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Most companies in the manufacturing sector expect growth to be stable in the next one year, a new survey has found.
According to the Indian Manufacturing Barometer 2014 survey by FICCI and PwC released here on Friday, 55 per cent of the respondents expect to make major investments over the next 12 months and 49 per cent plan to add capacity.
For 45 per cent of the companies surveyed, research and development, new products or services introduction and facilities are the three priority areas of investment.
In last year’s Manufacturing Barometer survey, 6 per cent had expected their business revenues to decline and 20 per cent respondents had expected their industry’s revenue to decline.
Indian manufacturers also expect the Government to simplify export import policies and related documentation, rationalise the tax structure and implement Goods and Services Tax, the survey said, adding that modification of land acquisition rules, speedier clearances and licensing, and amendments to labour laws are factors companies believe will facilitate investments.
Bimal Tanna, Leader Industrial Manufacturing at PwC India, said, “With rising costs in other global manufacturing hubs such as China, there is an unparalleled opportunity for India to capture a significant share of the global manufacturing pie. Yet, the road ahead is not without challenges with several infrastructural and regulatory bottlenecks.”
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