Manufacturing GVA rises 12% in FY24, employment up 6%

New Delhi: The gross value added (GVA) of India's manufacturing industries grew 11.9% to ₹24.6 lakh crore in 2023-24 from ₹21.9 lakh crore in the year before, official data released Wednesday showed.

This marks a 65.5% jump from the pre-pandemic level of ₹14.8 lakh crore in 2019-20.

Across sectors, basic metals accounted for the major share in manufacturing GVA in 2023-24 at 11.6%, according to the Annual Survey of Industries (ASI) 2023-24. Next was motor vehicles (9.1%), chemical products (8.8%), food products (7.4%) and pharmaceutical products (7.2%).


Data showed that industrial output increased by 5.8% to ₹153.3 lakh crore in 2023-24 from ₹144.9 lakh crore in 2022-23.

The survey field work was conducted by the ministry of statistics and programme implementation (MoSPI) from October 2024 to June 2025.

Invested capital-total of fixed and physical working capital-grew by 10.8% to ₹68 lakh crore in 2023-24 from the year before.

Rise in employment

The number of persons employed in factories rose by 5.9% to 19.5 million in 2023-24 from 18.5 million in the year before. The total number of persons engaged was higher than the pre-pandemic level of 16.6 million in 2019-20.

"The sector added more than 57 lakh jobs during the last decade 2014-15 to 2023-24," the statistics ministry said in a statement.

Across sectors, food products hired the highest number of people at 2.2 million, followed by textiles (1.7 million), basic metals (1.5 million) and motor vehicles (1.4 million).

Five states accounted for over half of people employed in 2023-24, with Tamil Nadu leading at 2.9 million, followed by Gujarat (2.6 million), Maharashtra (2.5 million), Uttar Pradesh (1.6 million) and Karnataka (1.2 million).