CII outlook shows signs of economic revival

Indicating signs of economic revival, the CII Business Confidence Index (BCI) rose sharply to 54.9 during the October-December period of 2013-14 fiscal, from 45.7 in the previous quarter.

"With positive signals emanating from the global economy, which finds a resonance in our improved export performance and is causing our current account deficit (CAD) to decline, we believe that the slowdown in the domestic economy may have bottomed out in the second quarter and the trend could reverse henceforth," CII director general Chandrajit Banerjee said.

The pick-up in BCI for the current quarter comes as a major relief for the economy which has been braving the onslaught of the slowdown for the last several quarters and awaiting the return of growth, the survey said.

However, it also strikes a note of caution saying that the downside risks to growth have still not abated and supply-side bottlenecks continue to pose a problem.

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