Despite the challenges posed by the Covid-19 pandemic, a survey has revealed that the manufacturing sector in India witnessed improvements in both employment and profits.
According to the Annual Survey of Industries (ASI) released by the Ministry of Statistics and Programme Implementation, the total number of employees in over 2.50 lakh factories decreased from 1.66 crore in 2019-20 to 1.60 crore in 2020-21.
However, there was a recovery in employment in 2021-22, surpassing pre-pandemic levels. The number of employees rose to 1.72 crore with a compounded annual growth rate (CAGR) of 1.7%. Similarly, the number of workers increased to 1.36 crore with a CAGR growth of 2.1%.
The survey also highlighted an increase in profits, with a growth rate of 42.3% from Rs 4.70 lakh crore in 2019-20 to Rs 9.51 lakh crore in 2021-22.
The manufacturing sector’s resilience and turnaround story in the face of pandemic-induced challenges were evident in the survey results.
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