The growth momentum has continued in the March quarter 2021-22 and even in the current first quarter (April-June) of the current fiscal year, as there appears to be an improvement in job prospects. , according to a survey by industry body FICCI.
The latest quarterly manufacturing survey by FICCI noted that 54.8% of respondents posted higher levels of production in the first quarter (April-June 2022-23). They also expected a production increase of more than 10%.
This, according to the survey, was higher than the percentage of respondents experiencing higher growth in the first quarter of last year. Additionally, there appears to be an improvement in job creation in the manufacturing sector compared to the previous quarter (i.e. the third quarter of 2021-22), when only 25% of respondents planned to hiring in the next few months.
This percentage has improved significantly to 53% of respondents in the first quarter of 2022-2023 who now plan to hire additional labor in the next three months.
The FICCI survey gauged the sentiment of manufacturers involved in 12 major industries, namely automotive, capital goods, cement, chemicals, fertilizers and pharmaceuticals, among others.