Why is it in the news?
- Recently, the annual survey of industries was released by Ministry of Statistics and Programme Implementation (MoSPI).
More about the news
- The ASI serves as the principal source of Industrial Statistics in India.
- Authorized under the Collection of Statistics (COS) Act, 2008, ASI comprehensively covers all factories registered under the Factories Act, 1948.
- Additionally, it encompasses units falling under other relevant acts such as the Bidi and Cigar Workers (Conditions of Employment) Act, 1966, thereby providing a holistic view of industrial activity in the country.
- However, certain establishments like defence establishments, oil storage and distribution depots, etc., are excluded from its purview.
Key highlights from ASI
- Gross Value Addition (GVA) rankings reveal Gujarat as the top performer, followed by Maharashtra, Tamil Nadu, Karnataka, and Uttar Pradesh.
- Employment statistics indicate Tamil Nadu, Gujarat, Maharashtra, Uttar Pradesh, and Haryana as the leading states in terms of providing employment opportunities in the industrial sector.
- Despite disruptions caused by the pandemic, the manufacturing sector has shown resilience, particularly driven by industries such as Basic metal, Coke & Refined Petroleum Products, Pharmaceutical Products, and Motor vehicles.
| About Manufacturing Sector
· Contributes approximately 17% to India’s Gross Domestic Product (GDP), highlighting its significance in the economy. · With an ambitious target to increase its share to 25% by 2025, the manufacturing sector holds immense potential for growth and development. · The sector offers substantial opportunities for exporting manufactured goods, owing to factors such as a large domestic demand base and Foreign Direct Investment (FDI) inflows. · However, the sector faces several challenges, including limited credit availability, comparatively lower productivity levels compared to global counterparts like China and Vietnam, prevalence of informal/unorganised sector, shortage of skilled labour, and infrastructural bottlenecks. Government Initiatives · National Manufacturing Policy, 2011, aimed at enhancing the competitiveness of the manufacturing sector and promoting inclusive growth. · Make in India initiative, launched in 2014, seeks to transform India into a global manufacturing hub by promoting domestic manufacturing and attracting foreign investment. · PM Gati Shakti National Master Plan, introduced in 2021, focuses on integrating infrastructure planning and development to expedite project implementation and boost industrial growth. · Additionally, initiatives such as the Production Linked Incentive (PLI) scheme and Industrial Corridor Development Programme have been rolled out to incentivize manufacturing activities and develop industrial infrastructure across the country. |
