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Home / UPSC Editorials / Annual Survey of Industries (ASI) 2022-23

Annual Survey of Industries (ASI) 2022-23: Highlights & Significance | UPSC Editorials

Last Updated on Oct 04, 2024
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The latest Annual Survey of Industries for 2022-23 released by the Ministry of Statistics and Programme Implementation brings forward a crucial development in India's economic scenario. On comparing it with the earlier data, it showcases a 7.5% growth in the employment sector of manufacturing, stating that it is the highest rate of employment growth in the last 12 years. This statistical revelation thus becomes more critical for India as it moves through its recovery phase post the pandemic.

Analysis based on 

Editorial Survey: Manufacturing industries’ job growth at 12-year high in FY23 published in The Indian Express on October 1st, 2024

Topics for UPSC Prelims

MoSPI, CSO, Make in India, Production Linked Incentive (PLI) Scheme, Atmanirbhar Bharat Abhiyan (Self-Reliant India), Gross Value Added (GVA), Gross Fixed Capital Formation (GFCF)

Topics for UPSC Mains

Importance of the manufacturing sector in India's GDP, Challenges faced by the manufacturing sector, Initiatives for skill development and vocational training (Skill India)

About the Annual Survey of Industries (ASI)

The Annual Survey of Industries is one of the most extensive and essential statistical exercises conducted by the Ministry of Statistics and Programme Implementation, India. It is designed for gaining intensive information about the industrial sector. The ASI survey includes data pertaining to employment figures, industrial output, value addition, and capital investments. Its target is factories using 10 or more persons with power, and those using 20 or more persons without power, the slight variation being in definition by state-specific provisions as applicable in cases of Maharashtra, Rajasthan, and Goa. It is also the country's main source of industrial statistics, thereby becoming one of the most important sources of information concerning the performance of the country's organized manufacturing sector. Since the ASI gives a granular view of the sector, it helps policymakers, researchers, and other industry stakeholders understand trends and facilitate informed decisions to develop strategies for industrial growth and economic development.

Purpose of the Annual Survey of Industries (ASI)

Therefore, the ASI has emerged as a highly important tool to judge the performance and trend of India's industrial sector. It compiles information pertaining to every aspect of manufacturing, such as employment, output, value addition, and capital investment. Such information collected under this scheme would enable policymakers, researchers, and industry associations to make informed decisions for increased industrial output and employment.

Read the article on the Making India Manufacturing Hub!

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Key Findings of the Annual Survey of Industries (ASI) 2022-23

The ASI 2022-23 shows some critical statistics to say the state of India's manufacturing sector as follows:

  • Employment Growth: Employees in the manufacturing sector increased to 1.84 crore during the fiscal year 2022-23 from 1.72 crore in the last fiscal accounting for an increase of 7.5%.
  • Factory Numbers: The number of operating factories increased from 2.49 lakh in 2021-22 to 2.53 lakh in 2022-23.
  • Industrial Output and Gross Value Added (GVA): The sectors such as basic metals, food products, motor vehicles, and chemical products were the principal drivers of growth accounting for about 58% of the total sectoral output.
  • Geographical Distribution: Maharashtra, Gujarat, Tamil Nadu, Karnataka, and Uttar Pradesh were at the leading edge concerning GVA and employment. Together they accounted for 54 per cent and more than 55 percent of GVA and manufacturing employment, respectively.

Read the article on the National Manufacturing Policy (NMP)!

Formal and Informal Sectors of the Indian Economy

The Indian economy is characterized by a marked dichotomy between its formal and informal sectors. In fact, the formal manufacturing sector has increased significantly, whereas the informal sector has decreased. The Annual Survey of Unincorporated Enterprises (ASUSE) 2022-23 reports that the employment in the informal sector fell by 1.5%. Workers went down to 16.45 lakh from 11.13 crore in the year 2015-16 to 10.96 crore in 2022-23. It obviously points out the problems that still exist in the informal sector, which accommodates the significant workforce of the country.

Read the article on the National Manufacturing Innovation Survey (NMIS)!

Challenges Faced by the Manufacturing Sector in India

Though the pace is satisfactory, various challenges continue to haunt the Indian manufacturing sector:

  • Infrastructural Weaknesses: Inadequate Transportation, Power, and Logistic infrastructures adversely affect the smooth functioning as well as further expansion of manufacturing units.
  • Regulatory Challenges: Unfriendly regulatory structures and bureaucratic inefficiencies often discourage investment and result in deterioration of operational efficiency.
  • Skills Shortfall: Gaps between industry needs and workforce skills call for targeted effort in skill development and vocational training.
  • Access to Finance: The biggest constraint for SMEs is the access to relatively affordable, available, and timely financing, which automatically restricts their full potential for growth.

Impact of COVID-19 Pandemic on the Indian Manufacturing Sector

The Indian and global economies suffered extreme shocks due to the COVID-19 pandemic, and during the pandemic, the sector has inevitably faced some severe shocks; however, data available for ASI 2022-23 is a significant pointer to recovery and growth in the sector. Employment is two times more than the pre-pandemic level and capital investments are above the pre-pandemic level. Lockdowns, the aggregate supply shock, and health crises made the country and the sector adapt to reforms, technological adaptation, and operational resilience.

Read the article on the Index of Industrial Production (IIP)!

Initiatives Taken by the Government in the Manufacturing Sector

These initiatives by the Indian government have been undertaken by taking into consideration the very apt intent of overcoming these challenges and eventually strengthening the manufacturing sector:

Make in India

Launched in 2014, this initiative is to strive toward changing India into a global manufacturing center as it encourages not only Indian but also foreign companies to manufacture from here.

Atmanirbhar Bharat (Self-Reliant India)

This initiative is set on the focus of making India self-reliant by promoting local production, entrepreneurship, and reducing dependency on imports.

Skill India

Launched in 2015, this aims to skill more than 40 crore people by 2022 in different skills so that this crucial issue of skill gaps does not continue.

Dedicated Freight Corridors (DFCs)

These high-speed rail corridors will bring about efficiency in the transportation of goods across major industrial regions.

Ease of Doing Business Reforms

Several reforms in the business regulations are introduced where rules and regulations have been made easy to reduce red tape and make the business environment easier.

Read the article on the National Investment & Manufacturing Zone!

Conclusion

The 2022-23 Annual Survey of Industries underlines a key turning point for India's manufacturing sector-by setting indicators of strong post-pandemic rebound and an upward trajectory in job creation. This rise has been taken to be the result of strong proactive measures by the government, combined with impressive performance at the industrial level and infused capital investments. Challenges on the infrastructural, regulatory, and skill levels await challenges on the road ahead. By fostering an amicable environment for industries and by resolving the divided landscape in between the formal and informal sectors, India can amplify its manufacturing prowess and bring the country on the trajectory of balanced, inclusive, and sustainable economic growth.

Gross Fixed Capital Formation

Capital investment is perhaps the most crucial factor in industrial growth. According to the ASI report, gross fixed capital formation (GFCF) registered a massive increase of 77% to Rs 5.85 lakh crore in 2022-23 as against Rs 3.3 lakh crore recorded in 2021-22. Capital rejuvenation in this manner post the pandemic era reflects renewed confidence among investors and industries. Also, net fixed capital formation, comprising depreciation, grew by a surprisingly very high 781.6 percent in order to revamp the industrial base and enhance productivity.

Production Linked Incentive (PLI) Scheme

The PLI scheme has proved very effective in generating growth in some sectors. Conceptualized as an incentive package to enhance home manufactured productivity and induce major investment in specified sectors, it is very encouraging. While CEO of NITI Aayog, BVR Subrahmanyam pointed out that sectors which have started their operation, like metals, automobile, and food products are growing at a faster pace, indicated that policies actually start working in generalising sectoral growth and overall econo-myic output.

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UPSC Previous Year Questions

Year

Question

2023

Faster economic growth requires increased share of the manufacturing sector in GDP, particularly of MSMEs. Comment on the present policies of the Government in this regard.

UPSC Practice Questions
  1. "Discuss the significance of the Annual Survey of Industries (ASI) in understanding the industrial performance and economic growth of India. Highlight the key findings of the ASI 2022-23 and their implications for the Indian economy."
  2. "Despite positive growth trends in the formal manufacturing sector as indicated by the ASI 2022-23, the informal sector continues to face challenges. Critically examine the dichotomy between the formal and informal sectors in India, and suggest measures to integrate and uplift the informal manufacturing workforce."
  3. "Evaluate the impact of government initiatives such as the Production Linked Incentive (PLI) scheme and 'Make in India' on the manufacturing sector's growth post-COVID-19. How have these policies contributed to the resurgence of the sector?"

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