New Delhi: The Economic Survey 2023-24, presented by Union Minister of Finance and Corporate Affairs Nirmala Sitharaman on Monday highlighted industrial growth of 9.5 percent in the Indian industrial sector.
Manufacturing remained at the forefront, achieving an average annual growth rate of 5.2 percent in the last decade. The sector had a gross value added of 14.3% in FY23 and an output share of 35.2 percent during the same period. The HSBC India Purchasing Managers' Index (PMI) for manufacturing consistently remained well above the threshold value of 50 in all months of Financial Year 24, indicating a sustained expansion and stability in India's manufacturing sector.
The survey notes that about 47.5 percent of the total value of output in the country is used as inputs in productive activities (inter-industry consumption). Manufacturing activities account for about 50% of the inter-industry consumption and supply almost 50 percent of inputs used in all productive activities (agriculture, industry, and services).
The survey optimistically notes that most of these restrictions have been lifted, and physical infrastructure and connectivity are improving at a rapid pace. The survey underlines the importance of deregulation and the role of the private sector in long-term investment.
FIRST Business Portal addressing the potential of business capability of North East Region.
