India’s industrial sector has seen a recovery from the lows of the first wave of the pandemic last year but the revival is being led by commodity producers such as metals and oil & gas companies while manufacturers such as auto firms and makers of consumer goods continue to struggle.

       The listed manufacturers’ combined revenues were down 16 per cent quarter-on-quarter (Q-o-Q) in April-June FY22 and were just 1.8 per cent higher than in April-June FY20. In comparison, the combined revenues of all 2,900 listed companies in the Business Standard sample were down 9 per cent ...