Overview
- SIDBI’s MSME Business Conditions Index slipped to 61.64 in July–September from 63.75, indicating a modest dip in current sentiment.
- NCAER’s Business Confidence Index eased to 142.6 in Q2 FY26 from 149.4 in Q1, with macro components softening but capacity utilisation improving.
- Both surveys linked the moderation to global uncertainties tied to US trade measures, even as domestic GST changes were noted in the background.
- MSMEs remained resilient compared with large firms: NCAER found MSME BCI roughly flat near 138, while large-firm BCI fell to 149.9 from 171.6.
- Sales and export sentiment softened for MSMEs, finance costs eased in manufacturing with adequacy concerns persisting, and capacity utilisation strengthened with further gains expected.