Sanjeev Sanyal, Principal Economic Adviser, Ministry of Finance, Government of India, recently unveiled the 4th edition of the FICCI-PwC Strategy& India Manufacturing Barometer (IMB) survey, which as in previous years, reveals that India continues to remain an economic bright spot. As per the United Nations, the world economy expanded by only 2.2 per cent in 2016 — the slowest growth rate since the 2009 recession. The outlook for the Indian economy and its core sectors continues to remain upbeat in 2016-17. Again, as the government plans to undertake large-scale policy reforms, the overall economic climate remains favourable.
Around 63 per cent of respondents were “somewhat optimistic” about the prospects of the Indian economy for the coming year, representing a significant jump over last year (58 per cent). Around 25 per cent were “very optimistic” about the future prospects of the Indian economy. A large section believed growth would be in the range of 7-8 per cent. Conversely, 62 per cent respondents expressed uncertainty about the global economy — an 8 per cent increase from last year. The survey covers companies in eight key sectors: automotive and auto components, cables and transformers, capital goods, cement, chemicals, downstream metals, packaging, and plastics and polymers.