‘India’s manufacturing sector to sustain growth momentum for next 6-9 months’

| | New Delhi
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‘India’s manufacturing sector to sustain growth momentum for next 6-9 months’

Tuesday, 08 November 2022 | PTI | New Delhi

The growth momentum which has been witnessed by India’s manufacturing sector for the past few months is likely to stay for the next six to nine months, according to the latest quarterly survey by Ficci.

According to the survey, the existing average capacity utilisation in manufacturing is over 70 per cent, which reflects a sustained economic activity in the sector. The future investment outlook also slightly improved as compared to previous quarter as close to 40 per cent respondents reported plans for capacity additions in the next six months by over 15 per cent on an average.

 However, global economic uncertainty caused by the Russia-Ukraine war and increasing cases of various mutations of Covid virus worldwide have accentuated the volatilities impacting major economies.

 High raw material prices, increased cost of finance, cumbersome regulations and clearances, shortage of working capital, high logistics cost due to rising fuel prices and blocked shipping lanes, low domestic and global demand, excess capacities due to high volume of cheap imports into India, unstable market, and other supply chain disruptions are some major constraints affecting expansion plans of the respondents.

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