Manufacturing sentiment positive in first quarter: Ficci survey
New Delhi: Despite global headwinds, Indian manufacturers maintained positive sentiment in the first quarter of fiscal year 2023-24 (Q1FY2024), according to a quarterly survey conducted by the Federation of Indian Chambers of Commerce and Industry (Ficci). The survey findings revealed that the growth momentum witnessed in the previous fiscal year has continued into subsequent quarters.
In the fourth quarter (January-March) of FY23, 55% of respondents reported higher production levels. Going ahead, more than 57% of manufacturers surveyed anticipate increased production levels in the first quarter (April-June) of 2023-24, with a modest single-digit average growth rate.
The survey also signalled positive demand conditions, with 58% of respondents reporting a higher number of orders in the first quarter. Ficci’s quarterly survey analysed sentiments across nine major sectors, including automotive & auto components, capital goods & construction equipment, cement, chemicals fertilizers and pharmaceuticals, electronics & white goods, machine tools, metal & metal products, textiles, apparels & technical textiles, toys & handicrafts, and miscellaneous.
The survey garnered responses from more than 400 manufacturing units, encompassing both large and small and medium-sized enterprises (SMEs), with a combined annual turnover exceeding Rs. 7.70 lakh crore.
The survey also indicated an optimistic outlook for demand conditions, particularly in the domestic market, in the second quarter (July-September) of fiscal 2023-24. This positive sentiment reinforces the overall positive outlook for Indian manufacturing.
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