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New Delhi [India], November 13 (ANI): <keyword id="178886" type="General" weightage="20" keywordseo="indian-manufacturing" source="Orion">Indian manufacturing</keyword> has accelerated through the second quarter of 2023-24 and is likely to continue for the subsequent quarters of the financial year 2023-24, notwithstanding the slowdown in developed nations, industry body <keyword id="19481819" type="General" weightage="20" keywordseo="ficcis-latest-quarterly" source="Orion">FICCI's latest quarterly</keyword> survey revealed. The industry body's latest quarterly survey assessed the performance and sentiments of manufacturers for the July-September 2023-24 quarter for ten major sectors -- automotive and auto components, capital goods and construction equipment, cement, chemicals fertilizers and pharmaceuticals, electronics and white goods, machine tools, metal and metal products, textiles, apparels and technical textiles, paper, and miscellaneous. It sought responses from over 380 manufacturing units from both the large and SME segments with a combined annual turnover of over Rs 4.88 lakh crores. The existing average capacity utilization in the Indian manufacturing sector is around 74 per cent, slightly higher than the 73 per cent recorded during the previous quarters. The future <keyword id="628648" type="General" weightage="20" keywordseo="investment-outlook" source="Orion">investment outlook</keyword> has also improved as compared to the previous quarter as over 57 per cent of respondents reported plans for investments and expansions in the coming six months. This is also a slight improvement over the previous survey. In terms of major constraints, demand is a limiting factor to realise the true potential of the manufacturing sector in India, with over 40 per cent of respondents highlighting this as a significant constraint. "Whether it is domestic demand or exports, this remains a major limiting factor. Some other constraints, though not major ones are high raw material prices, increased cost of finance, logistics, and other supply chain disruptions are some of the major constraints which are affecting expansion plans of the respondents," finds the FICCI survey. The table below gives the average capacity utilization for various sub-sectors of manufacturing: On the export front, performance seems to be better than in previous quarters as over 48 per cent of the respondents reported higher exports in July-September 2023-24 as compared to 33 per cent in Q1 2023-24. "However, further improvement in export demand is required in the light of the country's growth aspiration," FICCI said. Further, the hiring outlook, according to the survey, looks stable with around 38 per cent of the respondents looking at hiring additional workforce in the next three months. "Most sectors have sufficient labour force engaged in their operations and are not facing a shortage of labour at factories. While 82 per cent of our respondents mentioned that they do not have any issues with workforce availability, the remaining 18 per cent feel that there is still a lack of skilled workforce available in their sector," FICCI noted. (ANI)

Indian manufacturing sector growth expected to continue: FICCI survey

The growth momentum picked up by the manufacturing sector in the last few months is likely to be sustained for the next six-to-nine months, <keyword id="15451445" type="General" weightage="50" keywordseo="quarterly-survey-on-manufacturing" source="Orion">Quarterly Survey on Manufacturing</keyword> conducted by industry body <keyword id="6355001" type="General" weightage="100" keywordseo="ficci" source="Orion">FICCI</keyword> revealed. The latest Survey reveals that after experiencing a revival of the Indian economy in the FY 2021-22, the momentum of growth continued in subsequent quarters of Q1 (April-June 2022-23) and Q2 July-Sept (2022-23) with over 61 per cent of respondents reported higher production levels in Q2 (July-September 2022-23). This is significantly more than the percentage of respondents experiencing higher growth in Q2 of the last few years including pre-Covid years too. This assessment is also reflected in order books as 54 per cent of the respondents in Q2 (July-September 2022-23) that had a higher number of orders. FICCI assessed the sentiments of manufacturers for Q2 July-September (2022-23) for ten major sectors namely Automotive and Auto Components, Capital Goods, <keyword id="6378916" type="General" weightage="50" keywordseo="cement" source="Orion">Cement</keyword>, Chemicals Fertilizers and Pharmaceuticals, Electronics, <keyword id="655658" type="General" weightage="80" keywordseo="machine-tools" source="Orion">Machine Tools</keyword>, Metal and Metal Products, Paper Products, Textiles, Textile Machinery and Miscellaneous. Responses have been drawn from over 300 manufacturing units from both large and <keyword id="18173" type="General" weightage="50" keywordseo="sme" source="Orion">SME</keyword> segments with a combined annual turnover of over 2.8 lakh crores. Capacity Addition and Utilization: The existing average capacity utilization in manufacturing is over 70 per cent, which reflects sustained economic activity in the sector. The future investment outlook also slightly improved as compared to the previous quarter as close to 40 per cent of respondents reported plans for capacity additions in the next six months, by as much as over 15 per cent on average. Global economic uncertainty caused by the Russia-Ukraine War and increasing cases of various mutations of COVID virus worldwide have accentuated the volatilities impacting the major economies. High raw material prices, increased cost of finance, cumbersome regulations, and clearances, shortage of working capital, high logistics cost due to rising fuel prices and blocked shipping lanes, low domestic and global demand, excess capacities due to the high volume of cheap imports into India, unstable market, high power tariff, shortage of skilled labor, highly volatile prices of certain metals, etc. and other supply chain disruptions are some of the major constraints which are affecting expansion plans of the respondents. Inventories: Over 87 per cent of the respondents had either more or the same level of inventory in Q2 July-September 2022-23, which is the same as compared to that of the previous quarter, where around 86.19 per cent of respondents expected either more or the same level of inventory. Exports: The outlook for exports seems to be positive as over 42 per cent of the respondents expect a high increase in exports in Q2 2022-23 as compared to the Q2 July-September of FY 2021-22. Hiring: Hiring through positive remains below potential as 36 per cent of the respondents in Q2 2022-23 were looking at hiring additional workforce in the next three months. Interest Rate: Overall, the average interest rate paid by the manufacturers has decreased to 8.37 per cent per annum as against 9.3 per cent during the last quarter and the highest rate at which a loan has been raised is 13.5 per cent. High lending rates were reported by around 62 per cent of the respondents. Production Cost: The cost of production as a percentage of sales for manufacturers in the survey has risen for 94 per cent of respondents in the quarter. Reduced availability and high raw material prices especially that of steel, increased transportation, logistics, and freight cost, and a rise in the prices of crude oil and fuel have been the main contributors to the increasing cost of production. Other factors responsible for escalating production costs include enhanced labour costs, high cost of carrying inventory, and fluctuation in the foreign exchange rate. Workforce Availability: Most sectors have a sufficient labour force engaged in their operations and are not facing a labour shortage at factories. While 81 per cent of the respondents mentioned that they do not have any issues with workforce availability, the remaining 19 per cent feel that there is still a lack of skilled workforce available in their sector. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indian-e-rupee-to-boost-digital-payments-sans-bank-accounts-say-industry-stakeholders/articleshow/95332849.cms">Indian e-rupee to boost digital payments sans bank accounts, say industry stakeholders</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-rises-over-360-pts-to-scale-61k-level-in-early-trade-nifty-above-18220/articleshow/95348184.cms">Sensex rises over 360 pts to scale 61k-level in early trade; Nifty above 18,220</a>

Manufacturing sector's growth momentum to sustain for 6-9 months: FICCI

As economic activities gain momentum, <keyword id="2385401" type="General" weightage="20" keywordseo="industry-players" source="Orion">industry players</keyword> are turning optimistic about the performance of the <keyword id="6395867" type="General" weightage="20" keywordseo="manufacturing-sector" source="Orion">manufacturing sector</keyword>. The <keyword id="12077865" type="General" weightage="20" keywordseo="FICCI-Manufacturing-Survey" source="Orion">FICCI Manufacturing Survey</keyword> for July-September showed that after experiencing subdued Q1 (April-June 2021-22), the <keyword id="23268" type="General" weightage="20" keywordseo="Outlook" source="Orion">outlook</keyword> seems to have improved significantly in Q2. The percentage of respondents reporting higher production in second quarter of 2021-22 was much above the 50 per cent mark -- around 61 per cent. This was significantly higher than the similar percentage of last year's Q2 quarter (around 24 per cent). A <keyword id="6355001" type="General" weightage="20" keywordseo="FICCI" source="Orion">FICCI</keyword> statement also said that the assessment is also reflective in order books as 72 per cent of the respondents in July-September 2021-22 expected a higher number of orders in comparison to April-June 2021-22. However, the survey revealed that a high percentage of respondents are experiencing rising costs of doing business and production. The cost of production as a percentage of sales for manufacturers in the survey has increased for 80 per cent respondents in Q1 2021-22. This is considerably higher than that reported in Q4 2020-21, where 72 per cent respondents recorded an increase in their production costs. "Industry respondents have attributed the hike in productions costs primarily to high fixed costs, higher overhead costs for ensuring safety protocols, drastic reduction in volumes due to lockdown, lower capacity utilisation, high freight charges and other logistic costs, increased cost of raw materials, power cost and high interest rates," the statement said. The latest quarterly survey assessed the sentiments of manufacturers for Q2 (July-September 2021-22) for eleven major sectors namely automotive, capital goods, cement and ceramics, chemicals, fertilizers and pharmaceuticals, electronics and electricals, metal and metal products, paper products, textiles, textiles machinery, toys and miscellaneous. Responses have been drawn from over 300 manufacturing units from both large and SME segments with a combined annual turnover of over 2.7 lakh crore. The survey showed that the overall capacity utilisation in manufacturing was 72 per cent in Q2 2021-22, which again reflects signs of recovery in manufacturing. The future investment outlook, however, remains that of cautious optimism, as 32 per cent respondents reported plans for capacity additions for the next six months. It also noted that the cost of doing business remains a cause for concern for the sector. High raw material prices, high cost of finance, uncertainty of demand, shortage of skilled labour and working capital, high logistics cost, low domestic and global demand, excess capacities due to high volume of cheap imports into India, unstable market, high power tariff, are some of the major constraints which are affecting expansion plans of the respondents, it said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/motorcycle-engine-vibrations-can-degrade-iphone-camera-performance/articleshow/86134711.cms">Motorcycle engine vibrations can 'degrade' iPhone camera performance</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/perseverances-rock-sample-to-give-insight-into-mars-history/articleshow/86136571.cms">NASA Perseverance's rock sample to give insight into Mars' history</a>

Outlook for manufacturing sector improves in second quarter, high cost of production causing worry, says FICCI survey

<ul><li>The FMCG industry-household and personal goods and packaged foods together account for 75% of the total value of illicit goods in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>. </li><li>The Indian government has suffered a $7 billion loss due to the counterfeit market in 2019-2020. </li><li>The illicit market drains $2.2 trillion from the global economy. </li></ul><keyword id="169120" type="General" weightage="50" keywordseo="sanjiv-mehta" source="Orion">Sanjiv Mehta</keyword>, the chairman of HUL said on Thursday that counterfeiting and smuggling of goods should be treated as serious criminal offenses in India. He batted for civil action against grey imports during the launch of a <keyword id="6355001" type="General" weightage="100" keywordseo="ficci" source="Orion">FICCI</keyword> report on India’s illicit market. “India is an official signatory to the <keyword id="126959" type="General" weightage="50" keywordseo="world-trade-organization" source="Orion">World Trade Organization</keyword> and there should be a civil action against grey imports. Even though the quality of packaging has improved and the supply chain is agile once again, the dark web is still being used for counterfeit trade. A lot of illicit products are also coming from China, “ said Mehta who is also the president of industry body FICCI. The report titled ‘Illicit markets: A threat to National Interests’ says that India’s illicit market, spread across five key industries, has cost India 3 million jobs. The government has suffered a $7 billion loss due to the counterfeit market in 2019-2020, said the report which was released by former Vice President of India, <keyword id="74369" type="General" weightage="50" keywordseo="venkaiah-naidu" source="Orion">Venkaiah Naidu</keyword>. “You can change your friends but not your neighbours,” said Naidu, referring to illicit imports from China. Counterfeiting, smuggling and tax evasion-clubbed under the head of organized crime, together comprise grey or Illicit markets. According to the <keyword id="69007" type="General" weightage="50" keywordseo="world-economic-forum" source="Orion">World Economic Forum</keyword>, the global illicit market drains $2.2 trillion from the global economy, taking over 3% of the global GDP. Size of illicit market in India The report pegs the size of India’s illicit market at ₹2.6 lakh crore. The FMCG industry, household and personal goods and packaged foods together account for 75% of the total value of illicit goods in India. The other four industries with the highest number of illicit goods were FMCG packaged Foods (25%), tobacco products (20%), alcoholic beverages (19.8%) and mobile phones (7.56%). “The impact of the illicit market of these industries on the economy is significant because of the backward linkages of these industries with other sectors of the economy resulting in a multiplier effect,” said FICCI. The report said that the counterfeiting in mobile phones is declining because of the Make in India campaign. India has also become the second largest mobile phone manufacturing nation globally in volume terms, it said. “The highest counterfeit product comes from FMCG household and personal goods with products from small and medium enterprises more. Even though tobacco consumption has dipped, its illicit market remains the same and the loss to the government is highest since it is the most heavily taxed,” said Kaushik Dutta, Director <keyword id="1493665" type="General" weightage="50" keywordseo="thought-arbitrage-research-institute" source="Orion">Thought Arbitrage Research Institute</keyword> (TARI). The report was prepared by TARI for FICCI Committee Against Smuggling and Counterfeiting Activities (CASCADE). Supply disruptions and illegal trade Affected by global supply disruptions amid the Covid-19 pandemic, criminals were provided with multiple opportunities for creating illicit markets. Even though alcohol consumption has gone down, its share in the illicit market still is 20% as there are high regulatory and tax barriers. “Boost of Jago <keyword id="15056440" type="General" weightage="50" keywordseo="grahak-jago" source="Orion">Grahak Jago</keyword> is the need of the hour. Awareness without action is worthless. Consumer led movement is crucial in India now. Counterfeit products won't exist if consumers reject them. Each time an illicit product is purchased, the country is cheated out of revenue. Only when genuine goods are produced, does the nation become tax compliant,” said <keyword id="2135047" type="General" weightage="50" keywordseo="anil-rajput" source="Orion">Anil Rajput</keyword>, chairman of FICCI CASCADE. Jago Grahak Jago (Wake Up Customer) was launched in 2005 by the government of India to make customers in India more aware of consumer rights. The report was prepared using the Annual Survey of Industries, <keyword id="159764" type="General" weightage="50" keywordseo="nsso" source="Orion">NSSO</keyword> survey, Private Final Consumption Expenditure (PFCE) under the Ministry of Commerce India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/tribal-women-in-mayurbhanj-odisha-tie-rakhis-to-trees-for-protection-from-illegal-felling-and-forest-fires/articleshow/94371649.cms">Tribal women in Mayurbhanj, Odisha tie 'rakhis' to trees for protection from illegal felling and forest fires</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/which-zodiac-signs-do-the-biggest-billionaires-belong-to/articleshow/94372790.cms">Which Zodiac signs do the biggest billionaires belong to?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/the-adani-effect-ambuja-cements-rallies-40-in-one-month-analysts-suggest-good-days-ahead-for-the-cement-industry/articleshow/94366341.cms">The Adani effect: Ambuja Cements rallies 40% in one month – analysts suggest good days ahead for the cement industry</a>

India’s illicit market has resulted in loss of 3 million jobs: FICCI

New Delhi, Jan 29 () Industry body Ficci on Wednesday said its Economic Outlook Survey has projected the country's annual median GDP growth for 2019-20 at 5 per cent, in line with the projections made by the National Statistical Organisation (NSO).
 The survey has put the median growth forecast for agriculture and allied activities at 2.6 per cent for 2019-20, the industry and services sector at 3.5 per cent and 7.2 per cent, respectively, during the current year.
 "Growth is likely to improve to 5.5 per cent in 2020-21 as per the projections," the survey said.
 Further as per the survey, the economic growth has been pegged at 4.7 per cent for the third quarter of 2019-20.
 The survey was conducted during December and January 2019-20 amongst economists belonging to the industry, banking and financial services sector, Ficci said.
 As per the first advance estimates of the national income released by the NSO, India's GDP growth is seen dipping to an 11-year low of 5 per cent in the current fiscal, mainly due to poor showing by manufacturing and construction sectors.
 The survey further said concerns remain on external front with exports projected to contract in 2019-20.
 Merchandise exports are expected to decline by 2.1 per cent, while imports are expected to decline 5.5 per cent during the year, it said.
 Moreover, median current account deficit forecast was pegged at 1.4 per cent of GDP for 2019-20.
 "Moderation in global growth forecast, escalating geo-political tensions, and uncertainty around trade deal between US-China and BREXIT outcome still form major risk factors to India's growth in 2020," it said.
 Participating economists said that a shortfall in government's revenue collections seems imminent this year on the back of lower than anticipated nominal growth.
 To augment government's revenue collections, they called for measures to boost the country's nominal GDP growth.
 Citing weak consumption demand as a major impediment to India's growth, economists cautioned against any changes in the GST rates to improve revenue collections as it would prove to be counterproductive, Ficci said.
 Economists recommended undertaking expansionary fiscal and monetary policies along with a slew of reforms to tackle the structural problems facing the economy. NKD RVK

Ficci survey projects FY20 GDP growth at 5 pc, to improve to 5.5 pc in FY21

Ever since Modi government has come to power, India’s stupendous growth across various industry sectors has become quite a norm. While growth rates of certain industry sectors grew by a large number, the latest FICCI report suggests that the ongoing quarter wouldn’t prove to be much beneficial for the manufacturing sector. As per the Federation of Indian Chambers of Commerce and Industry (FICCI) report, India’s manufacturing sector is likely to witness moderate growth in the October-December quarter of FY2014-15. 
 
This report titled, FICCI Manufacturing Survey for Q3 of 2014-15, reveals that industrial production grew by 2.5% in September on account of better manufacturing output, which grew by 2.5% in September against 1.4% in the same month last year. "The outlook on the basis of FICCI Manufacturing Survey for Q3 of 2014-15 is less optimistic than Q2 of 2014-15 for the manufacturing sector as the proportion of respondents expecting higher production vis-a-vis last year has fallen to 52 per cent in Q3 from 62 per cent in Q2", FICCI said. 
 
“Growth is likely to be more broad based during the third quarter as most of the sectors are expecting improvement in production,” it added. 
 
For this survey, FICCI collected responses from 392 manufacturing units (with a combined turnover of over Rs lakhs) across thirteen major sectors, namely: textiles, capital goods, metals, chemicals, cement and ceramics, electronics, auto components, leather and footwear, machine tools, food and fast-moving consumer goods (FMCG), tyre, paper and textiles machinery.

India’s Manufacturing Sector To Witness Moderate Growth: FICCI

New Delhi, Jul 5 () A survey of 250 start-ups has revealed that the COVID-19 pandemic has had an unprecedented impact on the business, with 70 per cent saying that their business has been impacted, and some of them shutting operations. The survey on the 'Impact of COVID-19 on Indian Start-ups' conducted by Ficci jointly with the Indian Angel Network depicts that only 22 per cent of the start-ups have cash reserves to meet fixed cost expenses of their companies over the next 3-6 months. "70 per cent of start-ups stated that their businesses have been impacted by COVID-19. 12 per cent of the start-ups have shut operations and 60 per cent are operating with disruptions", Ficci said. "The findings show that 68 per cent of the start-ups are majorly cutting down their operational and administrative expenses. Close to 30 per cent of the companies stated that they will lay off employees if the lockdown was extended too long," it added. 43 per cent of start-ups have already started salary cuts in the range of 20-40 per cent over the period of April-June 2020, it said. On investment front, 33 per cent start-ups said investors have put investment decision on hold and 10 per cent stated that deals have been called off. Only 8 per cent start-ups received funds as per deals signed pre-Covid, Ficci said. The reduced funding has led start-ups to put on hold their business development, manufacturing activities and has resulted in loss of projected orders. The survey highlights the need for an urgent relief package for start-ups including possible purchase orders from the government, tax relief and swifter tax refunds. Further, immediate fiscal support measures including grants, soft loans and payroll grants need to be provided, it said. Besides 250 start-ups, 61 incubators and investors also participated in the survey. 96 per cent of the investors stated that investment in start-ups have been impacted by COVID-19. Moreover, 92 per cent of investors maintained that start-up investments will continue to be low over the next six months. 59 per cent of the investors said they would prefer to work with their existing portfolio companies in the coming months, and only 41 per cent stated that they would consider new deals. A comparison of priority investment sectors pre- and during COVID-19 shows that 35 per cent of investors are now looking at investments in healthcare start-ups followed by edtech, AI/deep tech, fintech and agri, Ficci said. RSN RVK

About 70 pc start-ups impacted by COVID-19: Survey

<keyword id="6354553" type="COMPANY" weightage="100" keywordseo="real-estate">Real Estate</keyword> sector has been stagnant and unregulated for years now. Rising prices of property, delayed construction, no clarity on Foreign Direct Investment and REITS, ghost buyers are some of problems crippling the growth of the sector. But with the various ambitious projects announced by the new Modi Government there’s a silver lining. As per recent government data, economic growth reached 7.4% in the second quarter of the current financial year, riding on a spike in manufacturing and a pickup in investment. 

	Where it stands?
 Globally positioning India as an investment destination and improving India’s diplomatic and trade relation, Narendra Modi’s foreign stints have helped India attract more <keyword id="44528" type="ORGANIZATION" weightage="100" keywordseo="FDI">FDI</keyword>. From the nations he visited during the financial year 2014-15, India received FDI of USD 19.78 billion. Moreover, FDI in India increased by 27% in 2014-15 to USD 30.93 billion, said Anuj Puri, Chairman and country head at JLL India in his blog. But a recent <keyword id="6355001" type="CITY" weightage="100" keywordseo="FICCI">FICCI</keyword> survey of the year 2015 (Impact of FDI reforms in the Indian real estate sector) shows how disoriented the sector still is. Though there has been overall growth in FDI in the sector, FDI in construction development sector has declined over the past few years. The following table shows that. 

	
 

	Overall sentiment happy
 Still revival hopes are high! The real impact of latest FDI liberalisation measures on foreign <keyword id="6362476" type="ORGANIZATION" weightage="100" keywordseo="investments">investments</keyword> in Indian real estate will be reflected over a period of time, the industry feels, as per the survey. 

	1. Industry is happy and satisfied with current FDI reforms in construction development sector 
 

	Majority are happy with the recent steps of the Central Government and are satisfied with the policy development. 
 

	2. Increased confidence and optimism in industry towards future flow of FDI in real estate 
 Industry has shown high level of confidence and optimism towards future flow of <keyword id="136566" type="UNKNOWN" weightage="100" keywordseo="foreign-capital">foreign capital</keyword> into realty sector. They feel that FDI reform measures will certainly increase flow of FDI into realty sector in coming months. 

	3. Commercial &amp; Retail and Residential real estate will gain significantly from the liberalisation of FDI in the sector
 

	4. 100% FDI under automatic route in completed projects
 

	100% FDI under automatic route in completed projects for operation and management of townships, malls/shopping complexes and business centres is a significant step taken by the Government, the industry feels.
 

	What more should be done in the upcoming <keyword id="2783177" type="UNKNOWN" weightage="100" keywordseo="Budget-2016">budget 2016</keyword>?
 

	1. Quick implementation of the Real Estate Regulatory Bill (RERA) to enable the <keyword id="46631" type="UNKNOWN" weightage="100" keywordseo="Realty-market">realty market</keyword> to attract FDI 

	2. Government of India should bring more clarity over the entry and exit norms and processes to be followed by investors. 
 

	3. Both Centre and State must work together to ensure removal of bottlenecks for faster implementation of reform measures for foreign investments in real estate. 
 

	4. Government of India could also consider a reduced lock-in-period applicable for FDI investments from 3 years currently to 1-2 years to further enhance investor interests. 
 

	The real estate industry is maturing. There is a wedge between demand and supply of housing. However, with increased market transparency, this demand/supply mismatch can offer immense opportunities for developers and investors alike. But a well regulated and consolidated industry is not a near future dream. 
	 
	(Image credits: FICCI, indiatimes)

Budget 2016: Impact of FDI in real estate sector and future expectations

Encouraged by the vigorous <keyword id="15310980" type="TOPIC" weightage="60" keywordseo="Business" source="TOPIC" sourcekeytype="business,investopedia" meta.keywordsubtype="null" meta.msid="92948412" meta.seopath="b/business" meta.entityname="Business" meta.hostid="153" meta.entityid="business">business</keyword> in the festive season of Diwali this year, traders across the country, including <keyword id="66" type="General" weightage="20" keywordseo="delhi" source="Orion">Delhi</keyword>, are now preparing themselves for one another bonanza - the wedding season which <keyword id="15310100" type="TOPIC" weightage="60" keywordseo="Will" source="TOPIC" sourcekeytype="finance,investopedia" meta.keywordsubtype="null" meta.msid="92723889" meta.seopath="w/will" meta.entityname="Will" meta.hostid="153" meta.entityid="will">will</keyword> begin on November 14 through December 14. During this period, around 32 lakh weddings will be solemnised across the country with a massive flow of about Rs 3.75 lakh crore by way of wedding purchasing and obtaining various services in the business being conducted by the trading community, as per a survey conducted by the <keyword id="15451954" type="General" weightage="20" keywordseo="cait-research-trade-development-society" source="Orion">CAIT Research &amp; Trade Development Society</keyword>. <keyword id="853920" type="General" weightage="80" keywordseo="cait" source="Orion">CAIT</keyword> said during the season, about 5 lakh weddings will have an estimated expenditure of Rs 3 lakhs each, while in about 10 lakh weddings the cost will be around Rs 5 lakhs each. Ten lakh weddings will cost Rs 10 lakhs each, 5 lakhs marriages will cost Rs 25 lakhs each, 50,000 marriages will have Rs 50 lakhs expenditure each and another 50 thousand marriages will be such in which Rs 1 crore or more will be spent! Overall in this one month, around Rs 3.75 lakh crore will flow through the wedding purchases in the markets, the survey revealed. The next phase of the wedding season will start from January 14, 2023 and will be continued till July. CAIT said that in Delhi alone, more than 3.5 lakh weddings are expected to take <keyword id="15310099" type="TOPIC" weightage="60" keywordseo="Place" source="TOPIC" sourcekeytype="marketing,investopedia" meta.keywordsubtype="null" meta.seopath="p/place" meta.entityname="Place" meta.hostid="153" meta.entityid="place">place</keyword> in this upcoming season, which is likely to generate a business of about Rs 75,000 crore. Last year, around 25 lakh weddings took place in the same period and expenses were estimated at Rs 3 lakh crore. CAIT said that in view of the good business prospects of the wedding season, traders across the country have made elaborate preparations as they want to continue the sentiments emanated from just concluded record business figures of Diwali this year. Traders are keeping all arrangements up to date with them to meet the possible rush of customers. They said that about 20 per cent of the expenditure of each marriage goes to the broom-bride's side while 80 per cent of the expenditure goes to other third agencies working in solemnising the marriage. CAIT informed that before the wedding season, a large amount of business has already occurred in the repair of houses. Apart from this, jewellery, sarees, lehengas, furniture, readymade garments, clothes, footwear, wedding and greeting cards, dry fruits, sweets, fruits, worship items, grocery, food grains, decoration items, home decoration items, electrical utility, electronics and many gift items etc are usually in <keyword id="15308237" type="TOPIC" weightage="60" keywordseo="Demand" source="TOPIC" sourcekeytype="economy,investopedia" meta.keywordsubtype="null" meta.msid="92562122" meta.seopath="d/demand" meta.entityname="Demand" meta.hostid="153" meta.entityid="demand">demand</keyword> and it is expected to do good business this year. Banquet halls, hotels, <keyword id="15311271" type="TOPIC" weightage="60" keywordseo="Open" source="TOPIC" sourcekeytype="equity,investopedia" meta.keywordsubtype="null" meta.seopath="o/open" meta.entityname="Open" meta.hostid="153" meta.entityid="open">open</keyword> lawns, community centres, public parks, farmhouses and many other types of places for weddings are fully prepared across the country. In addition to the purchase of accessories at each wedding, a wide variety of services are also involved, including tent decorators, flower decorations, crockery, catering service, travel service, cab service, welcoming professional groups, vegetable vendors, photographers, videographers, orchestra, DJ, horses for the procession, wagons, lights and many other types of services are likely to do big business this time. Along with this, event management has also emerged as a big business prospect. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indian-e-rupee-to-boost-digital-payments-sans-bank-accounts-say-industry-stakeholders/articleshow/95332849.cms">Indian e-rupee to boost digital payments sans bank accounts, say industry stakeholders</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/manufacturing-sectors-growth-momentum-to-sustain-for-6-9-months-ficci/articleshow/95350880.cms">Manufacturing sector's growth momentum to sustain for 6-9 months: FICCI</a>

Traders prep for a Dec wedding bonanza with estimated 32 lakh weddings worth Rs 3.75 lak crore

<keyword id="12078241" type="General" weightage="20" keywordseo="BJP-MLA-Bhupendra-Patel" source="Orion">BJP MLA Bhupendra Patel</keyword> will be the new <keyword id="5269" type="General" weightage="20" keywordseo="Chief-Minister" source="Orion">chief minister</keyword> of <keyword id="6354766" type="General" weightage="20" keywordseo="Gujarat" source="Orion">Gujarat</keyword>. Patel (59) was unanimously elected BJP legislature party leader here on Sunday. His name was proposed by CM <keyword id="193875" type="General" weightage="20" keywordseo="Vijay-Rupani" source="Orion">Vijay Rupani</keyword>, whose resignation from the post on Saturday surprised many. Most of the 112 MLAs of the party in the 182-member Assembly were present at the meeting, BJP sources said. Patel won the 2017 Gujarat Legislative Assembly elections from Ghatlodia constituency, defeating Congress candidate Shashikant Patel by over one lakh votes, the highest winning margin in the 2017 Gujarat polls. He holds a diploma in civil engineering and is considered close to former CM Anandiben Patel, who won from the seat in 2012 polls. With Patel being named the new legislature party leader, the suspense over who will succeed Rupani as Gujarat chief minister has ended. The new leader will meet the governor and stake claim to form the government, sources said. BJP's central observers Narendra Singh Tomar and Prahlad Joshi and party general secretary Tarun Chaug were present at the legislature party meet. Tomar met state BJP chief C R Paatil on Sunday morning. There was talk that Praful Khoda Patel, administrator of the union territories of Lakshadweep and Dadra and Nagar Haveli and Daman and Diu and Mansukh Mandaviya, Union Health Minister, were among the contenders. <keyword id="908125" type="General" weightage="20" keywordseo="Bhupendra-Patel" source="Orion">Bhupendra Patel</keyword>'s name was not in the long list of probables being discussed in state political circles and in a way the first term MLA emerged as the dark horse, a political observer said. He belongs to the influential Patel community. Mandaviya is from Patidar community. Rupani (65) on Saturday resigned from the post, his sudden announcement coming over a year before the state goes to polls. It is not clear what prompted the development in Prime Minister Narendra Modi's home state where elections to the 182-member Assembly are due in December 2022. Rupani, the fourth chief minister to demit office in BJP-ruled states during the coronavirus pandemic, was sworn in as chief minister - his second stint as CM - in December 2017. Rupani, who completed five years in office on August 7 this year, first became the chief minister on August 7, 2016, following the resignation of incumbent Anandiben Patel, and continued in the office after the BJP's victory in the 2017 Assembly elections. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/twitter-rival-koo-to-hire-500-people-in-next-on-year-across-engineering-product-and-community-management-teams/articleshow/86137878.cms">Twitter rival Koo to hire 500 people in next on year across engineering, product and community management teams</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/outlook-for-manufacturing-sector-improves-in-second-quarter-high-cost-of-production-causes-worry-says-ficci-survey/articleshow/86137600.cms">Outlook for manufacturing sector improves in second quarter, high cost of production causes worry, says FICCI survey</a>

Bhupendra Patel will be the new Chief Minister of Gujarat

Homegrown microblogging platform <keyword id="3518161" type="General" weightage="20" keywordseo="Koo" source="Orion">Koo</keyword> expects to raise its headcount to over 500 people in the next one year, as it looks to hire across engineering, product and community management teams. <keyword id="12077958" type="General" weightage="20" keywordseo="Twitter-rival" source="Orion">Twitter rival</keyword> Koo, which has scripted phenomenal growth with a user base touching the 1 crore-mark recently, has 200 employees on its rolls, at present. "We are now 200 people, and we will reach at least 500 people in the next one year as we hire primarily in areas such as engineering, product and community management," Koo co-founder Aprameya Radhakrishna told PTI. Other areas of hiring include government relations, and marketing, brand marketing among others, but these will comprise smaller teams. "We would like to attract the best talent that can work for us, and take Indian technology to the globe," Radhakrishna said. Founded by Radhakrishna and Mayank Bidawatka, Koo was launched last year to allow users to express themselves and engage on the platform in Indian languages. It supports multiple languages including Hindi, Telugu and Bengali, among others. Koo's popularity in India peaked earlier this year amid the Indian government's spat with <keyword id="6354616" type="General" weightage="20" keywordseo="twitter" source="Orion">Twitter</keyword> and growing calls for expanding the ecosystem of homegrown digital platforms. Koo saw massive growth in its user base over the past few months, after Union ministers and government departments in India endorsed the homegrown microblogging platform. Its user base touched the 1 crore mark last month and the platform has ambitious targets to reach 10 crore users over the next one year. Radhakrishna had earlier said that despite the significant surge in user base, the platform "has not even scratched the surface" when it comes to the growth potential offered by the market, where less than two per cent of internet users use microblogging platforms to express themselves. India remains a critical market for internet companies like Facebook, WhatsApp and Twitter with its large population base and burgeoning internet adoption. The country, which is the world's second-largest telecom market and the biggest consumer of data, enforced new IT intermediary rules earlier this year, aiming to bring greater accountability for platforms, in particular, the big tech companies, including Twitter and Facebook. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/outlook-for-manufacturing-sector-improves-in-second-quarter-high-cost-of-production-causes-worry-says-ficci-survey/articleshow/86137600.cms">Outlook for manufacturing sector improves in second quarter, high cost of production causes worry, says FICCI survey</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/tcl-wont-release-foldable-phone-in-2021-says-report/articleshow/86136633.cms">TCL won't release foldable phone in 2021, says report</a>

Twitter rival Koo to hire 500 people in next one year across engineering, product and community management teams

In the coming years, macro-economic trends are expected to make India the fifth largest <keyword id="34526" type="UNKNOWN" weightage="100" keywordseo="consumer-market">consumer market</keyword> in the world by 2030, providing a big opportunity for retail and consumer goods sectors, especially FMCG, as per a recent KPMG-FICCI report. The growth in India's FMCG and retail sector has been primarily driven by the increase in consumption brought about by economic prosperity, as a result of strong <keyword id="35050" type="CITY" weightage="100" keywordseo="gdp">GDP</keyword> growth post liberalization in 1991. A combination of growing income levels and rising urbanisation among over 1.29 billion consumers in India is expected to continue driving the increase in overall spending in the country. 
	 
	 
	 
	However, the industry is making a few mistakes too. The report cites that despite being one of the world's largest agricultural producers for years, the level of food processing in India is among the lowest in the world. 
	 
	 
	There is also 40 per cent loss of food grain is reported annually due to inefficiencies in the agricultural procurement and supply; there is large demand potential but FMCG hasn't made inroads into rural India; and modern retail is absent out of tier 1 cities. 
	 Let's just hope that with a new wave of consumerism, the cons will get diluted. The <keyword id="50041" type="CITY" weightage="100" keywordseo="KPMG">KPMG</keyword> report signals a three-fold opportunity for the FMCG and retail sectors through Modi's 'Make In India' program, by reducing burden on imports and creating opportunity for exports, bringing about cost efficiencies in manufacturing and supply chain, and availability of skilled manpower. 
	 

	 
	The report also highlights the challenges in realizing 'Make in India'. It states that manufacturing for consumer goods sector can be revived on three pillars- raw material availability, Labour availability and cost competitiveness - three things India has, but lack of adequate infrastructure and a complex regulatory business environment can cost it dearly. 
	 In a global survey conducted by the <keyword id="6354424" type="ORGANIZATION" weightage="100" keywordseo="World-Bank">World Bank</keyword>, India had dismal ratings on most of the key determinants of investment attractiveness such as starting a business, acquiring land, getting construction permits etc. In addition, India's perception in terms of corruption is also very poor, ranked at a low 85 out of 175 countries. 
	 
	If these challenges are met in near future, export-oriented food and agri parks, as well as incentives for global FMCG companies to set up greenfield projects in India would help in making the country a regional FMCG manufacturing hub for South Asia, Middle East and Africa.

You Searched For "FICCI Manufacturing Survey" and got 12 results

Indian manufacturing sector growth expected to continue: FICCI survey

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Manufacturing sector's growth momentum to sustain for 6-9 months: FICCI

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Outlook for manufacturing sector improves in second quarter, high cost of production causing worry, says FICCI survey

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Ficci survey projects FY20 GDP growth at 5 pc, to improve to 5.5 pc in FY21

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Traders prep for a Dec wedding bonanza with estimated 32 lakh weddings worth Rs 3.75 lak crore

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Bhupendra Patel will be the new Chief Minister of Gujarat

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Twitter rival Koo to hire 500 people in next one year across engineering, product and community management teams

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India to become world's 5th largest consumer market by 2030

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