The National Council of Applied Economic Research (NCAER), one of India’s premier economic policy research think tanks, carried out the 128^th Round of its Business Expectations Survey (BES) in March 2024, with support from the National Stock Exchange of India Limited (NSE). NCAER has been carrying out the BES every quarter since 1992, covering 500 firms across four regions. The overall business sentiment as measured by the Business Confidence Index rose from 127.6 in the third quarter of 2023–24 to 138.2 in the fourth quarter of 2023–24.