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India’s manufacturing sector experienced strong growth in FY24 as Gross Value Added (GVA) increased by 11.89 per cent, up from 7.3 per cent in the previous year, according to data from the Annual Survey of Industries (ASI) released on Wednesday.
The industrial output of the country rose by 5.80 per cent from April 2023 to March 2024, said the report from the Ministry of Statistics and Programme Implementation.
Employment in the manufacturing sector rose by 5.92 per cent year-on-year (YoY) in FY 24, the report said, adding that the manufacturing sector has added over 57 lakh jobs in the last decade. As many as 1,95,89,131 workers were engaged in factory jobs during FY 24.
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The top five industries that contributed to GVA growth were basic metals, motor vehicles, chemical products, food products, and pharmaceuticals. Tamil Nadu, Gujarat, Maharashtra, Uttar Pradesh, and Karnataka led in employment rankings, giving the highest number of factory jobs.
India’s manufacturing sector contributes around 17 per cent to India’s GDP, and the steady growth from several ASI surveys signalled economic recovery post-Covid and the addition of more jobs, especially in labour-intensive states.
Further, the rise of India’s manufacturing sector aligns with the broader goals, like “Make in India,” that aim for a 25 per cent GDP share by 2025.
Annual Survey of Industries is conducted to shed light on the dynamics of change in the composition, growth and structure of various manufacturing industries in terms of output, value added, employment, capital formation and a host of other parameters.
As the US imposed 50 per cent tariffs on Indian imports, economists opined that India should use this defining moment to accelerate ‘Make in India 2.0’, strengthen supply chains, and diversify export markets, and the pain could sow the seeds of long-term gain.
India’s GDP is expected to grow between 6.8 per cent and 7 per cent in the first quarter this fiscal (Q1 FY26), due to higher discretionary spending, an SBI Research report had said last week. The gross value added (GVA) growth is estimated at 6.5 per cent for the quarter.
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