India’s Industrial Sector Growth: Contrary to Criticism

• NITI Aayog CEO B.V.R. Subrahmanyam reports a fast pace of industrial sector growth in India, despite criticism.
• The manufacturing sector added 22 lakh jobs in 2022-23.
• Gross Value Added (GVA) grew by 7.3% in current prices in 2022-23 compared to 2021-22.
• Input increased by 24.4%, while output grew by 21.5%.
• The sector surpassed the pre-pandemic level in absolute value terms.
• Major drivers of growth were industries like basic metal, coke and refined petroleum products, food products, chemical and chemical products, and motor vehicles.
• The estimated number of persons engaged in the sector exceeded the pre-pandemic level by more than 22.14 lakh.
• The top five states contributing most to the total manufacturing GVA were Maharashtra, Gujarat, Tamil Nadu, Karnataka, and Uttar Pradesh.