50% of Indian Companies See Gap Between Macro Growth and Real Business Performance, Says CII Survey

A fresh survey conducted by the Confederation of Indian Industry (CII) has revealed a notable divergence between India's headline economic performance and ground-level corporate experiences. According to the CII Business Outlook Survey for the second quarter of FY 2026-27 (July–September), 50 percent of surveyed Indian companies reported that strong national macroeconomic growth has either failed to translate or has only partially translated into improved business performance for their individual firms.

The survey, which gathered responses from 238 public and private sector enterprises spanning micro, small, medium, and large categories across the country, highlights ongoing nuances in economic recovery. About 13.4 percent of respondents stated that on-ground commercial conditions remain subdued despite buoyant macroeconomic data, while 36.6 percent observed mild improvements that still lagged behind headline figures. Only 11.3 percent felt their business growth matched or exceeded national momentum.

Despite these ground-level challenges, overall business sentiment registered a positive uptick. The CII Composite Business Confidence Index rose to 66 in the second quarter, up from 60.8 in the preceding April–June quarter. The industrial body attributed this sentiment rebound primarily to the easing of supply chain disruptions stemming from geopolitical conflicts in West Asia. Looking ahead, while domestic demand expectations remain mixed, industry leaders emphasize the necessity of sustained domestic policy support to bridge the gap between macroeconomic indicators and operational microeconomic reality.