Oct-Dec July-Sept April-June Jan-March Oct-Dec Jul-Sep Apr-Jun Jan-Mar 2012 2012 2012 2012 2011 2011 2011 2011 Overall Business confidence index 53.8 52.4 49.3 55.4 52.3 56.8 64.4 74.8 Business confidence index for Heavy Engineering 50.2 49.5 48.3 52.7 50.4 55.1 62.3 73.4 Business confidence index for Light industry 52.3 51.9 48.7 53.2 51.8 56.3 64.1 74.5 Business confidence index for Services 56.8 55.5 52.4 59.5 55.2 58.6 65.7 75.7To be sure, the latest score is lower than the 74.8 score recorded in the January- March 2011 quarter, when Business Today began its business confidence survey. The survey has quickly become a bellwether of business and economic sentiment. Thirty one per cent of the respondents said they believed their profits will pick up in the January-March quarter, and 32 per cent expect investments in business operations to get better. Nearly two-thirds of the survey respondents said they saw no impact of the Reserve Bank of India's hawkish monetary stance of high interest rates on their companies performance. The central bank has taken some measures to ease lending rates but its rates are still high. "The Euro zone has managed to resolve some of its issues. The economy in the U.S. looks like it is coming back up, China is also looking better. U.S. has eased concerns of policy uncertainty. In India specifically, we have seen that the government has demonstrated they are in-charge, it has been more of a signalling effect than the policy itself…all that has led to a feeling that things are not as bad," said Naina Lal Kidwai, Country Head of HSBC India and President of industry lobby Federation of Indian Chambers of Commerce and Industry. Aroon Purie, Editor-in-Chief, India Today Group, of which Business Today is a part of, said the survey response showed how quickly business confidence can be brought back in the economy. "Recent actions by the government show it is not difficult to get confidence going. The UPA regime has a lot of ground left to be covered on the reforms front, and the coming Budget will be a litmus test of its intentions ahead of the 2014 general elections."