Amid a debate on green shoots of economic recovery, India Inc’s confidence refused to perk the third quarter of 2012-13. It was unimpressed by the much-hyped foreign direct investment (FDI) reforms and remained concerned about political and economic instability, shows a survey by the Confederation of Indian Industry (CII).

The CII Business Confidence Index dropped below 50 points for the first time in the current financial year to stand at 49.9 points in the third quarter, compared with 51.3 per cent in the second quarter and 55 points in the first three months. It was slightly higher than the 48.6 points in the October-December period.