India News: Manufacturing Sector and Economic Growth Surge in FY23
NEW DELHI: The manufacturing sector in India has exhibited remarkable resilience, posting a 7.6% increase in manufacturing jobs for FY23, alongside a 5.5% rise in wages, according to the latest survey report released by the government.
This notable growth, despite ongoing challenges, suggests a potential boost in overall economic growth, with Niti Aayog officials hinting at a target growth rate of 9%-10% in the upcoming months. The annual survey of industries (ASI) for the fiscal year 2022-23 indicated that the gross value added (GVA) in the manufacturing sector surged by 7.4% in current prices compared to the previous year, further complemented by an over 21% increase in industrial output.
All sectors, including basic metals, refined petroleum products, and food production, played a crucial role in this growth, highlighting both resilience and progress within the industry.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.