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Quarterly Business Expectations Survey

NCAER has been tracking the business confidence of Indian firms through a quarterly Business Expectations Survey since 1991. The survey provides an assessment of the present conditions and short-term prospects for India’s business environment based on responses from more than 500 companies in six metropolitan cities in India. The survey includes information on firm characteristics, firm expectations of change in input and output costs, their labour employment and wage situations, inventories, prospects for sales, exports and imports and profits. All this data are collated to form the final index using four parameters: overall economic conditions, investment climate, financial position of the firm and capacity utilisation. The survey also captures business confidence in India’s political management of economic policies through the Political Confidence Index (PCI).  


A Press Note on NCAER’s latest Business Expectations Survey for 2022–23:Q1 is available here.


For further information on the Business Expectations Survey, please contact Dr Bornali Bhandari.

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Bornali Bhandari

Bornali Bhandari is a Senior Fellow at NCAER with a background in international economics and macroeconomics, specifically focusing on the impact of globalisation on development. Currently she is engaged in a number of industry & labour studies including automobiles, farm mechanisation and the gig economy. Her wider research interests include analysis of skilling from a 3-E perspective (education, employability and employment), e-Governance, infrastructure, particularly the roads and ICT sectors, G-20 issues like climate change financing and reserve currency, FDI and trade-related issues. She also oversees the production of the NCAER Quarterly Business Expectations Survey.

Ajaya Kumar Sahu

Ajaya Kumar Sahu is an Associate Fellow at NCAER. He is an Agricultural Economist by training. During his stay at the NCAER, he has worked on areas like poverty analysis, issues related to agriculture and rural development, labour and employment with special reference to quality of jobs and skills, public finance and analysis of price dynamics.  His expertise lies in handling large scale data like NSSO micro data on employment, consumption, enterprises, agriculture, ASI data, conducting primary survey that involves sampling and weight calculations. Presently he is working on Gig economy in India and the quarterly Business Expectations Survey. He completed his M. Phil in Economics from Jawaharlal Nehru University, New Delhi, and is presently pursuing his Ph. D in Economics from Jamia Milia Islamia. He cleared the National Eligibility Test (NET) with the Junior Research Fellowship, conducted by the UGC.

K Subbaraje Urs

K.  Subbaraje Urs is an Associate Fellow at NCAER, with more than 24 years of experience in applied economic research, socio-economic and industrial research. His core areas of research are large-scale surveys, particularly in developing the survey instrument, calculating the sample size, and identifying gaps in primary and secondary data. He has worked on both large-scale household and industrial surveys with NCAER. He has been associated with several projects including the study on Integrated Child Development Services, Rural Economic & Demographic Survey, non-conventional energy sources programme, Business Expectations Survey (BES) and Market Information Survey of Households (MISH).