The Business Inflation Expectations Survey (BIES), conducted by the Indian Institute of Management, Ahmedabad (IIMA), found sales clocked by firms in September indicated businesses were gradually getting back to pre-Covid levels of February. The survey report was released Monday.
“Over 51 per cent of firms in September reported that sales are ‘much less than normal’ as against 59 per cent firms reported in August. The proportion is gradually declining since March. There are clear signs that sales of firms are gradually getting back to the pre-Covid level of February,” stated the report, which is a part of the 41st round of BIES.
Over 54 per cent of firms, among those surveyed in September, reported ‘much less than normal profit’, as against 57 per cent in August 2020. The survey also shows that 28 per cent of the firms expect over six per cent increase in costs as compared to the same time last year. However, overall cost perceptions data show early signs of easing of cost pressures, the survey stated.
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