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India - Business Expectations Index

India's Business Expectations Index (BEI) increased by 6.8% to 126 points in Q3 2025 from 118 points in Q2 2025. This rise follows a 0.5% increase in the Financial Confidence Index (FCI) for Q3 2025. Medium enterprises show strong investment confidence with a 12% quarter-over-quarter rise attributed to better capital raising and policy signals. Increased credit availability, shown by a 13% year-over-year rise in bank credit to small manufacturing businesses, also supports this sentiment. India's record low Business Expectations Index was 101.7 points in Q3 2020 and record high was 139.3 points in Q4 2021.

Quarterly Historical Data (2015-2025)

(in points)
Quarter Business Expectations Index (points)
Q3 2025 126
Q2 2025 118
Q1 2025 120
Q4 2024 120.3
Q3 2024 119.1
Q2 2024 127.2
Q1 2024 130.3
Q4 2023 135.4
Q3 2023 132.5
Q2 2023 126.4
Q1 2023 132.9
Q4 2022 134.4
Q3 2022 137.5
Q2 2022 134.7
Q1 2022 137.8
Q4 2021 139.3
Q3 2021 128
Q2 2021 121.9
Q1 2021 115.4
Q4 2020 110.9
Q3 2020 101.7
Q2 2020 110.5
Q1 2020 108.2
Q4 2019 102.4
Q3 2019 112.6
Q2 2019 114.4
Q1 2019 115.7
Q4 2018 113.6
Q3 2018 111.7
Q2 2018 114.2
Q1 2018 116.4
Q4 2017 116.7
Q3 2017 113.5
Q2 2017 115.4
Q1 2017 111.2
Q4 2016 114
Q3 2016 112.6
Q2 2016 111.6
Q1 2016 113.7
Q4 2015 112.4
India - Business Expectations Index : Definition
The India Business Expectations Index BEI from the Reserve Bank of India measures future business sentiment. It is calculated from survey responses on expected performance regarding production, new orders, employment, inventory levels and exports.