New Delhi: A day government data showed that industrial production plunged in March, a survey by Ficci said that manufacturing slowed down in the first quarter (April-June) making recovery a more prolonged than earlier anticipated.
Moreover, declining for 17th straight month in April, exports dipped by 6.74 per cent to $20.5 billion due to sharp fall in shipments of petroleum and engineering products amid tepid global demand, said the Union commerce ministry on Friday.
Ficci said that its survey had earlier indicated revival in the manufacturing activity in fourth quarter of 2015-16, which seems to be slowing down in first quarter of this fiscal now.
“The percentage of respondents expecting higher growth in Q1 2016-17 has gone down to 53 per cent as compared to 60 per cent for Q4 (January-March 2015-16),” said the industry chamber. This percentage was 55 per cent for Q3 2015-16.
