NEW DELHI, July 6 (Xinhua) -- Confidence of India's business circle in the economy has risen to a 14-quarter or three-year high, one and a half months after Prime Minister Narendra Modi took power, said a survey conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI) Sunday.
"A clear mandate in elections, followed by a slew of announcements undertaken by the government has lifted the spirits of industry members," said the FICCI report, adding it will be " imperative to back these announcements with speedy and timely action."
Entitled "Business Confidence Survey," the report said Overall Business Confidence Index went up eight notches compared with the previous round at all the three levels of economy, industry and firm, while a majority of 93 percent participants said that they expect the overall economic situation to be "moderately to substantially better" in the coming six months.
The investor sentiment which had taken a sharp hit in the past also seems to be recuperating, said local analysts.
Outlook of employment and exports also improved but demands remained weak, according to the survey. However, majority of the respondents expect demand to improve over the next six months.
The survey also came ahead of the Modi government's first general budget expected to be presented on July 10.
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