MUMBAI, Nov 8 (NNN-PTI) – India’s manufacturing growth is expected to continue its momentum for the next six to nine months, according to a survey by the Federation of Indian Chambers of Commerce and Industry, released yesterday.
In the recent quarter, from Jul to Sept, 61 percent of respondents reported a higher production level, which was significantly more than the percentage of respondents in the last few years.
This assessment was also reflected in order books, as 54 percent of respondents had a higher number of orders during the third quarter.
The survey showed that the existing average capacity utilisation in the manufacturing sector was over 70 percent, while nearly 40 percent of respondents reported plans to add capacities at an average of 15 percent in the next six months.
According to the survey, 87.32 percent of respondents had either more or the same level of inventory during the quarter under review, compared to the preceding quarter, while 42 percent of respondents expected a higher increase in exports.
Around 36 percent of respondents looked at hiring additional workforce in the next three months.
The survey assessed the sentiments of more than 300 large, medium and small manufacturers, with a combined annual turnover of over 34 billion U.S. dollars for 10 major sectors. The result of the survey is in sync with the country’s recent Purchasing Managers’ Index data.– NNN-PTI
