India’s industrial sector is expanding quickly, and the nation may now strive for economic growth of more than 9%. An adequate number of employment have been created by India’s manufacturing industry. The manufacturing sector employed 1.85 crore people in 2022–2023 compared to 1.72 crore the year before, an increase of 7.5%.
While pointing out that manufacturing development is broad based and is coming from all sectors, the Reserve Bank of India has revised upwards the GDP growth prediction for the current fiscal to 7.2 per cent from 7 per cent on increased private consumption and revival of demand in rural areas.
Compared to 2021–2022, the average salary for each employee in this sector increased by 6.3% in 2022–2023. The overall number of people working in manufacturing sectors climbed from 1,72,15,350 in 2021–2022 to 1,84,94,962 in 2022–2023. According to the findings, the Gross Value Added (GVA) increased in 2022–2023 by 7.3% at current prices compared to 2021–2022.
The manufacturing of basic metals, coke and refined petroleum products, food goods, chemicals and chemical products, and motor vehicles were the primary drivers of this expansion in 2022–2023. When combined, these industries accounted for over 58% of the sector’s total production and saw increase in both output and GVA from 2021 to 2022 of 24.5% and 2.6%, respectively.
The top five states with the greatest number of employees in this industry were Tamil Nadu, Maharashtra, Gujarat, Uttar Pradesh, and Karnataka. When combined, these states accounted for almost 55% of all manufacturing jobs in 2022–2023. Moreover, the fixed capital increased from Rs 37,26,354.44 crore in 2021–2022 to Rs 41,21,794.58 crore in 2022–2023. The invested capital increased from Rs 55,44,931.75 crore in 2021–2022 to Rs 61,39,212.55 crore.