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The outlook showed significant improvement in the second quarter (July-September).
A survey conducted by the industry chamber FICCI on manufacturing activities has shown that there has been a significant improvement with increased activities in Q2 of this fiscal. The industry respondents have said that the increase in production costs has been due to high fixed costs, higher overhead costs to meet safety protocols, and a drastic reduction in volumes due to lockdown, the quarterly survey conducted by FICCI stated.
Other reasons for the increase in production included- lower capacity utilisation, high freight charges and other logistic costs, increased cost of raw materials, power cost, and high interest rates.
The outlook showed significant improvement in the second quarter (July-September). It had experienced a muted Q1 (April-June 2021-22). The respondents experiencing the rising cost of doing business and production were seen in higher numbers in the survey.
Over 58% of the respondents said that they were expecting an increase in their outbound shipments during the second quarter.
The survey also pointed out that the hiring outlook for the sector remains muted. Over 68% mentioned that they are not likely to hire an additional workforce in the next three months.