根据最新的印度小工业发展银行中小微企业展望调查，2026年7月至9月季度，微型、小型和中型企业的商业信心有所改善，扭转了此前几个季度的信心放缓趋势。中小微企业商业信心指数从上季度的59.3升至60.4，继续高于50的中性线。此次改善具有广泛基础，尽管投入成本持续承压，制造业、贸易业和服务业的信心均有所上升。调查的商业预期指数在2026年10月至12月为61.7，2027年7月至9月为62.2，表明企业预计经营状况将保持扩张。
Business confidence among micro, small and medium enterprises improved in the July-September 2026 quarter, reversing a slowdown in sentiment in recent quarters, according to the latest SIDBI MSME Outlook Survey. The MSME Business Confidence Index rose to 60.4 from 59.3 in the previous quarter, remaining above the neutral mark of 50. The improvement was broad-based, with manufacturing, trading and services all recording higher confidence despite continued pressure on input costs. The survey’s Business Expectations Index stood at 61.7 for October-December 2026 and 62.2 for July-September 2027, indicating that firms expect business conditions to remain expansionary.
制造业引领信心回升。制造业信心从上季度的59.5升至61.0。其商业预期指数在2026年10月至12月为63.3，2027年7月至9月为64.8。贸易业信心从56.5升至57.5，服务业信心从60.4升至61.3。贸易业的预期则更为分化。该行业的商业信心指数预计将从2026年10月至12月的61.1降至2027年7月至9月的60.9。服务业预期预计在同期从61.0微升至61.1。
Manufacturing leads confidence recoveryManufacturing confidence rose to 61.0 from 59.5 in the previous quarter. Its business expectations index stood at 63.3 for October-December 2026 and 64.8 for July-September 2027. Trading confidence improved to 57.5 from 56.5, while services confidence increased to 61.3 from 60.4. Expectations were more mixed in trading. The sector’s M-BEI is projected to ease from 61.1 in October-December 2026 to 60.9 in July-September 2027. Services expectations are forecast to edge up from 61.0 to 61.1 over the same periods.
销售改善，但利润率仍承压。制造业和服务业的销售情绪走强，而贸易业则显现出压力迹象。制造业中，43%的企业报告销售额正增长，持悲观态度的企业占比降至27%。服务业中，45%的企业对销售持乐观态度，悲观回应降至23%。贸易业表现较弱。尽管38%的企业报告销售情绪积极，但持悲观态度的企业占比从上轮调查的15%升至22%。利润率仍令人担忧。三个行业中，48%至58%的企业报告利润率没有显著变化，20%至30%的企业报告利润率下降，反映出持续的成本压力。
Sales improve, but margins remain under pressureSales sentiment strengthened across manufacturing and services, while trading showed signs of strain. In manufacturing, 43% of enterprises reported positive sales growth, while the share expressing pessimism fell to 27%. In services, 45% of firms were optimistic about sales, and pessimistic responses declined to 23%.Trading was weaker. Although 38% of firms reported positive sales sentiment, the share expressing pessimism rose to 22% from 15% in the previous survey round. Profit margins remain a concern. Between 48% and 58% of firms across the three sectors reported no significant change in margins, while 20% to 30% reported a decline, reflecting persistent cost pressures.
贸易企业面临更大的利润率挑战。不过，各行业有31%至35%的微型、小型和中型企业预计未来一年利润率将有所改善。
Trading firms faced greater margin challenges. However, between 31% and 35% of MSMEs across sectors expect their margins to improve over the coming year.
熟练劳动力供应因行业而异。各行业对熟练劳动力的展望有所不同。制造业企业预计供应将改善，预计能更容易获得熟练工人的企业比例将从2026年7月至9月的25%升至随后一年的40%。服务业和贸易企业则不那么乐观。预计熟练劳动力供应将改善的企业比例将分别从当前的40%和42%降至服务业的37%和贸易业的31%。
Skilled labour availability varies by sectorThe outlook for skilled labour differed across industries. Manufacturing firms expect availability to improve, with the share anticipating better access to skilled workers projected to rise from 25% in July-September 2026 to 40% over the following year. Services and trading firms were less optimistic. The share expecting better skilled-labour availability is projected to moderate to 37% in services and 31% in trading, from 40% and 42%, respectively, in the current period.
融资渠道情况依然参差不齐。融资状况总体稳定，但贸易企业继续报告在获得营运资金方面面临更大困难。在制造业，46%的企业报告营运资金获取状况改善。报告状况恶化的企业比例预计将在未来一年从14%降至约11%。在服务业，38%的企业报告营运资金获取状况改善，这一比例预计将升至约40%。贸易企业面临更大压力，31%的企业报告在截至2026年9月的季度中营运资金融资出现下降。
Access to finance remains mixedFinancing conditions were broadly stable, although trading firms continued to report greater difficulty securing working capital. In manufacturing, 46% of firms reported improved access to working capital. The share reporting a deterioration is expected to decline from 14% to around 11% over the coming year. In services, 38% of firms reported better access to working capital, with the share expected to rise to around 40%.Trading firms faced greater pressure, with 31% reporting a decline in working capital financing in the quarter ended September 2026.
尽管如此，调查显示未来一年融资状况将逐步改善。在总体融资可得性方面，47%的制造业微型、小型和中型企业和44%的服务业微型、小型和中型企业报告有所改善。在贸易业，35%的企业报告可得性改善，预计状况将逐步好转。
The survey nevertheless points to a gradual improvement in financing conditions over the coming year. On overall finance availability, 47% of manufacturing MSMEs and 44% of services MSMEs reported an improvement. In trading, 35% reported better availability, with conditions expected to improve gradually.
近半数企业报告经营状况改善。平均约49%的微型、小型和中型企业报告经营状况较上一季度有所改善。约33%报告没有变化，18%表示状况有所恶化。制造业的信心最强，其次是贸易业和服务业。这项由印度小型工业发展银行开展的季度调查覆盖约1200家微型、小型和中型企业。
Nearly half report better business conditionsAbout 49% of MSMEs, on average, reported an improvement in business conditions compared with the previous quarter. Around 33% reported no change, while 18% said conditions had weakened. Manufacturing recorded the strongest sentiment, followed by trading and services. The quarterly SIDBI survey covers around 1,200 MSMEs.
制造业企业约占受访者的一半，贸易和服务业各占约四分之一。指数读数高于50表明扩张，低于50则表明收缩。
Manufacturing firms account for about half the respondents, with trading and services each making up roughly a quarter. Index readings above 50 indicate expansion, while readings below 50 signal contraction.