RTTNews - A business confidence survey conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI) revealed that India's business confidence level is on the rise as the economy is recovering, reported the PTI. About 300 companies with turnover above Re.1 crore turnover participated in the survey, said FICCI.

About 57% of the participants reacted optimistically stating that overall economic condition was better than that of six months ago. It is to be noted that in the previous survey only 9% of the companies had such confidence.

The survey showed a major rise in the overall business confidence index to 64.1 from 44 in the last survey and this clearly shows high confidence level prevalent during the first half of 2007-08.

About 69% of respondents expressed hope that overall economic condition would improve in near future. 18% said that they had seen a slowdown in performance levels for the past six months, while 47% of them said their performance level has improved. Also, 68% of the respondents anticipate better performance in the coming six months stating that the worst episode is over in Indian economy.

However, about 74% of the participants said India Inc faces barriers of weak demand and high credit cost for their growth.

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