News Brief
FICCI Survey On India's Manufacturing Sector Sentiments In Last Two Quarters Of FY24: Here Are The Key Findings
Manufacturing activity at Sanmina Corporation (Sanmina)
The latest quarterly survey conducted by the Federation of Indian Chambers of Commerce & Industry (FICCI) on manufacturing for the fourth quarter of FY24 has shed light on the prevailing challenges and future outlook of the sector.
While the survey projects a steady investment outlook, industry respondents have raised concerns regarding various constraints affecting growth prospects.
Key findings from the survey reveal that industry stakeholders have identified several impediments, including the availability and escalating prices of raw materials, uncertainty in global demand, shortage of skilled labor, market volatility, increased power costs, unutilized capacities, and high bank interest rates.
Despite these obstacles, the survey indicates a positive trend in terms of order expectations, with 85 per cent of respondents anticipating a higher number of orders in the current fourth quarter, compared to 73 per cent in the previous quarter.
Additionally, the hiring outlook remains stable, with approximately 40 per cent of respondents planning to recruit additional workforce in the next three months.
One notable recommendation stemming from the survey is the call for an extension of the FAME subsidy for Electric Vehicles (EVs) for at least five years.
The survey underscores the need for streamlining the digital process for FAME subsidy claims, which currently takes between five to six months.
Furthermore, the survey drew responses from over 400 manufacturing units across large and small and medium enterprise (SME) segments, collectively representing an annual turnover of over Rs 3.4 trillion.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
