India Manufacturing Barometer 2019 Current Affairs
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The India Manufacturing Barometer 2019 Report has been prepared by Federation of Indian Chamber of Commerce and Industry (FICCI) in association with PwC.
The report was prepared based on the survey of companies which contribute approximately 12 per cent to the manufacturing Gross Domestic Product (GDP) of the country from the automobiles, chemicals, electrical machinery, food processing, leather, pharmaceuticals and textiles sectors.
Findings of the Report
The important findings in the India Manufacturing Barometer 2019 are:
- India would witness faster growth in the next 12 months driven by expanding domestic market, technology and increased spending.
- Around 74 per cent of companies surveyed believes that the next 12 months will see faster growth in their sector.
- Around 58 per cent of those surveyed believes that their sector would grow faster by at least 5 per cent.
- India’s economy is projected to grow anywhere between 7.3 – 7.7 per cent and the domestic market would be a major demand driver for India.
- Business leaders also anticipate an increase in turnover from global demand in the future.
Business Groups have asked India to concentrate on improving at the logistics front. Logistics cost in India is about 15 per cent of the overall cost whereas the cost is less than 10 per cent in countries like Japan. The reduced logistics cost can be of great benefit to India.