India’s economic growth will improve further in the coming quarters due to recovery in domestic demand as also the investment cycle, according to the CII-ASCON Industry Survey.
It said the demand and investment will be supported by better consumption patterns on account of favourable monsoon, moderation in inflation and the onset of festive season.
The survey tracked the performance of 70 sectors during the first quarter of the current fiscal, as against the year-ago period.
“The ASCON Q1 FY19 Survey results reflect steady progress in economic growth. What is especially significant is that there has been a perceptible increase in the share of sectors recording higher growth,” CII Director General Chandrajit said.
The survey witnessed fewer sectors anticipating negative growth trends, which clearly points towards improvement in the economic environment, he said.
It showed a sharp increase in the sectors witnessing ‘Excellent’ growth (>20%) in April-June 2018-19, over the year-ago period.
The share of sectors witnessing ‘Excellent’ growth has improved to 14.3 per cent (10 out of 70 sectors) in Q1 FY19 from 5.7 per cent (4 out of 70) in Q1 FY18.
At the same time, the share of sectors recording ‘High’ growth and ‘Moderate’ growth has improved marginally while the share of sectors witnessing ‘Low’ growth.