Gainful employment in factories grew around 6%, emoluments by 12%
These factories offered gainful employment to over 1.95 crore people and disbursed ₹7.16 lakh crore in total emoluments.
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REUTERS
Emoluments to workers in factories rose by around 12 per cent in FY24, a Statistics Ministry report released on Tuesday showed. However, this is below the 16 per cent recorded in FY22.
According to the Annual Survey of Industries (ASI), in 2023-24, more than 2.12 lakh registered factories were operational across all States and Union Territories. This is 3.13 percent higher thanlast year. Collectively, these factories invested over ₹68 lakh crore in capital, an increase of about 11 percent compared to the ASI 2022-23 estimates.
These factories offered gainful employment to over 1.95 crore people and disbursed ₹7.16 lakh crore in total emoluments. While the number of persons employed grew by around 6 per cent, emoluments increased by around 12 per cent.
The ASI is conducted with the primary objective of providing meaningful insight into the dynamics of change in the composition, growth, and structure of various manufacturing industries in terms of output, value added, employment, capital formation, and a host of other parameters. It provides valuable input to the National Accounts Statistics at the national and State levels.
Major sectors
According to the report, out of 28 industries in terms of National Industrial Classification (NIC)-2008, the five major employment-generating sectors were Food Products (11.06 per cent), Textiles (8.75 per cent), Basic Metals (7.77 per cent), Motor Vehicles, Trailers and Semi-Trailers (7.01 per cent), and Wearing Apparel (6.83 per cent).
The average size of the factory, measured in terms of value-based characteristics, such as fixed capital per manufacture, has maintained a steady upward trend over the years. Furthermore, the Gross Output per operating factory and the Net Value Added per operating factory have exhibited significant growth over the past three consecutive years.
The survey results revealed that in 2023-24, a factory with an average investment of ₹2,171 lakh in fixed capital has provided gainful employment to 92 people, produced goods and services at ex-factory prices worth ₹7,196 lakh, and contributed ₹987 lakh by way of net value added through manufacturing to the national income.
In 2023-24, the number of operating factories is reported to be highest in Tamil Nadu (15.02 per cent), followed by Gujarat (12.52 per cent). Maharashtra occupies the first position by virtue of its contribution to Total Emoluments (17.48 percent), Net Value Added (16.24 percent), Gross Value Added (15.95 per cent), and Working Capital (14.62 per cent). In terms of contribution to net value added, Maharashtra is followed by Gujarat (13.84 per cent), Tamil Nadu (10.17 per cent), Karnataka (7.68 per cent), and Uttar Pradesh (6.93 per cent) in that order.
Published on September 30, 2025
