Industrial Surge: Employment and Investment Up in 2023-24

The Annual Survey of Industries 2023-24 reveals a 5.92% employment increase to 1.95 crore. Invested capital rose to Rs 68,01,329 crore. Gross Value Added surged by 11.9% to Rs 24,58,336 crore, with Tamil Nadu, Gujarat, Maharashtra, Uttar Pradesh, and Karnataka leading in employment.

In a significant economic development, the Annual Survey of Industries 2023-24 reports a 5.92% rise in employment within the sector, reaching 1.95 crore from 1.84 crore the previous year. The MoSPI released the survey's outcome, showcasing the period from April 2023 to March 2024.

The survey highlights an increase in invested capital to Rs 68,01,329 crore from Rs 61,39,212 crore in the prior fiscal year. Similarly, the Gross Value Added in industrial output witnessed an 11.9% growth, peaking at Rs 24,58,336 crore—up from Rs 21,97,056 crore the previous year.

Key industrial contributors such as Tamil Nadu, Gujarat, Maharashtra, Uttar Pradesh, and Karnataka paved the way in employment generation. The survey sheds light on the dynamics of industrial growth, providing crucial data for National Accounts Statistics and future planning.

(With inputs from agencies.)