India's unincorporated enterprises demonstrated remarkable growth in 2023-24, achieving a 16.5% increase, surpassing the national growth rate of 7.1%. The Annual Survey of Unincorporated Sector Enterprises (ASUSE) indicated a 12.8% rise in establishments and a 10% increase in employment. Chief Economic Advisor V. Anantha Nageswaran noted supportive government initiatives during COVID-19. Labor productivity also improved, with a 5.6% rise in gross value added per worker. Additionally, digital engagement and female-led establishments are on the rise, showcasing a dynamic and inclusive economy.
The latest annual survey released by the government on December 24 reveals that India's unincorporated enterprises have outpaced the national growth rate, showcasing a vibrant informal economy. These enterprises recorded an impressive growth rate of 16.5% in 2023-24, up from 15.1% the previous year, as the overall economy accelerated to 7.1%, compared to 6.7% in the same period last fiscal year.
"This data shows the lagged effect of growth spurt. Various policy initiatives were supportive of entrepreneurship. Govt initiatives on start-up and stand-up India during Covid has allowed enterprises to grow," stated Chief Economic Advisor V. Anantha Nageswaran during the media briefing for the Annual Survey of Unincorporated Sector Enterprises (ASUSE), conducted by the Ministry of Statistics and Programme Implementation (MoSPI).
The ASUSE findings reveal a commendable 12.8% increase in the number of establishments and a 10% rise in employment during this period. MoSPI Secretary Saurabh Garg emphasized the positive trend in labor productivity, noting a 5.6% increase in gross value added per worker, which rose to ₹1.5 lakh from ₹1.42 lakh in 2022-23.
"There are now 7.4 crore establishments, and over 12 crore people are employed. Productivity of enterprises is also increasing," Garg added, highlighting the robust growth in the sector. Wages in the unincorporated sector saw a healthy rise of 13%, with manufacturing wages climbing even higher at 16%.
The survey also examined various sectors, revealing that the other services sector led the way with a remarkable growth rate of 26.2%, while trade expanded by 12.8% and manufacturing grew by 5.4%. Although there was a slight contraction in gross value added per establishment in urban areas for other services and manufacturing, this is attributed to the time required for new establishments to reach full capacity utilization.
The 2023-24 survey introduces a new methodology that includes previously untracked roles such as tuition teachers, housemaids, gardeners, and cooks, reflecting the evolving landscape of the unincorporated sector.
Another noteworthy trend is the increasing digitization among these enterprises. "The digital economy is increasing, and the expansion of digital public infrastructure is showing. Nearly 27% of businesses use the internet, and female-owned establishments have also increased," Garg highlighted. The proportion of establishments utilizing the internet surged from 21% in 2022-23 to 26.7% in 2023-24, while the percentage of female-led establishments rose to 26.2% from 22.9% in the previous year.
Overall, these encouraging figures underscore the resilience and growth potential of India's unincorporated enterprises, reflecting a dynamic shift towards a more inclusive and productive economy.
コメント