Jan-Mar Oct-Dec Jul-Sept Apr-Jun Jan-Mar Oct-Dec Jul-Sep Apr-Jun Jan-Mar 2013 2012 2012 2012 2012 2011 2011 2011 2011 Overall Business confidence index 54.5 53.8 52.4 49.3 55.4 52.3 56.8 64.4 74.8 Business confidence index for Heavy Engineering 50.6 50.2 49.5 48.3 52.7 50.4 55.1 62.3 73.4 Business confidence index for Light industry 54.2 52.3 51.9 48.7 53.2 51.8 56.3 64.1 74.5 Business confidence index for Services 57.7 56.8 55.5 52.4 59.5 55.2 58.6 65.7 75.7Business Today-C fore Business Confidence Survey, which has captured the mood of corporate India for nine quarters now, has become a bellwether of business and economic sentiment since its inception in January- March 2011. The first survey recorded the highest-ever confidence level at 74.8. In the latest round of the survey, 35 per cent respondents said they believed their profits will pick up in the April-June quarter, and 32 per cent expect investments in business operations to get better. Only one-third felt the recent monetary policy stance by the Reserve Bank of India will have a positive impact on their companies' performance. "On large borrowings, the interest rate is too high at 10-11 per cent. Interest rates should be brought down further in order to encourage companies to invest," said Ravi Jaipuria, chairman of RJ Corp. Still, some felt the mood was upbeat. "The India flavour is coming back. Thanks to the finance minister's recent visits to Asia and Europe to revive the confidence of global investors," said Venugopal Dhoot, chairman and managing director of Videocon Industries. Aroon Purie, Editor-in-Chief, India Today Group, of which Business Today is a part of, said the survey results signal the performance of the economy was bottoming out. "The survey results reflect the policy changes made by the government in the last two quarters culminating in pronouncements in the Budget. More needs to be done to move the needle on business confidence decisively."