The ASSOCHAM D&B Small Business Confidence Index for the April–June 2025 quarter stands at 105.4, marking a 1.8% decline compared to the January–March 2025 quarter, but a notable 6% increase year-on-year. Although sentiment has slightly dipped compared to Jan-Mar 2025 quarter, it remains comfortably above the long-term average, indicating that optimism among small businesses is still strong.

Key findings from the survey:

• Domestic demand improved, with expectations for new orders rising by 3 percentage points from the Jan–Mar 2025 quarter.
• Export order expectations dropped sharply by 17 percentage points from the Jan–Mar 2025 quarter.
• Hiring sentiment strengthened, increasing by 11 percentage points from the Jan–Mar 2025 quarter.
• Net profit expectations fell by 6 percentage points from the Jan–Mar 2025 quarter.
• Fixed capital investment sentiment moderated by 4 percentage points from the Jan–Mar 2025 quarter.
• Selling price expectations declined by 13 percentage points from the Jan–Mar 2025 quarter.

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