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Industry to grow at a faster pace

New Delhi, Nov. 11: India Inc expects the nation’s industrial growth rate to pick up at a faster pace in the second half of the current fiscal. Over 84 per cent of the companies participating in a business confidence survey conducted by Ficci, anticipate ‘moderately to substantially better performance’ during the review period.

“Corporate India’s response to current overall economic conditions mirrors the optimism of the Reserve Bank. A whopping 90 per cent of the respondents feel the current economic conditions to be moderately to substantially better than in the last six months,” says Ficci’s second quarter business confidence survey.

The first five months of the current fiscal has seen industry sector grow by 5.6 per cent, the highest for this period in the last three years. The ongoing industrial recovery has strongly influenced the sentiments of corporate India, the survey says.

Around 88 per cent of the heavy-industry firms surveyed said they had moderately to substantially better earnings in the second quarter of this fiscal. Similarly 82 per cent of the service sector firms reported better earnings during the said period.

However, the survey states that there is a decline in earnings expectations in the services sector for the next six months. It has dropped from 91 per cent to 79 per cent. The study explains that the revised expectation is due to a rise in the rupee’s value vis-à-vis the dollar.

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