The FMCG industry in India is expecting low to mid-single-digit volume growth in the July-September quarter due to weak macroeconomic conditions and below-normal rainfall. Companies such as Marico, Dabur, and Godrej Consumer Products Ltd have reported a gradual recovery in consumption, with the festive season shifting to the third quarter. The companies expect improved gross margins due to moderating inflation and easing price growths. However, rural demand remains weak, and urban-focused companies are expected to have an advantage.