Manufacturing Jobs Up 7.6%, Wages Rise 5.5% In FY23: FM Hails Growth
According to a government survey, manufacturing jobs rise by 7.6 per cent, while wages see a 5.5 per cent increase during the fiscal year.
Union Finance Minister Nirmala Sitharaman on Tuesday praised the recent surge in manufacturing jobs and wages for workers in the financial year 2022-23, calling it a significant achievement. According to a government survey, manufacturing jobs increased by 7.6 per cent, while wages saw a 5.5 per cent rise during the fiscal year.
"Under the leadership of Prime Minister Narendra Modi, India's manufacturing sector has not only rebounded but is now thriving," she said.
Nationwide employment in the manufacturing sector has seen an impressive rise from 1.6 crore workers in 2018-19 to 1.9 crore in 2022-23. A higher concentration of employment in factories was also observed, as the number of workers per factory also increased from 65 in 2018-19 to 71 in 2022-23.
The data shows that wages per worker in the manufacturing sector have jumped by 5.5 per cent, with workers now earning an average of Rs 2.05 lakh annually (wages per worker has seen a rise from Rs. 1.69 lakh in 2018-19 to Rs. 2.05 lakh in 2022-23.)
Gross Value Added (GVA) in manufacturing, that is, the economic value generated, has risen by over 21 per cent from 2021-22 to 2022-23. GVA, a key marker of economic activity, clearly indicates that India's manufacturing engine is roaring.
"The surge in GVA by over 21 per cent is a clear indication that India's manufacturing sector is firing on all cylinders," said Sitharaman.
BJP-ruled states have become the powerhouses of India's manufacturing revolution, driving massive growth in both output and employment. At the forefront of this success are Gujarat, Uttar Pradesh, and Maharashtra.
Gujarat, known for its entrepreneurial spirit, is at the top with 17.7 per cent of the total output, while Maharashtra, the industrial heartland of India, follows closely with 14.6 per cent share of total output. Uttar Pradesh, India's most populous state, contributed 7.1 per cent to the national manufacturing output.
In terms of employment, Maharashtra has performed exceptionally well, with 12.8 per cent of the total number of people employed. Gujarat follows next with 12.6 per cent of all no. of people employed, while Uttar Pradesh, India's most populous state, contributed to 8.1 per cent of the manufacturing jobs (in 2022-23).
In terms of the number of factories in operation, these three BJP-ruled states have secured top spots, with Gujarat contributing 12.2 per cent at second rank, Maharashtra 10.4 per cent at 3rd rank and Uttar Pradesh 7.5 per cent ranking 4th. NDA ally state Andhra Pradesh ranks 5th with 6.5 per cent of factories.
These three BJP-ruled states--Gujarat, Maharashtra, and Uttar Pradesh, in combination with Tamil Nadu and Karnataka, have emerged as the backbone of India's manufacturing sector, together accounting for more than 50 per cent of India's total manufacturing jobs.
"More jobs mean more food on the table, and more wages mean better quality of life for lakhs of Indian families. Under PM Modi's leadership, the manufacturing sector has emerged as a job-creation powerhouse," Minister Nirmal Sitharaman said as she credited several key initiatives of the Modi government for this remarkable turnaround.
Modi government's Production-Linked Incentive (PLI) Scheme has provided strong incentives for manufacturing industries across sectors like electronics and textiles, leading to the creation of lakhs of new jobs.
Alongside this, the Make in India initiative, which recently completed ten years, has revitalized the country's manufacturing sector by driving a surge in domestic production and attracting foreign investment.
The Aatmanirbhar Bharat push by PM Modi, a push for self-reliance, has also significantly boosted manufacturing. In parallel, the Labour Law Reforms introduced under the PM Modi government have made it easier for businesses to hire workers while simultaneously ensuring the protection of employee rights and improving working conditions.
These reforms, coupled with India's significant leap in Ease of Doing Business rankings, have made the country an attractive destination for both domestic and foreign investors, spurring industrial growth and large-scale job creation across the nation. (ANI)
