According to the survey, more than 79%  of  respondents shared  higher  production  levels  in  Q2FY24  and  average capacity  utilization  was higher at  74%  in Q2  compared to 73%  in  the  previous  quarter. last quarter. 

 According to  the  latest “Quarterly Survey of Indian Manufacturing” released, manufacturing  growth accelerated in July-September  across  ten  key  sectors and is  expected  to continue  in  the coming quarters. in the  financial year 2023-24  (FY24),  despite  a  slowdown in developed  countries.  by the Federation of Indian Chambers of Commerce  and  Industry (FICCI) on Monday. 

  According to the survey, more than 79%  of  respondents shared  higher  production  levels  in  Q2FY24  and  average capacity  utilization  was higher at  74%  in Q2  compared to 73%  in  the  previous  quarter. last quarter. However, ‘need’ was cited  as the  main limiting  and  constraining  factor, with over  40% of  respondents highlighting this as  an important  constraint. 

  “The  current  average capacity  utilization  in  the  manufacturing  sector  is around  74%, reflecting  sustained economic activity in the sector. This is slightly higher than  the 73%  capacity  utilization rate  reported  in  previous quarters.  Future  investment  prospects  also improved  compared to the previous quarter as  more than 57% of  respondents  said they planned to invest  and  expand  in the  next  six months. This is also a slight improvement  compared to  the previous survey,” the survey added. 

  Demand  has  proven  to be  a  major  obstacle  and limiting factor  in realizing  the true potential of the manufacturing sector in India. “Whether  domestic or export demand, this  is  still  a major limiting  factor.”  Some other constraints,  although  not  major,  are high raw material prices, increased  financing costs, logistics  and other supply chain  disruptions, he said, which  are some of the major constraints  affecting  the plan. “expand the number  of  respondents”.  

 The survey  was  conducted  in 10 sectors: automobiles  and auto components; capital goods and construction equipment; cement; chemicals,  fertilizers  and pharmaceuticals; electronics and  equipment;  machine tools;  metals  and metal products; textiles,  clothing  and technical textiles; paper; and miscellaneous  – comprising  over 380 manufacturing units  of large,  small and medium enterprises with a  total  annual turnover of over Rs 4.88 lakh crore.

  80%  of  Q2FY24  respondents  had  higher  orders, while  85%  of  respondents had  higher  or  similar  inventory  levels  in Q2.  Regarding  exports,  more than 48%  respondents  said  exports in  the second quarter were higher  compared  to 33%  in  the first quarter of fiscal 2024. 

 “However,  there is a need to  further  improve  export demand  to meet  the  country’s growth aspirations.” , he added. Regarding hiring prospects, 38%  of  respondents  plan to hire more workers  in the next three months. Electronics and  home appliances;  cement;  Automobiles  and machine tools  outperformed, while  sectors  such as  capital goods and construction machinery, chemicals, textiles, metals, paper and  others showed  moderate growth.

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