Mfg GVA Grew 11.9% in 2023-24: ASI

Employment growth slowed to 5.9% from 7.4% in 2022-23, with 1.1 million new factory jobs

- HIMANSHI BHARDWAJ

India's manufacturing sector gross value added (GVA) rose 11.89 per cent in 2023-24 (FY24), up from 7.28 per cent in the previous year, marking the second highest uptick in five years, even as output growth slowed to 5.8 per cent from 21.5 per cent in FY23, according to the Annual Survey of Industries (ASI) 2023-24 released on Wednesday.

The top ten industries accounted for 71 per cent of the manufacturing GVA in FY24, with a handful—basic metals, motor vehicles, chemicals, food products and pharmaceuticals—dominating. Basic metals accounted for the largest share of fixed capital (17.42 per cent) and output (14.5 per cent), and GVA (11.56 per cent).