Hiring outlook for manufacturing sector remains muted

The general prospect for the manufacturing sector has progressed significantly in second quarter of FY22

 

The domestic economic activities are returning to normalcy post the impact of the second wave of Covid-19 pandemic, the hiring outlook for the manufacturing sector remains muted.

 

However, nearly 68 percent of the respondents to the Federation of Indian Chambers of Commerce & Industry (FICCI) Manufacturing Survey for quarter 2 (July-September) said that they are unlikely to hire any additional workforce in the next three months.

 

A FICCI statement said, "This presented the near stable situation in the hiring scenario as compared to the previous quarter that is Q1 of 2021-22, where 69 percent of the respondents maintained similar sentiments."

 

Although, the general prospect for the manufacturing sector has progressed significantly in second quarter of FY22.

 

The percentage of respondents reporting the higher production in Q2 of 2021-22 was much over the 50 percent mark, at nearly 61 percent.

 

This was significant breach than the percentage of last year's Q2 which was nearly 24 percent.

 

The FICCI statement also stated that the estimation is also reflective in order books as 72 percent of the respondents in second quarter of 2021-22 anticipated a higher number of orders in comparison to the first quarter of 2021-22.

 

The statement further said that the prospect for exports seems enhacin as nearly 58 percent of the participants are anticipating a increase in their exports for Q2 2021-22 and 30 percent are anticipating exports to continue to be on same track as that of same quarter last year.

India Scanner News Network

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