 "India’s manufacturing sector surged in FY23, adding 1.3 million jobs and showing robust growth amid post-pandemic recovery.")
India’s manufacturing sector experienced significant job growth in FY23, adding 1.3 million new positions, up from 1.1 million in FY22. Data from the National Statistical Organisation shows a 7.4% rise in employment, reaching 18.5 million workers. This positive trend correlated with a 7.3% increase in the sector’s gross value added, totaling Rs 21.97 trillion. Key states driving this growth include Tamil Nadu, Maharashtra, Gujarat, Uttar Pradesh, and Karnataka, which together account for over half of manufacturing jobs. The average salary in the sector also grew by 6.3%, indicating improved economic conditions. This comprehensive survey highlights a strong rebound in India’s manufacturing landscape post-pandemic, showcasing its potential for future growth.
Manufacturing Sector Employment Grows in FY23, Reports NSO
In a promising development for India’s economy, the manufacturing sector experienced a significant boost in employment during the financial year 2023 (FY23). According to the latest data from the National Statistical Organisation (NSO), the sector created approximately 1.3 million new jobs, marking an increase from 1.1 million jobs in FY22. This growth saw the total number of individuals employed in the manufacturing sector rise by 7.4%, reaching a total of 18.5 million workers.
The increase in employment is attributed to the robust growth in the sector’s gross value added (GVA), which rose by 7.3% to reach Rs 21.97 trillion at current prices. Overall industrial output also surged, increasing by 21.5% to Rs 144.86 trillion. The Ministry of Statistics and Programme Implementation (MoSPI) highlighted that FY23 saw improvements in various economic indicators, exceeding pre-pandemic levels.
At a press conference, B V R. Subrahmanyam, the chief executive officer of NITI Aayog, expressed optimism about the manufacturing sector’s performance. He noted that the sector has effectively rebounded from the challenges posed by the COVID-19 pandemic, positioning India to target a growth rate of 9%. The five leading states in manufacturing employment – Tamil Nadu, Maharashtra, Gujarat, Uttar Pradesh, and Karnataka – accounted for a substantial 55% of the sector’s total employment.
Moreover, the average salary for workers in the manufacturing sector climbed to Rs 3.46 lakh in FY23, up 6.3% from the previous year, signaling improved earnings for workers. The industries that drove this growth included basic metals, refined petroleum products, food products, chemicals, and motor vehicles, which together contributed 58% to total manufacturing output.
This positive trajectory is crucial as it reflects the evolving dynamics within India’s manufacturing sector, providing essential insights into employment, output, and capital formation across the nation.
Tags: Manufacturing Employment, NSO Report, India Manufacturing Sector, Economic Growth, FY23 Employment Data
What is the NSO survey about manufacturing employment?
The NSO survey looks at how many jobs were created in the manufacturing sector during the fiscal year 2023.
Why is manufacturing employment important?
Manufacturing jobs are important because they help boost the economy by providing stable work and improving production.
How many jobs were created in manufacturing in FY23?
The survey shows that there was a significant increase in employment in the manufacturing sector during the fiscal year 2023.
Who benefits from the growth in manufacturing jobs?
The growth in manufacturing jobs benefits workers looking for employment, businesses that need labor, and the overall economy.
What might the future hold for manufacturing jobs?
If the trend continues, we could see more job opportunities in manufacturing, which can lead to economic growth and better living standards.
