CII biz index shows signs of turnaround

Written by Press Trust of India | New Delhi | Updated: Dec 30 2013, 08:45am hrs
Indicating signs of an economic revival, the CII Business Confidence Index (BCI) rose sharply to 54.9 during the October-December period of 2013-14 fiscal, from 45.7 in the previous quarter.

With positive signals emanating from the global economy, which finds a resonance in our improved export performance and is causing our current account deficit (CAD) to decline, we believe that the slowdown in the domestic economy may have bottomed out in the second quarter and the trend could reverse henceforth, CII director-general Chandrajit Banerjee said.

The pick-up in BCI for the current quarter comes as a major relief for the economy which has been braving the onslaught of the slowdown for the last several quarters and awaiting the return of growth, the survey said. PTI