Growth momentum continues, employment outlook improves in manufacturing sector: FICCI Survey

New Delhi, June 19: FICCI’s latest quarterly survey on manufacturing sector revealed that after experiencing revival of Indian manufacturing in the first three quarters of 2021-22, momentum of growth continued in subsequent quarters of quarter 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%. This is slightly more than the percentage of respondents experiencing higher growth in Q-1 of last year. Also, FICCI survey observed that there seems to be an improvement in employment creation by the sector as compared to the previous quarter (Q-3 of 2021-22), where only 25% of the respondents were looking at hiring in next few months. This percentage has improved significantly to 53% of the respondents in Q-1 2022-23 who are now looking at hiring additional workforce in the next three months. This assessment is also reflective in order books as 55% of the respondents in Q-1 (April-June 2022-23) are expecting higher number of orders, survey noted. FICCI’s latest quarterly survey assessed the sentiments of manufacturers for Q-1 April-June (2022-23) for twelve major sectors namely Automotive, Capital Goods, Cement, Chemicals, Fertilizers and Pharmaceuticals, Footwear, Machine Tools, Metal & Metal Products, Paper Products, Textiles, Toys, Tyre and Miscellaneous. Responses have been drawn from over 300 manufacturing units from both large and SME segments with a combined annual turnover of over 3 lakh crores.