Context: India’s industrial sector is growing at a fast pace, NITI Aayog CEO B.V.R. Subrahmanyam said on Monday while releasing the Annual Survey of Industries.
Summary:
- Industrial Sector Growth: India’s industrial sector showed significant growth during the financial year 2022-23, as revealed by the Annual Survey of Industries by the Ministry of Statistics and Programme Implementation.
- Employment: The sector added 22 lakh jobs in 2022-23, surpassing pre-pandemic levels.
- Gross Value Added (GVA): GVA grew by 7.3% in 2022-23 compared to the previous year.
- Key Growth Drivers: Industries like basic metal, coke, refined petroleum products, food products, chemicals, and motor vehicles drove this growth, contributing 58% of the total output.
- Top States: In terms of GVA, Maharashtra, Gujarat, Tamil Nadu, Karnataka, and Uttar Pradesh led the industrial sector. These states accounted for over 54% of the country’s total manufacturing GVA and employed around 55% of the manufacturing workforce.
- Wages and Emoluments: Average wages in the sector increased by 6.3% in 2022-23.
