Breaking the first half of the fiscal 2016-17 into two quarters, a big chunk of the respondents (66.7 per cent) feel for the immediate April-June 2016 quarter sales value would pick up. Similarly, there would be an improvement in the profitability as well, the survey noted.

"Since the industry has been operating much below its capacity for a long period, there would still be a lag for fresh investment while a pickup in increased employment would still be away," opined Sunil Kanoria, President, ASSOCHAM.

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