Industry slowed in note ban year; GVA grew by 7.2%, down from 9.3% in FY16

Even as GVA growth slowed down in FY17, the number of workers employed by factories rose by 4.7 per cent to 11.6 million in FY17, up from 1.11 crore in FY16

In 2016-17 — the year in which high-value currency was scrapped — gross value added (GVA) by the industry grew at the slowest pace since the Narendra Modi government took over, showed latest data released on Thursday. 

The provisional results of the Annual Survey of Industries (ASI) for 2016-17 showed that GVA grew by 7.2 per cent at current prices in FY17, down from 9.3 per cent in FY16 and 9.4 per cent in FY15. 

By comparison, the Central Statistics Office (CSO) had estimated manufacturing GVA rose higher at 10.1 per cent at current prices in FY17. 

Investment activity is