Corporate India is positive about the country’s economy growing at 7-8 per cent this year, but most companies are neutral about the industry outlook for the next 6-12 months, according to the findings of a manufacturing sector survey.

“Majority of the respondents agreed that growth would be in the range of 7–8 per cent in India,” pointed out the ‘FICCI – PwC Strategy & Survey: India Manufacturing Barometer – Winds of Change’ released on Tuesday. While the outlook for the Indian economy remains positive, companies are demonstrating cautious optimism and indicating that their position on demand and investments could change depending on the global scenario, it added. The survey respondents were senior executives (CXOs) from a sample of Indian manufacturing companies. It was conducted from November 1, 2015 to January 10, 2016.

“Respondents were neutral to moderately optimistic about the industry outlook for the next 6–12 months. Further, there are signs that companies would rather wait and watch than go in for large-scale expansion,” according to an official release circulated by PwC.

The Indian industry is also expecting policy reforms in the form of implementation of GST, land and labour reforms, and large investments in the infrastructure sector, besides deregulation, it said. “While the economies in China, Europe and Latin America seem to be slowing down and the US economy seems to be recovering slowly, India is acknowledged all across as the bright spot in the global economy,” said Bimal Tanna, leader – Industrial Products at PwC India.

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