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Industry sees steady recovery in Oct-Mar FY21
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SME Times News Bureau | 05 Oct, 2020
The business fraternity expects a steady recovery in the Indian economy
during the second half of the financial year 2020-21, shows a poll of
CEOs done by CII.
A statement by the industry body said that
India Inc is estimating a capacity utilisation of over 50 per cent
during October-March in FY21.
"A steady recovery of the Indian
economy is on the anvil as corporate India restarts business and
economic activity with lockdowns being increasingly relaxed in many
parts of the country. For the first time since the advent of the
pandemic in the country in early 2020, India Inc is now estimating a
capacity utilisation of more than 50 per cent in the second half of this
financial year," it said.
CEOs of top 115 companies who met at
CII's National Council recently, indicated revival of positive business
sentiment and gradual rise in expected corporate performance.
The
CEOs of top companies who took the poll included representatives across
sectors from metals and mining to manufacturing, auto, pharmaceuticals,
health, energy, infrastructure, construction and leading services
sectors including ITeS, health, hospitality, tourism and e-commerce.
The apex body also had a large representation of the medium and small sector apart from start-ups, it said.
The
statement said that the unlocking of almost all economic activities,
along with the reform and revival measures announced by the government
and the Reserve Bank of India (RBI) have contributed to the gradual
improvement in business sentiments in the second half of the current
financial year.
"While in most cases, the performance - revenue
or capacity utilisation - is estimated to be lower than the comparative
figures in 2019-20, a large percentage of the CEOs polled have shown
confidence in the days ahead indicating that the worst may be behind,"
it said.
On consumer demand, while 32 per cent of the CEOs are
hoping for better prospects, another 27 per cent of them expect no
change when compared to the second half of the last financial year.
However,
only 31 per cent of the CEOs expected their revenue growth to be in the
positive territory in the second half of the current financial year
compared to last year. Regarding exports, 40 per cent of the CEOs expect
better prospects on exports and 24 per cent of them expect no change in
prospects during the second half of the current fiscal when compared to
the same period last year.
Apart from the agri-sector that has
been in the positive territory there are now clear indications of a
smart recovery in some sectors like automobiles, FMCG, consumer durables
and construction equipment, the CII statement said.
According to
CII, both the Centre and State governments would need to focus on
livelihoods in addition to lives and hence efforts need to be made to
stall the practice of sudden and ad hoc lockdowns announced by states as
well as districts.
These not only further disrupt the revival of
economic activities but also do not yield the desired results on lives
either, it said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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