New Delhi: According to the most recent official data, India’s overall anticipated employment in manufacturing industries increased by 7.4 percent over the previous year in fiscal 2022-23.
According to data by the Ministry of Statistics and Programme Implementation (MoSPI), employment rose to 1.84 crore in 2022-23 from 1.72 crore in 2021-22, the highest-ever increase in the sector in more than a decade.
The top five states, namely Tamil Nadu, Maharashtra, Gujarat, Uttar Pradesh, and Karnataka, have played a significant role in this achievement, employing the highest number of people in the manufacturing sector. Together, these states have contributed about 55 percent of the total manufacturing employment in the year 2022-23.
The results of the Annual Survey of Industries (ASI) from April 2022 to March 2023 showed that industrial output grew by more than 21 percent over the previous year.
According to the findings, Gross Value Added (GVA) increased by 7.3 percent in current prices in 2022-23 over 2021-22.
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“Increase in input was 24.4 per cent while output grew by 21.5 per cent in the sector in 2022-23 over 2021-22,” the survey showed.
In the fiscal year 2022-23, the manufacturing sector experienced a surge in key economic indices, including invested capital, input, output, GVA, employment, and wages. This growth, surpassing the pre-pandemic level in absolute value terms, can be attributed to various factors such as increased demand, improved productivity, and government policies supporting the manufacturing sector.
In 2022-23, the main drivers of this increase were industries such as basic metal, coke, and refined petroleum products, as well as food, chemical, and automobile production.
Taken together, these industries accounted for approximately 58% of the sector’s total output, with output growth of 24.5% and GVA increase of 2.6% YoY.
“The estimated number of persons engaged in this sector in 2022-23 has exceeded the pre-pandemic level (that is 2018-19) by more than 22.14 lakh,” the ASI findings noted.
Simultaneously, the average earnings have seen a positive trend, with a 6.3 percent increase in 2022-23 compared to the previous year. This increase in average earnings per person working in the sector is a testament to the financial benefits of working in the manufacturing industry.
In terms of GVA, Maharashtra led in 2022-23, followed by Gujarat, Tamil Nadu, Karnataka, and Uttar Pradesh.
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—IANS
