Union Finance Minister Nirmala Sitharaman recently lauded the surge in manufacturing jobs and wages in the financial year 2022-23, calling it a significant achievement. According to a government survey, manufacturing jobs increased by 7.6 percent, while wages saw a 5.5 percent rise during the fiscal year. This growth has been attributed to the leadership of Prime Minister Narendra Modi, with the manufacturing sector now thriving and rebounding at an impressive rate.
The nationwide employment in the manufacturing sector has seen a notable rise from 1.6 crore workers in 2018-19 to 1.9 crore in 2022-23. Additionally, a higher concentration of employment in factories was observed, with the number of workers per factory increasing from 65 in 2018-19 to 71 in 2022-23. Wages per worker in the manufacturing sector have also jumped by 5.5 per cent, with workers now earning an average of Rs 2.05 lakh annually.
Gross Value Added (GVA) in manufacturing, which indicates the economic value generated, has risen by over 21 percent from 2021-22 to 2022-23. This significant increase in GVA showcases that India’s manufacturing engine is in full throttle. Sitharaman emphasized that the surge in GVA by over 21 percent is reflective of India’s manufacturing sector firing on all cylinders.
States like Gujarat, Uttar Pradesh, and Maharashtra, under BJP rule, have emerged as powerhouses of India’s manufacturing revolution, driving substantial growth in both output and employment. Gujarat leads with 17.7 percent of the total output, followed by Maharashtra with 14.6 percent. In terms of employment numbers, Maharashtra, Gujarat, and Uttar Pradesh have performed exceptionally well, contributing significantly to the national manufacturing landscape.
The Modi government’s initiatives like the Production-Linked Incentive (PLI) Scheme, Make in India, and Aatmanirbhar Bharat have played a crucial role in revitalizing India’s manufacturing sector. These initiatives, coupled with Labour Law Reforms and improvements in Ease of Doing Business rankings, have transformed the country into an attractive destination for investors, leading to industrial growth and large-scale job creation across the nation.
Sitharaman credited PM Modi’s leadership and these key initiatives for the remarkable turnaround in India’s manufacturing sector, emphasizing that more jobs mean better livelihoods for Indian families. The success of the manufacturing sector in creating significant employment opportunities and driving economic growth is a testament to the government’s commitment to fostering a robust and thriving manufacturing ecosystem in the country.
