India's Industrial Boom: Aiming for 9%+ Economic Growth

India's industrial sector is thriving, driving economic growth towards a 9%+ target. NITI Aayog CEO B V R Subrahmanyam cites increases in employment and wages across manufacturing sectors, with significant contributions from key industries and states. The growth surpasses pre-pandemic levels, reflecting a robust recovery.

India's industrial sector is thriving, propelling the country toward a new economic milestone of 9%+ growth, according to NITI Aayog CEO B V R Subrahmanyam. Speaking at a press conference after the release of the Annual Survey of Industries (ASI) by the Ministry of Statistics and Programme Implementation (MoSPI), Subrahmanyam highlighted the substantial job creation within India's manufacturing sector.

ASI data indicates a 7.5% increase in employment within manufacturing industries over the past year, with the number of employed rising to 1.85 crore in 2022-23 from 1.72 crore in the previous year. This employment boost exceeds pre-pandemic figures, demonstrating a strong rebound. The average emolument per person also rose by 6.3%.

The Reserve Bank of India has lifted its GDP growth projection to 7.2% from 7%, fueled by increased private consumption and rural demand. Subrahmanyam noted that the effects of COVID-19 have been nullified, and that the growth is broad-based, spanning key sectors such as metals, petroleum, food products, chemicals, and motor vehicles.

(With inputs from agencies.)