New Delhi: The manufacturing sector has shrugged off the impact of Covid-19 and recorded strong growth, creating jobs and boosting workers’ incomes, according to a survey report released on Monday, prompting policymakers to Have been inspired to say. economic development May increase in the coming months.
The Annual Survey of Industries (ASI) for the financial year 2022-23 revealed that the gross value added (GVA) The manufacturing sector grew by 7.4% at current prices in 2022-23 compared to 2021-22 and industrial production grew by over 21%. GVA is a measure of economic activity, defined as the added value created by the process of production. While the data is for 2022-23, the margin for calculating the numbers has been reduced from more than a year in advance to three months.
policy commission CEO BVR Subramaniam said the 7 ASI result, which is also used to calculate overall GDP, could translate into higher growth numbers and the country could aim for 9%-10% growth. The Niti Aayog CEO said the ASI survey may cause experts to revise their GDP forecasts upward.
The survey showed that the sector witnessed growth for most key economic parameters such as capital invested, inputs, outputs, GVA, employment and wages in 2022-23 and even recovered to pre-pandemic levels in absolute value terms. Crossed.
Among major states, in terms of GVA, Maharashtra tops the table, followed by Gujarat, Tamil Nadu, Karnataka and UP. The top five states contribute more than 54% of the country’s total manufacturing GVA in 2022-23.
The estimated number of individuals in this sector increased by 22.1 lakh from the pre-pandemic level (2018-19), while average wages increased compared to the previous year. Average emoluments per capita to increase by 6.3% in 2022-23. As compared to 2021-22. The top five states employing the most people were Tamil Nadu, Maharashtra, Gujarat, UP, Uttar Pradesh and Karnataka and they contributed about 55% of the total manufacturing employment in the year 2022-23, the data showed. news network
The key drivers of growth in the sector in 2022-23 were industries such as basic metals, coke and refined petroleum products, food products, chemicals and chemical products and motor vehicles. The data shows that these industries together contributed about 58% of the total output of the region.
