Last week, the National Statistical Office (NSO) released the outcome of the latest Annual Survey of Industries (2021-2022). The survey results provide important insights into the current state of the Indian industry. Some key highlights of the survey results are as follows:
· Growth: The year 2021-22 witnessed a sharp rise in level as well as in the growth of the majority of the important economic parameters like invested capital, input, output, GVA, net income, and net profit registered by the sector and even surpassed the pre-pandemic level in absolute value terms.
· The main drivers of this growth in 2021-22 were industries like the Manufacture of Basic metal, Coke & Refined Petroleum Products, Pharmaceutical Products, Motor vehicles, Food Products and Chemical and Chemical products. These industries, taken together, contributed about 56% of the total GVA of the sector and showed GVA growth of 34.4% and output growth of 37.5% in comparison to 2020-21.
· Employment: The estimated number of persons engaged in this sector in 2021-22 has exceeded the pre-pandemic level (that is 2018-19) by more than 9.35 lakh. The top five states employing the highest number of persons in manufacturing were Tamil Nadu, Gujarat, Maharashtra, Uttar Pradesh, and Haryana.
· Wage Growth: Average emoluments also registered an increase with the average salary earned per employee in this sector had gone up by 1.7% in 2020-21 and by 8.3% in 2021-22 in comparison to the respective previous years.
· Regional dispersion: The top five states, taken together, contributed about 53% of the total manufacturing GVA of the country in 2020-21 as well as in 2021-22. Gujarat remained at the top in 2020-21 and in the second position in 2021-22 while Maharashtra ranked first in 2021-22 and second in 2020-21. These two states were followed by Tamil Nadu, Karnataka, and Uttar Pradesh in both years.
· Key produce: Food (16.35%), Non-metal minerals (11.87%), Textile (6.86%), Fabricated Metal (6.44%), Rubber and Plastic products (6.01%) were the top category of operational factories.
· No. of factories: There was a total of 2,00,576 operational factories in India at the end of FY22. About 49400 or about one-fifth of the total factories were inoperational. About 51% of the total operational factories were in the top 5 states – Tamil Nadu (15.76%); Gujarat (11.63%), Maharashtra (10.16%), Uttar Pradesh (7.03%), and Andhra Pradesh (6.24%). Gujarat factories were the most capital-intensive (18.43% of total fixed capital).
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Debt: Manufacturing
units had a total of Rs13971 billion loan outstanding at the end of FY22. The
average interest cost of these loans was 11.7%.
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