The Nationwide Council of Utilized Financial Analysis (NCAER), in an announcement, stated the quarter was additionally marked by GST reforms and a discount in tax charges, whose results are anticipated to be felt over the remaining two quarters.
“The Enterprise Confidence Index (BCI) moderated to 142.6 within the second quarter of 2025-26 from 149.4 within the first, although it was larger than the corresponding Q2 of 2024-25 (134.3),” it added.
The BCI relies on 4 parts: general financial situations to enhance within the subsequent six months, monetary place of corporations will enhance within the subsequent six months, current funding local weather and whether or not current capability utilisation was near or above the optimum stage.
Based on the assertion, the BCI was pushed down by the moderation of sentiments in three of the 4 parts, besides current capability utilisation, which noticed an enchancment.
“Total, the share of optimistic responses remained above 50 per cent within the second quarter for all 4 parts, signalling a comparatively slower progress momentum,” the assertion stated.The newest spherical (134th) of the quarterly Survey was carried out in September 2025, protecting 484 respondents (corporations) unfold throughout six cities, days after the Trump Administration introduced further tariffs on Indian items.”The parts coping with macro sentiments had been comparatively extra negatively affected, whereas the affect was combined for sentiments on the micro stage,” stated NCAER's Professor Bornali Bhandari, who led the survey.
Noting that sentiments differed throughout agency dimension, the survey revealed that the BCI for MSMEs (turnover of Rs 100 crore or much less) marginally went up from 137 in Q1 in 2025-26 to 138 in Q2.
Nonetheless, for big corporations (annual turnover of over Rs 100 crore), BCI went down from 171.6 in Q1 to 149.9 in Q2, it added.
