India Inc is optimistic about its business prospects with a majority of firms saying current economic conditions are ‘moderately to substantially better’ compared to the last six months, even as cost and availability of credit remain a concern, according to a report. The Overall Business Confidence Index (OBCI) rose to a six quarter high in the Business Confidence Survey conducted by FICCI, indicating that demand is gaining traction. The index value stood at 67.3 in the current round as against 62.8 in the previous poll.
About 63 per cent of the respondents in the survey reported current economic conditions as ‘moderately to substantially better’ compared o last six months, showing improvement at all the three levels – economy, industry and firm level. Good monsoons and award of the seventh pay commission will provide a further fillip to demand.