Significant Growth in India's Manufacturing Sector: Annual Industry Survey 2023-24
Overview of the Annual Industry Survey 2023-24
The Annual Industry Survey for 2023-24, published by the Government of India through the Ministry of Statistics and Program Implementation (MoSPI), reveals a remarkable surge in the country's manufacturing sector over the past year.
Clarifying Industrial Strength and Employment Trends
If there are any doubts regarding the industrial capabilities of the nation and employment trends, this survey aims to clarify them. The ASI 2023-24 indicates significant growth across employment, capital, and production levels within the manufacturing sector. It not only highlights the increase in job opportunities but also specifies the states and industries contributing to this economic advancement.
Notable Increase in Employment
In the industrial sectors, total employment saw a rise of 5.9% in 2023-24. The previous year's employment figure stood at 1.8 crore, which has now escalated to over 1.9 crore. This growth signals a robust recovery in industries and the creation of new job opportunities. Over the last decade, from 2014-15 to 2023-24, more than 57 lakh new jobs have been generated, marking a significant stride towards enhancing India's economic strength. Additionally, the total capital investment in 2023-24 reached Rs 68 lakh crore, a substantial increase from Rs 61 lakh crore in 2022-23, indicating technological advancements and the initiation of new projects.
Key Sectors Contributing to Job Growth
Certain sectors within manufacturing have emerged as major job creators. The food products industry stands out as the largest employer, providing jobs to 21.67 lakh individuals, accounting for 11.1% of total employment. This sector also hosts the highest number of factories, at 16%. Following closely is the textile industry, which employed 17.14 lakh people, representing 8.8% of total employment. The basic metal industry ranks third with 15.23 lakh employees, contributing 7.8% to employment. Additionally, the automotive and trailer manufacturing sector employs approximately 13.74 lakh individuals, while the garment industry provides jobs for 13.39 lakh people.
Leading States in Employment Generation
The ASI report identifies Tamil Nadu, Gujarat, Maharashtra, Uttar Pradesh, and Karnataka as the top five states for employment generation. Their respective employment shares are as follows: Tamil Nadu at 15%, Gujarat and Maharashtra both at 13%, Uttar Pradesh at 8%, and Karnataka at 6%. Collectively, these states account for 55% of total employment, showcasing the significant role of South and West India in driving industrial growth and job creation.