India Inc Business Confidence Worst In 4 Years: Survey

New Delhi: Business confidence of India Inc. is the worst in more than four years and majority of the firms don't plan fresh hiring and investments, an industry survey revealed. 

According to the Business Confidence Survey conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI), expectations with regard to major operational parameters, including sales, profits, investments, exports and employment, have taken a beating. 

The outlook with regard to sales, profits, exports remained subdued, with a majority of respondents anticipating no change from the current levels in the coming six months. 

"A majority 67 per cent of the participating companies indicated that they don't intend any fresh hiring in near term and their workforce is expected to remain at the current levels," FICCI said in the survey report. 

The survey, conducted in July and August, showed significant decline in performance of companies and most of them are not optimistic about the near term performance either. 

"The slide in the confidence level of corporate India continued for the fourth successive quarter and this value is the lowest seen in almost seventeen quarters and reminds one of the difficult situations that was faced during 2008-09," FICCI said. 

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