Output, wages, GVA... manufacturing sector is on a roll: GVA grows 9.6% to Rs 26.9 lakh crore; sector adds 1.4 mn workers

New Delhi: India's formal manufacturing sector recorded broad-based growth in 2024-25, with expansion across gross value added (GVA), capital, output, employment and wages. The GVA of industries grew 9.6% to ₹26.9 lakh crore in 2024-25 from ₹24.6 lakh crore in 2023-24, while industrial output rose 7.8% to ₹165.2 lakh crore, according to the Annual Survey of Industries (ASI) released by the statistics ministry Wednesday.

Employment also expanded significantly, with the sector adding 1.4 million workers in 2024-25, taking the total workforce to around 21 million. The survey field work was conducted from October 2025 to June 2026 by the ministry. The number of establishments increased 2.6% to 0.27 million.

Invested capital, total of fixed and physical working capital, grew 11.1% to Rs 75.6 lakh crore in 2024-25.

At the sectoral level, basic metals accounted for the largest share of manufacturing GVA in 2024-25 at 11.6%, followed by motor vehicles (9.5%), chemical products (8.5%), pharmaceuticals products (8.1%) and food products (7.9%).

Five states together accounted for over half of manufacturing GVA in 2024-25. Maharashtra led with a 15.9% share, followed by Gujarat (14.1%), Tamil Nadu (10.9%), Karnataka (7.3%) and Uttar Pradesh (6.6%).

Employment, wages

The number of persons employed in factories rose 7.2% to 21 million in 2024-25 from 19.6 million in the year before. Total emoluments increased by 12.1% to ₹8 lakh crore.

Five states accounted for more than 56% of manufacturing employment in the country, with Tamil Nadu leading at 15%, followed by Maharashtra (13.1%), Gujarat (13%), Uttar Pradesh (8.7%) and Haryana (6.4%). Among industries, food products hired the highest number of people at 2.4 million.