Business confidence improves after rollout of vaccines

The Business Confidence Index made by the Delhi based economic think tank NCAER increased 26.9% in current financial year after the rollout of COVID-19 vaccines in different countries, including India.

The number of respondents expecting that overall economic situation will improve in next few months. The NCAER said the BES findings are based on responses from 500 firms. The approval of rollout and vaccines in Europe and North America were accompanied by the discovery of new mutations of the coronavirus. Indian authorities approved the vaccines for restricted use in last month.

On the other hand, Indian economy witnessed recovery and was expected to grow in 2020-21 third quarter.

NCAER said, “Business sentiments have shown the same V-Shaped recovery in 2020-21”.

The RBI in its monetary policy statement last week said that consumer confidence is saving and business expectations of production, services and infrastructure remain optimistic.