Indian business cost pressures re-emerge, profits, sales 'sharply decline': IIM-A survey

By A Representative
The latest Business Inflation Expectations Survey (BIES), conducted by the Misra Centre for Financial Markets and Economy, Indian Institute of Management-Ahmedabad (IIM-A), has expressed concern over "reemergence of cost pressures" on Indian business, noting, "Around 59% of the participating firms in the survey perceive significant (over 6%) cost increase, up from 53% reported in the earlier round of the survey."
Based on responses of around 900 companies, primarily from the manufacturing sector, the BIES report says, "The percentage of firms perceiving over 10% cost increase y-o-y has also increased. Over 26% of the firms in August 2022 round of the survey perceive that costs have increased very significantly (over 10%) – marginally up from 24% recorded in July 2022."

The report also expresses concern over the fact that "firms’ sales expectations have sharply declined", pointing out, "Percentage of firms reporting ‘somewhat less than normal’ sales has increased to 32% in August 2022 from 26% reported in July 2022."
It adds, "Around 19% of the firms in August 2022 report that sales are ‘about normal’, sharply down from 25 reported in July 2022."
At the same time, the report -- whose survey result stand in sharp contrast to the upturn in the Indian business perceived earlier -- says, "Profit margins expectations have declined. Over 36% of the participating firms in the survey perceive profit margins are ‘somewhat less than normal’ – sharply up from 23% reported in the earlier round of the survey."

BIES, claims the report, "is unique in that it goes straight to businesses -- the price setters -- rather than to consumers or households, to understand their expectations of the price level changes." It adds, the survey "provides an indirect assessment of overall demand condition of the economy."

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