Mfg GVA grew 11.9% in 2023-24, shows Annual Survey of Industries data

India’s manufacturing sector gross value added (GVA) rose 11.89 per cent in 2023-24 (FY24), up from 7.28 per cent in the previous year, marking the second highest uptick in five years, even as output growth slowed to 5.8 per cent from 21.5 per cent in FY23, according to the Annual Survey of Industries (ASI) 2023-24 released on Wednesday. 

The top ten industries accounted for 71 per cent of the manufacturing GVA in FY24, with a handful — basic metals, motor vehicles, chemicals, food products and pharmaceuticals — dominating. Basic metals accounted for the largest share of fixed capital (17.42 per cent) and output (14.5 per cent), and GVA (11.56 per cent). Food products contributed the highest share of factories (16 per cent) and employed the largest proportion of workers (11.06 per cent), with textiles and motor vehicles being significant employers too. 

Total estimated employment in the formal manufacturing sector touched nearly 19.59 million in FY24, up from 18.49 million in the previous year. The 1.1 million new jobs reflected a 5.92 per cent in FY24, slowing from 7.43 per cent in FY23 and 7 per cent in FY22. 

The average wages per worker rose 5.51 per cent in FY24 to touch ₹2,16,487, fractionally lower than the 5.55 per cent recorded in the previous year, but significantly below the nearly 10 per cent uptick in FY22. 

Output per worker reached ₹9.87 million, while net value added per worker grew to over ₹1.35 million. Additionally, output-input ratios and capital productivity indicators held steady, signaling efficiency improvements. 

Total input, which includes fuels, materials consumed, contract work, repairs, and other expenditures, rose 4.7 per cent to ₹128.68 trillion in FY24. Total output — the ex-factory value of products and by-products plus other receipts — expanded 5.8 per cent to ₹153.27 trillion, up 5.8 per cent.  

The faster output growth relative to input increases, aided the GVA’s 11.9 per cent rise to ₹24.58 trillion. 

With 15.2 per cent of manufacturing jobs, Tamil Nadu continued to lead the employment charts, followed closely by Gujarat (13.1 per cent), Maharashtra (13 per cent), Uttar Pradesh (8.3 per cent), and Karnataka (6.3 per cent), and these five states accounting for nearly 56 per cent of the sector’s workforce and about 55 per cent of manufacturing GVA. Maharashtra (16 per cent) topped the GVA chart, followed by Gujarat (14.2 per cent), Tamil Nadu (10.3 per cent), Karnataka (7.5 per cent), and Uttar Pradesh (6.8 per cent). 

 

Fixed capital increased to Rs. 46.2 trillion, with invested capital up to Rs 68 trillion, rising 10.61 per cent and 10.72 per cent, respectively. Gross output per factory increased 2.58 per cent to Rs. 719.6 million from Rs. 701.5 million in 2022-23, while the net value added per unit climbed 8.34 per cent to Rs. 98.7 million per unit from Rs. 91.1 million in the previous year.  

 

The latest survey, covering 83,620 establishments with a live frame of over 2.6 lakh units, was conducted during October 2024 to June 2025, the Ministry of Statistics and Programme Implementation said.