Key Points:
- India’s industrial GVA grew 11.9% to ₹24.58 trillion in FY24, showing strong productivity.
- Employment rose 5.9% to 19.5 million, adding 5.7 million jobs in a decade.
- Capital investment hit ₹68.01 trillion, led by metals, autos, chemicals, food, and pharma.
Indian industries delivered a strong performance in fiscal year 2023–24, with both output and employment recording notable growth, according to the Annual Survey of Industries (ASI) released by the Ministry of Statistics and Programme Implementation (MoSPI) on Wednesday.
The survey found that the gross value added (GVA) of domestic factories surged 11.9% to ₹24.58 trillion in FY24, up from ₹21.97 trillion in FY23, underscoring the resilience of manufacturing activity despite global economic uncertainties. GVA, which measures the additional value created through production after deducting input costs, serves as a critical indicator of industrial productivity.
Employment levels also rose, with the number of jobs in registered industries increasing 5.92% to 19.5 million in FY24, compared to 18.4 million in the previous fiscal year.
Productivity and Job Creation on the Rise
The Annual Survey of Industries (ASI) report highlighted that higher productivity enabled industries to scale operations, resulting in more job opportunities across sectors. Between 2014–15 and 2023–24, industries collectively added about 5.7 million jobs, pointing to steady workforce expansion over the past decade.
“The survey findings reaffirm the strength of India’s industrial base and its capacity to generate employment alongside higher output,” a government official familiar with the report said.
Invested capital also showed growth, reaching ₹68.01 trillion in FY24 from ₹61.39 trillion in FY23. This increase reflects ongoing modernization and capacity expansion across multiple sectors.
Among industries, basic metals, motor vehicles, chemicals, food processing, and pharmaceuticals led in GVA contribution. On the employment front, food products ranked highest in total persons engaged, followed by textiles, basic metals, motor vehicles and trailers, and wearing apparel.
Regional and Structural Insights
The survey identified Tamil Nadu, Gujarat, Maharashtra, Uttar Pradesh, and Karnataka as the top five states in terms of employment in industries. When ranked by the number of factories, Tamil Nadu, Gujarat, Maharashtra, Uttar Pradesh, and Andhra Pradesh topped the list.
The Annual Survey of Industries (ASI), conducted annually, examines the composition, growth, and structure of manufacturing industries in areas such as output, value addition, employment, and capital formation. It covers registered factories, bidi and cigar manufacturing establishments, electricity undertakings engaged in generation and distribution, and units with 100 or more employees listed in the Business Register of Establishments maintained by state governments.
The fieldwork for the FY24 survey was carried out between October 2024 and June 2025, ensuring coverage across sectors and states. Its findings provide key inputs for National Accounts Statistics and inform both state and central policy frameworks.
Outlook for Manufacturing
Analysts say the report underscores the strong fundamentals of India’s industrial sector at a time when global growth remains uneven. Rising capital investment, coupled with job creation, indicates that industries are preparing to meet growing domestic demand and expand their global competitiveness.
The survey’s findings are expected to guide future policy decisions, particularly in areas of taxation, labor reforms, and industrial incentives, to sustain the growth momentum.
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