Business confidence fell 27.5 percent in the June quarter

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MUMBAI: The Indian economy was on the brink of collapse after the first wave of August-September, when a second wave of Corona hit the entire economy. Economic activity has slowed and the economy is expected to slow down again, especially on people's incomes and savings.

India's growth estimates have been slashed by several agencies, including the IMF, in view of the adverse effects of the epidemic.

Despite good figures from all over, India's projected growth rate is being downgraded by large rating agencies and institutions like the IMF, and the now-released Business Confidence figures also indicate a rough market.

The second wave of the Corona epidemic has pushed the Business Confidence Index (BCI) down 2.4 per cent in the first quarter of the current financial year compared to the previous quarter. BCI is prepared by research institute NCAER, Delhi.

The services sector saw its quarterly decline in the BCI by 7.5 per cent, the NCAER said in a statement. It has declined by 2.4% for the consumer durables sector, 2.2% for the capital goods sector, 12% for the intermediate goods sector and 12.5% ​​for the consumer non-durables sector.

"Signs, figures and conditions indicate that economic activity slowed in the first quarter of 2021-24 compared to the fourth quarter of the previous financial year, but confidence in the economy is better than Q1 in 2020-21," NCAER said. The organization added that it is not surprising that business forecasts have deteriorated in the first quarter.

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