Do it yourself

Recently the Ministry of Statistics and Program Implementation, Government of India, released the results of the latest Annual Survey of Industries (ASI) for the reference period FY23. The Annual Survey of Industries is conducted with the primary objective to provide a meaningful insight into the dynamics of change in the composition, growth and structure of various manufacturing industries in terms of output, value added, employment, capital formation and a host of other parameters. I note the following key points from the survey results. Key statistics (five-year period from FY19 to FY23) ·           Number of total factories in the country has grown at a CAGR of 1.2%, despite the government’s strong emphasis on manufacturing and multiple incentives. ·           Total fixed capital (investment) employed in manufacturing has recorded a growth of 4.4% CAGR . Total invested capital has grown at a CA...

Continuing from Tuesday ( Nine years of continuity and low growth ), I must say one key area of sub-optimal by the incumbent NDA-2 government is management of human resources. Despite massive public campaigns, the investment in education, skill developments, and employment generation opportunities have been found lacking. Meager budget allocations have been made for capacity building in the areas of education and skill development. In fact, the capital expenditure budget was sharply cut for school & higher education and skill development in the union budget for FY24. A meager sum of Rs99.2cr was allocated towards capital expenditure on skill development. The successive governments in India have been consistently ignoring the fact that the global community has always valued resource rich nations and expected them to behave in a responsible manner to preserve the global order. ·          The capital rich western world is expected to help the...