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Six industries drive over half of India’s formal manufacturing GVA: NSO
Industry News- Nov 04,24
In FY23, industries such as basic metals, chemical products, refined petroleum, motor vehicles, pharmaceuticals, and food products collectively contributed 52.6% to the manufacturing GVA.
According to recent data from the National Statistical Office (NSO), six major industries accounted for over 50% of the gross value added (GVA) in India's formal manufacturing sector in 2022-23. This concentration highlights an imbalance in manufacturing productivity, as most industry groups contributed marginally to overall value, reflecting a skewed productivity distribution.
In FY23, industries such as basic metals, chemical products, refined petroleum, motor vehicles, pharmaceuticals, and food products collectively contributed 52.6% to the manufacturing GVA. Of these, basic metals and chemical products alone represented 22%, with the remaining contribution distributed among the other four industries. This is a slight decrease from 55.78% in the prior fiscal year. While sectors like pharmaceuticals and basic metals saw a reduction in their GVA shares, contributions from the automobile, food products, and refined petroleum industries increased.
Geographically, five states—Maharashtra, Gujarat, Tamil Nadu, Karnataka, and Uttar Pradesh—collectively generated 54.7% of India’s manufacturing GVA, a small rise from 53.3% in FY22. Except for Karnataka, all states recorded an increased share.
Manufacturing GVA grew by 7.3% in FY23, reaching ?21.97 trillion, while employment in the sector rose by 7.4% to 18.5 million people. Additionally, the number of registered factories increased to 253,000, up from 249,000 in the previous year. The NSO's survey provides essential insights into India’s evolving manufacturing landscape, capturing data on output, employment, and capital investments across formally registered factories, including those in beedi, cigar, and electricity undertakings.
(Business Standard)
NSO
GVA
formal manufacturing
basic metals
chemical products
refined petroleum
motor vehicles
pharmaceuticals
food products
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