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The manufacturing sector is likely to witness a slight decline in the January-March quarter of 2016-17 on increased cost of production, an industry body said on Monday.
"The latest quarterly survey reported a decline in the outlook for the sector for Q4 of 2016-17 due to rising cost of production which has impacted the competitiveness of the sector in the last few months," the Federation of Indian Chambers of Commerce and Industry (Ficci) said in its survey here.
The cost of production as a percentage of sales for manufacturers in the survey has risen significantly as 60 per cent respondents reported cost escalation. This is primarily due to rise in minimum wages and raw material cost.