Question: Consider the following statements regarding India Manufacturing Barometer 2019:
1) This is a report based on surveys conducted jointly by FICCI and PwC
2) The report mentions that 74% of manufacturers hope for a faster growth rate over next year in their respective sectors
3) Growth rate above 7% is achievable for the Indian economy
4) The companies surveyed in this report contribute 30 % to the manufacturing GDP
(a) 1, 2 and 3
(b) 2, 3 and 4
(c) 1, 3 and 4
(d) All of the above.
- Industrial body Federation of Indian Chambers of Commerce and Industries (FICCI) and global consulting firm PwC released India Manufacturing Barometer 2019 Report. The report contains details about various variables of Indian Economy.
- The report was prepared on the basis of surveys conducted over companies that contribute to 12% approx. of Indian manufacturing Gross Domestic Product (GDP) hailing from various sectors like textiles, automobile, electrical machinery, chemicals etc.
Report highlights and findings:
- The report mentions that 74% of manufacturers hope for a faster growth rate over next year in their respective sectors.21 percent business leaders anticipates that growth rate would be same and 5 percent foresee growth rate to be slower in the coming 12 months.
- More than half (around 58%) also expect of their sector to grow by 5% at least over next year.
- The report mentions that the growth rate above 7% for Indian economy is achievable in current scenario looking 7.4% and 7.8% projected by IMF and World Bank respectively for 2019.
- The report also held a survey on GST (Goods & Services Tax) implemented during this fiscal in which a majority of 51% of the respondents had a positive outlook over it and said this will help in easing logistic and related processes.
- 66% believed tax legislation as the right move towards boosting investment and economic development.
- 85% of business leaders anticipate an increase in turnover from global demand in the future.
- A total of 58% firms also mentioned that non availability of raw materials locally is the key reason of dependence on imports.