The National Council of Applied Economic Research (NCAER), one of India’s premier economic policy research think tanks, carried out the 127^th Round of its Business Expectations Survey (BES) in December 2023, 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 continues to be positive and stood at 127.6 in the third quarter of the current financial year (2023-24: Q3).