India's Business Confidence Up Sharply After New Government

It added: “Industry feels that we are on the right track and that government should continue with its efforts to further smoothen the clearance process.”

The proportion of respondents citing ‘moderately to substantially better’ performance vis-a-vis last six months recorded a significant jump at the economy, industry and firm level in the current survey.

The participants were also optimistic about the near term prospects, with 93 per cent of the companies saying that they expect the overall economic situation to be better over the next six months.

The CII poll found 41 per cent of respondents expecting GDP in the current fiscal to expand by 5-5.5 per cent, up from sub-5 per cent growth witnessed in the last two years, while 30 per cent respondents expected GDP to grow in a range of 5.5-6 per cent in FY15.

A slow pick up in global demand, high inflation and rising borrowing costs are cited to be the top three concerns of the respondents covered in the CII poll.

Ficci also asked respondents to identify focus areas for manufacturing in view of PM Modi’s ‘Make in India’ vision. The sectors identified were engineering; steel & iron; medical equipment & pharmaceuticals; automobiles & auto components; textiles; food processing & agro-based industries; and defence equipment.

Also Read:
FPIS Seen To Remain Bullish On India Market
Prices Of Essential Goods Will Fall Further In Modi Rule: Amit Shah