The Indian industry expects a steady recovery in the domestic economy driven by estimates of more than 50% capacity utilisation in the second half of this financial year -- the first time since the start of the pandemic, according to the Confederation of Indian Industry.
The industry body added that the CEOs of top 115 companies, who met at CII''s National Council earlier this week, indicated revival of business sentiment and a gradual rise in expected corporate performance.
The CEOs, who took part in the poll, represented various sectors such as metals, mining, manufacturing, auto, pharma, health, energy, infrastructure, construction, ITeS, health, hospitality, tourism and e-commerce.
Asked about consumer demand, 31% of the CEOs expected revenue growth to be positive in the second half of the current financial year compared to last year. Meanwhile, 32% said they were hopeful of better prospects and 27% said they expect no change when compared to the second half of last year.
On exports, 40% expect better prospects and 24% expect no change, it added
“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,” the industry body said.
CII in a statement said the Centre and State both will need to focus on livelihoods in addition to lives. Hence, efforts need to be made to stall the practice of sudden and adhoc 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.
