2nd time in 20 yrs: Manufacturing jobs pull ahead of growth, shows ASI data

Capital intensity adds horsepower to the sector in latest ASI data

In a relatively rare occurrence, the growth in manufacturing jobs exceeded the pace of sector growth in 2022-23 (Fy23).

The number of persons engaged in the segment grew by 7.43 per cent in FY23, according to figures from the Annual Survey of Industries (ASI) released on September 30. The gross value added for the manufacturing sector grew by 4.24 per cent in current prices and declined by 2.2 per cent in real terms for FY23, according to earlier annual figures released by the government. The only previous instance in the past 20 years occurred during the pandemic