Key Industrial Growth Trends
From April 2023 to March 2024, India’s manufacturing industries saw significant changes in structure and growth. Fixed capital investment grew steadily to ₹46.24 lakh crore in 2023-24, up from ₹41.21 lakh crore in 2022-23. Total invested capital also surged to ₹68.01 lakh crore.
Gross output reached ₹153.27 lakh crore in 2023-24, marking consistent expansion despite global economic headwinds. Gross Value Added stood at ₹24.58 lakh crore, up from ₹21.97 lakh crore a year earlier. Net Value Added (NVA) per factory rose to ₹987 lakh, compared to ₹911 lakh in 2022-23.
Top Performing Industries
The ASI 2023-24 identified Basic Metals, Motor Vehicles, Chemicals, Food Products, and Pharmaceuticals as the top five industries in terms of GVA contribution. Together, these industries accounted for more than 70% of the total manufacturing GVA.
Food products, textiles, motor vehicles, and chemical manufacturing remained major employers. Notably, contract workers accounted for over 42% of the workforce in 2023-24, indicating the sector’s reliance on flexible labour arrangements.
State-Wise Industrial Leaders
At the state level, Gujarat led in fixed capital and output, while Tamil Nadu recorded the highest number of factories and employment. Maharashtra ranked at the top in terms of GVA contribution, accounting for nearly 16% of the national share.
Other major contributors included Uttar Pradesh and Karnataka, which made significant strides in employment and industrial activity. Together, the top five states contributed more than half of India’s total manufacturing GVA and employment.
The Annual Survey of Industries remains a critical tool for policy planning, providing insights into output, employment, and capital formation across India’s industrial landscape. According to MoSPI, the ASI also feeds into the National Accounts Statistics and serves as a key input for state-level economic planning.
Experts note that the survey underlines the importance of diversified industrial growth, with both traditional sectors such as textiles and modern industries like automobiles and pharmaceuticals playing vital roles. The report also highlights steady wage growth, with average emoluments per worker reaching ₹3.65 lakh in 2023-24.