Despite industrial production unexpectedly dropping to a three-year low of 4.2% in October, the first contraction this fiscal, business leaders in the manufacturing sector are optimistic about performance of their businesses and the sector as a whole over the next 12 months.
The companies, which participated in the India Manufacturing Barometer 2014 survey by industry body Ficci and consultancy firm PwC, do not expect any decline in their own business revenues or their industry’s revenue in the next one year.
They believe the stated intent of the government to remove obstacles to business performance followed up with appropriate action on the ground as also easing of the global economic scenario will provide the much needed boost to GDP and the manufacturing sector going ahead.
Bimal Tanna, leader, industrial manufacturing at PwC India, said, “With rising costs in other global manufacturing hubs such as China there is perhaps an unparalleled opportunity for India to step into the breach and capture a significant share of the global manufacturing pie. Yet, the road ahead is not without challenges with several infrastructural and regulatory bottlenecks.”