Indian Manufacturing Sector Sees Continued Growth Momentum: FICCI

New Delhi, Feb 12 (KNN) The Federation of Indian Chambers of Commerce and Industry’s (FICCI) latest Quarterly Survey on Manufacturing (QSM) has delved into the sentiments of manufacturers for the fourth quarter of Jan-March 2023-24 across ten major manufacturing sectors.

Highlighting a notable trend, the survey revealed a sustained and consistent growth trajectory for India's manufacturing sector in the last two quarters of 2023-24.

In comparison to the preceding quarter, Q3 FY 24, where 73 per cent of respondents reported increased production levels, the current Q4 FY 2024 demonstrates even more optimism, with approximately 87 per cent of respondents anticipating either higher or similar production levels.

The survey garnered responses from over 400 manufacturing units, representing both large and Small and Medium Enterprises (SME) segments, boasting a combined annual turnover exceeding Rs 3.4 lakh crores.

In terms of exports, the survey indicates promising figures. While about 31 per cent of respondents reported higher exports in Q3 FY 2024, over 40 per cent anticipate increased exports in Q4 2023-24 compared to similar quarters in the previous year.

Certain sectors, notably Electronics & Electricals and Machine Tools, are poised for robust growth, reflecting positive sectoral outlooks.

Moreover, the survey underscores that many sectors are not grappling with labour shortages. A significant majority, comprising 62 per cent of respondents, stated no issues with workforce availability.

However, 38 per cent still perceive a lack of skilled labour in their respective sectors.

Overall, with responses drawn from a diverse range of manufacturing units, the survey paints a picture of continued growth momentum in India's manufacturing sector, underlining its resilience and promising prospects in the face of challenges.

(KNN Bureau)