Key Points
New Delhi: The latest Annual Survey of Industries (ASI) for 2022-23 paints a dismal picture of Indias labour productivity and income levelswage growth has lately been slower than inflation, and value added per worker actually contracted in 2022-23...
Additionally, the data shows that many of the sectors that employ the most people dont feature among the sectors that add the most value to the economy, another indicator that a large part of Indias labour force is employed in low-value jobs...
The annual rate of inflation eased from 6 percent in 2014-15 to 3.4 percent in 2018-19, while the growth in per-worker wages slowed from 7.8 percent in 2014-15 to 6.9 percent in 2018-19...
In 2022-23, five sectors accounted for more than 40 percent of Indias manufacturing labour forcefood products (11.4 percent), textiles (9.3 percent), basic metals (7.6 percent), wearing apparel (7.1 percent), and motor vehicles, trailers & semi-trailers (6.8 percent)...
That is, where the sectors GVA grew 9.4 percent in 2014-15 in nominal terms (without incorporating inflation), the real growth after factoring in the 6 percent inflation that year was actually only 3.4 percent...
