The business confidence reading for India was below the average recorded for BRIC (Brazil, Russia, India and China) nations at 23 per cent and globally at 31 per cent.
"Latest survey data highlights that business confidence regarding future activity in India remains unchanged from February and is slightly weaker than the average for BRIC nations," said Aashna Dodhia, Economist at IHS Markit.
Dodhia further noted, "sentiment surrounding new business and revenue expectations is at the highest level seen since October 2016, as survey respondents forecast further improvements in client demand and market conditions".
Meanwhile, hiring intentions remained positive in June particularly in the manufacturing sector. Besides raising staff numbers, Indian companies intend to increase their investment spending to expand capacity.
"Also, although Indian companies expressed concerns that high oil prices may fuel inflationary pressures, the survey signals that this has not deterred company plans to expand capacity in the year ahead, as hiring intentions and capex plans were both revised up in June," Dodhia said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)