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Informist, Tuesday, Dec. 24, 2024

 

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--MoSPI releases unincorporated sector enterprises survey result for 2023-24 
--MoSPI: Number of unincorporated units rose 12.8% in 2023-24 to 73.4 mln 
--MoSPI: GVA per worker in unincorporated units rose 5.6% in 2023-24 
--MoSPI: Unincorporated sector employed 120.6 mln workers in 2023-24, up 10% 
--MoSPI:Emolument per worker in unincorporated sector INR 141,071 in 2023-24 
--MoSPI:Unincorporated sector formal worker emolument INR 291,895 in 2023-24 
--MoSPI: 2023-24 unincorporated sector informal worker emolument INR 125,910 

 

NEW DELHI – India's unincorporated sector employed 120.60 million workers in 2023-24 (Oct-Sept), up 10.0% from a year ago, according to the results of the Annual Survey of Unincorporated Sector Enterprises released on Tuesday. 

 

Urban areas led the rise in employment, with the number of workers employed increasing 12.6% on year in 2023-24. In rural areas, the number of workers employed rose 7.2% during the year. The growth rates in workers employed was 10.0% in the manufacturing sector, 1.9% in the trade sector, and 17.9% in the other services sector.

 

The number of unincorporated establishments grew 12.8% on year to 73.4 million in 2023-24. The gross value added by unincorporated sector establishments rose 16.5% at current prices during the year, survey results showed. 

 

"What this data shows, is the lagged effect of the growth spurt that started when COVID-19 abated after the first quarter of fiscal year 2021-22 (Apr-Mar)," Chief Economic Advisor V. Anantha Nageswaran said at a press conference after the release of the survey results. 

 

"Various government initiatives that supported micro, small, and medium enterprises during COVID-19 allowed them to stabilise and once the economy began to grow, they were able to grow along their own steam as well, and that is what the 2023-24 ASUSE (Annual Survey of Unincorporated Sector Enterprises) survey reveals," Nageswaran said. 

 

Among the broad sectors covered--manufacturing, trade, and other services--the number of establishments in the 'other services' sector rose 23.6% followed by a 13% increase witnessed by the manufacturing sector. "This significant increase highlights consistent sectoral expansion and reinforces the sector's critical role in driving the overall growth of the unincorporated sector," the statistics ministry said. 

 

The gross value added per worker, which is a measure of labour productivity, rose 5.6% on year to INR 149,742 in 2023-24 from INR 141,769 a year ago. The gross value of output per establishment increased to INR 491,862 in 2023-24 from INR 463,389.

 

The average emoluments per hired worker increased 13% to INR 141,071 in 2023-24 compared to the previous year, signalling improvements in wage levels. "This wage growth serves as a catalyst, strengthening the labour market, enhancing productivity, and fuelling broader economic demand," the ministry said in a release. 

 

The emoluments per formal worker were INR 291,895 in the 12 months ended September, while emoluments per informal worker were INR 125,910.

 

The percentage of female-owned proprietary establishments increased to 26.2% in 2023-24 from 22.9% a year ago. The percentage of establishments using internet increased to 26.7% during the year from 21.1% a year ago.  End

 

Reported by Shubham Rana

Edited by Saji George Titus

 

 

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