Employment in India’s industrial sector rose by 5.92% in the financial year 2023–24, reaching 1.95 crore workers, according to the latest Annual Survey of Industries (ASI) released by the Ministry of Statistics and Programme Implementation (MoSPI).
The survey, which covers the period from April 2023 to March 2024, offers a comprehensive view of employment, capital investment, and output trends across registered manufacturing units.
The ASI is the government’s principal source of industrial statistics and is used to inform national accounts and policy decisions.
The latest edition reflects a steady expansion in formal employment and industrial productivity, despite global economic uncertainties.
Employment Growth Driven by Manufacturing Expansion
The increase in employment from 1.84 crore in FY23 to 1.95 crore in FY24 marks a significant uptick in formal industrial jobs.
Over the past decade, industries have added more than 57 lakh jobs, underscoring the sector’s role in absorbing labor and supporting economic growth.
States leading in industrial employment include Tamil Nadu, Gujarat, Maharashtra, Uttar Pradesh, and Karnataka.
These states continue to attract investment and host a large number of registered manufacturing units, particularly in textiles, automotive, chemicals, and food processing.
Capital Investment and Output Also See Strong Gains
Alongside employment, the ASI 2023–24 reports a notable rise in capital investment.
Total invested capital in industries grew to ₹68.01 lakh crore in FY24, up from ₹61.39 lakh crore in the previous year.
This 10.8% increase reflects renewed investor confidence and expansion across sectors.
Gross Value Added (GVA)—a key measure of industrial output—rose by 11.9% to ₹24.58 lakh crore in FY24, compared to ₹21.97 lakh crore in FY23.
GVA is calculated by subtracting the value of inputs from the total output, and it serves as a proxy for productivity and value creation.
The top five industries contributing to GVA were:
- Basic metals
- Motor vehicles
- Chemicals and chemical products
- Food products
- Pharmaceutical products
These sectors have benefited from both domestic demand and export opportunities, as well as targeted government incentives under schemes like PLI (Production Linked Incentive).
Survey Methodology and Coverage
The Annual Survey of Industries (ASI) broadly includes registered factories, electricity utilities, and units engaged in the manufacturing of bidis and cigars.
In addition to these, it covers establishments employing 100 or more workers that are listed in the Business Register of Establishments maintained by respective state governments.
Survey teams conducted the fieldwork for FY24 between October 2024 and June 2025.
This extended timeline helped capture a robust dataset covering diverse geographies and industrial sectors.
The survey provides essential data that supports economic planning at both national and state levels.
It also serves as a tool to monitor structural changes within India’s industrial landscape.
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