at on the basis of a quarterly survey of business expectations. For calculating the composite Business Optimism Index (BOI), each of the six parameters -- net sales, net profit, selling prices, new orders, inventories and employee levels -- is assigned a weight.
