 "skilled labour worker employee")
As many as nine out of 27 industries saw their labour productivity contract in FY23 compared to the preceding year, with eight of these industries belonging to the manufacturing sector, thus highlighting India’s lack of competitiveness in industrial sectors, an analysis of the latest KLEMS (Capital, Labour, Energy, Material and Service) database released by the Reserve Bank of India (RBI) showed.
Labour productivity is an important metric in an economy as it measures the efficiency with which inputs are used to produce goods and services, and it offers a measure of economic growth, competitiveness, and living standards
