NEW DELHI: Business confidence among private sector companies in India is down in October, with sentiment towards output, profitability and capital spending (capex) at their lowest levels since comparable data became available in late-2009, a survey showed on Monday. “Also, in all cases, degrees of optimism are below their respective emerging market averages. Concurrently, firms foresee broadly muted non-staff cost inflation and have revised down their projections for selling charges accordingly,” the IHS Markit India Business outlook said. At +14% in October, down from +15% in June, the business activity net balance is at its lowest mark since composite data was first available in October 2009 and compares with a reading of +19% for developing countries. Survey participants cite several threats to the outlook, including regulation, fierce competition, unresponsive demand, subdued global conditions, unfavourable exchange rates, infra issues, automobile sector weakness and environmental concerns. In line with predictions of softer growth in the coming 12 months, Indian companies have revised lower their hiring, capex and R&D intentions.
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