Growth Momentum Continues In Manufacturing Sector: FICCI Report

20 Jun 2022 , 12:29 PM

FICCIs latest quarterly survey on Manufacturing sector reveals that momentum of growth continued in subsequent quarters of Q-4 (Jan-Mar 2021-22) and Q-1 April-June (2022-23) and there seems to be an improvement in hiring/employment outlook after a long gap. The survey noted that 54.8% respondents reported higher production levels in Q-1 (April- June 2022-23), with an average expectation of increase in production by over 10%. The survey reports improvement in employment creation by the sector as 53% of the respondents are now looking at hiring additional workforce in the next three months. The existing average capacity utilization for Q4 2021-22 in manufacturing is 77%, a little higher than 75% in the previous quarter, which reflects increased economic activity in the sector. The outlook for exports seems to be positive as 53.4% of the respondents expect an average increase of 15.2% in exports in Q-1 2022-23 as compared to the first quarter of last year. The cost of production as a percentage of sales for manufacturers in the survey has risen for 91% respondents in Q-4 2021-22.Powered by Capital Market – Live News