India's Manufacturing Jobs Increased by 7.6%: A Promising Economic Outlook
Manufacturing Jobs Rise in India
According to the latest survey by Niti Aayog, the manufacturing sector in India has rebounded strongly following the disruptions caused by the Covid-19 pandemic. In FY23, the sector reported a remarkable rise in manufacturing jobs by 7.6%, reflecting a resurgence that has been welcomed by stakeholders across the economy.
Key Findings from the Niti Aayog Survey
- The gross value added (GVA) in manufacturing increased by 7.4% in current prices.
- Industrial output experienced significant growth of over 21%.
- Average wages in the sector saw a rise of 5.5%.
The results of this annual survey, which assesses a range of economic parameters, suggest that there could be a promising upward trend in India's economic growth moving forward. As noted by Niti Aayog's CEO, this data may lead to revised GDP forecasts indicating a growth target of 9%-10% in the near future.
State Contributions to Manufacturing Growth
- Maharashtra led the states in terms of GVA.
- Gujarat, followed closely behind.
- Tamil Nadu and Karnataka also featured prominently.
More than 22.1 lakh new jobs were created in manufacturing, surpassing pre-pandemic levels. The sector's growth is particularly influenced by industries such as basic metals, coke, refined petroleum products, food processing, chemicals, and motor vehicles.
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.