India&rsquo;s manufacturing sector posted robust growth in FY24, with Gross Value Added (GVA) surging 11.89% compared to 7.3% in FY23, according to the Annual Survey of Industries (ASI) released by the Ministry of Statistics and Programme Implementation.
Industrial output grew 5.8% during April 2023&ndash;March 2024, while employment in the sector rose 5.92% year-on-year. Over 57 lakh jobs were added in the last decade, bringing the total factory workforce to 1.95 crore in FY24.
Key contributors to GVA growth were basic metals, motor vehicles, chemicals, food products, and pharmaceuticals. States leading in factory employment include Tamil Nadu, Gujarat, Maharashtra, Uttar Pradesh, and Karnataka.
Currently, manufacturing contributes around 17% to India&rsquo;s GDP. Policymakers aim to raise this share to 25% by 2025 under the &ldquo;Make in India&rdquo; initiative.
Economists suggest that recent U.S. tariffs of up to 50% on Indian goods should catalyse efforts to boost domestic manufacturing capacity, diversify exports, and strengthen supply chains.
India&rsquo;s GDP growth for Q1 FY26 is projected between 6.8&ndash;7%, with GVA expected at 6.5%, driven by higher consumer spending and strong industrial activity.
The ASI noted that the upward trend signals a post-Covid recovery in manufacturing and a steady rise in job creation, especially in labour-intensive sectors.
[Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed.]
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Manufacturing sector drives growth with 11.9% GVA rise, 5.9% job boost; key states lead

India’s Manufacturing GVA Grows 11.9% in FY24

Manufacturing sector drives growth with 11.9% GVA rise, 5.9% job boost; key states lead

August 27, 2025 | 23:12 IST