India’s Industrial Jobs Surge in FY24
Employment Soars 5.92% to 1.95 Crore
India’s industrial sector witnessed robust growth in employment, rising 5.92% to 1.95 crore jobs in the financial year 2023-24, up from 1.84 crore in 2022-23, according to the latest Annual Survey of Industries (ASI) released by the Ministry of Statistics and Programme Implementation (MoSPI) on August 27, 2025. Conducted from October 2024 to June 2025, the ASI 2023-24 report highlights significant strides in job creation, capital investment, and economic output, signaling a strong recovery and expansion in India’s manufacturing landscape.
The ASI data reveals that industries added over 57 lakh jobs between 2014-15 and 2023-24, reflecting a decade-long trend of steady employment growth. The top five states driving this surge—Tamil Nadu, Gujarat, Maharashtra, Uttar Pradesh, and Karnataka—accounted for over 55% of total manufacturing employment, underscoring their pivotal role in India’s industrial ecosystem. The survey, which covers factories, bidi and cigar manufacturing, electricity utilities, and units with 100 or more employees, provides critical insights into the sector’s dynamics.
Invested capital in industries climbed to Rs 68,01,329 crore in FY24, a notable increase from Rs 61,39,212 crore in FY23. Concurrently, the Gross Value Added (GVA)—the additional value created through production—grew by 11.9% to Rs 24,58,336 crore from Rs 21,97,056 crore, highlighting enhanced productivity and economic contributions. Key industries leading in GVA include basic metals, motor vehicles, chemicals, food products, and pharmaceuticals, which together form the backbone of India’s industrial output.
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The ASI’s findings, integral to National Accounts Statistics, underscore the sector’s resilience amid global economic challenges. The 7.5% employment growth in manufacturing reported for FY23, reaching 1.85 crore from 1.72 crore, set the stage for FY24’s continued momentum. States like Maharashtra and Gujarat, which also topped GVA rankings, demonstrate the synergy between job creation and value addition. As India pushes for export diversification and sustainable infrastructure, as seen in initiatives like Vizhinjam Port, the industrial sector’s growth is poised to bolster economic self-reliance.
