Annual Survey Of Industries Report 2022-23:
The Ministry of Statistics and Programme Implementation (MoSPI) released the Annual Survey of Industries (ASI) for 2022-23 which presents significant insights into the recovery and growth of the manufacturing sector in India.
- The survey fieldwork was conducted from November 2023 to June 2024 for ASI 2022-23.
Highlights of the ASI Report 2022-23:
- The ASI indicates that employment in manufacturing grew by 7.5% from 1.72 crore in 2021-22 to 1.84 crore in 2022-23, the highest rate of growth in the last 12 years.
- In 2022-23, the manufacturing sector created 13 lakh jobs, an increase from 11 lakh in FY22.
- The manufacturing GVA grew robustly by 7.3%, reaching Rs 21.97 lakh crore in 2022-23, up from Rs 20.47 lakh crore in 2021-22.
- The total industrial input increased by 24.4%, while the output grew by 21.5% in the sector in 2022-23 compared to 2021-22, reflecting a significant rebound in manufacturing activities.
- The primary drivers of manufacturing growth in 2022-23 were basic metals, coke and refined petroleum products, food products, chemicals, and motor vehicles. Together, these industries accounted for about 58% of total output.
- Top 5 states in terms of employment were Tamil Nadu, Maharashtra, Gujarat, Uttar Pradesh, and Karnataka.
- The number of factories increased from 2.49 lakh in 2021-22 to 2.53 lakh in 2022-23, marking the first full recovery phase after Covid-19 disruptions.
- The informal sector saw a 1.5% decline in employment, dropping by 16.45 lakh to 10.96 crore in 2022-23, indicating a shift towards formal employment in manufacturing as per the Annual Survey of Unincorporated Enterprises (ASUSE) 2022-23 report released in July 2024.
- Average emolument per person rose by 6.3%, reaching Rs 3.46 lakh in 2022-23 compared to 2021-22.
- Gross fixed capital formation (GFCF) surged by over 77% to Rs 5.85 lakh crore in 2022-23, while net fixed capital formation saw 781.6% rise to Rs 2.68 lakh crore, supporting sustained manufacturing growth.
- Gross fixed capital formation (GFCF), or “investment,” refers to the acquisition of produced assets, including second-hand purchases, as well as the production of assets by producers for their own use, minus disposals.
- Net fixed capital formation is the amount of Gross fixed capital formation (GFCF) minus the amount of consumption of fixed capital.
- Profits in the manufacturing sector increased by 2.7% to Rs 9.76 lakh crore.
