Growth momentum continued in the March quarter of 2021-22 and even during the ongoing first quarter (April-June) of the current fiscal, as there seems to be an improvement in the employment outlook, a survey conducted by industry body FICCI said.
The latest quarterly survey on the manufacturing sector by FICCI, noted that 54.8 per cent showed higher production levels in the first quarter (April-June 2022-23). They also expected an increase in production by more than 10 per cent.
This, the survey, was noted more than the percentage of experiencing higher growth in first quarter of last year. Also, there seems to be an improvement in employment creation by the manufacturing sector as compared to the previous quarter (ie third quarter of 2021-22), where only 25 per cent of the were looking at hiring in the next few months.
This percentage to 53 per cent of the significantly improved in the ongoing first quarter of 2022-23 who are now looking at hiring additional workforce in the next three months.
The FICCI survey assessed sentiments of manufacturers involved in 12 major sectors namely auto, capital goods, cement, chemicals, fertilizers and pharmaceuticals among others.