Manufacturing growth accelerated in July-September for ten major sectors and is likely to continue for subsequent quarters in financial year 2023-24 (FY24) as well despite slowdown in developed nations, as per the latest ‘Quarterly Survey on Indian Manufacturing Sector’ released by the Federation of Indian Chambers of Commerce & Industry (FICCI) on Monday.
Over 79 per cent of the respondents shared a higher level of production in Q2 FY24 and the average capacity utilisation rate was higher at 74 per cent in Q2 as against 73 per cent in previous quarters, the survey said. It, however, listed “demand” as the major constraint and limiting factor, with over 40 per cent respondents highlighting this as a significant constraint.
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