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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 2021–22:Q2 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 analysing and assessing the progress and prospects of implementing Direct Benefit Transfers in states and Union Territories. Her wider research interests include analysis of skilling from a 3-E perspective (education, employability and employment), 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 NCAER’s macro publications, the Quarterly Review of the Economy, and Quarterly Business Expectations Survey. 


Bornali received her PhD in Economics from the University of Oregon, Eugene, USA.

Ajaya Kumar Sahu

Ajaya Kumar Sahu is a Senior Research Analyst at NCAER. His expertise lies in conducting primary survey that involves sampling and weight calculations, handling large scale data like NSSO employment and consumption data as well as ASI data. Further, he works on poverty analysis, and issues related to agriculture and rural development areas.   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).