Business confidence of India Inc plunged considerably, poor economic growth expected in FY13: FICCI

About half the respondents stated that GDP growth may go below 5.5% during FY13. India's GDP growth stood at 5.5% during the April-June quarter.

The FICCI Business Confidence Survey index during the first quarter of 2012-13 stood at 51.8, witnessing plunge from 60.3 during the fourth quarter of 2011-12.

A statement from the industry body, “Net responses with regard to prospect of employment opportunities has turned negative, the first time since the 2008-09 crisis. Thus, the current economic slowdown coupled with a negative growth in the employment prospects, may drive the economy into a jobless slow growth.”

The survey stated that 42% of the respondents are of the opinion that investments will continue to hover around the same level during next six months as against 48% in the last quarter.