Annual Survey of Industries (ASI) 2023-24: Key Insights on GVA Growth

The Ministry of Statistics and Programme Implementation (MoSPI) published the Annual Survey of Industries (ASI) 2023–24, which offers vital information about the composition and performance of India’s manufacturing sector. Trends in Gross Value Added (GVA), output, employment, fixed capital formation, and productivity across registered factories are highlighted by ASI, the most extensive source of industrial statistics. The 2023-24 report provides useful information for businesses, economists, and policymakers to evaluate industrial growth, track the development of India’s manufacturing-led strategy, and keep an eye on economic diversification.

Overview of the Annual Survey of Industries (ASI) 2023-24

The Ministry of Statistics and Program Implementation (MoSPI) is responsible for its release. In terms of output, value added, employment, and capital formation, it seeks to offer significant insights into shifts in the makeup, expansion, and structure of manufacturing industries.

• Under the 2017 Collection of Statistics (Amendment) Act, the ASI is carried out once a year.
• The Bidi and Cigar Workers (Conditions of Employment) Act of 1966, factories registered under the Factories Act of 1948, and electrical projects not registered with the Central electrical Authority (CEA) are all covered by ASI.
• ASI does not cover departmental units like railway workshops, gas storage, oil storage and distribution depots, or defense institutions. State and major industrial levels prepare the results.

Concept bases 

The extra value produced throughout the production process is known as gross value added, or GVA. This is computed by subtracting the total input value from the total output value. Total input and depreciation are subtracted from total output to determine Net Value Added (NVA).

• The depreciated worth of the factory’s fixed assets as of the last day of the fiscal year is represented by fixed capital.
• While working capital investments help the firm run more smoothly on a daily basis, fixed capital entails investing in long-term assets or projects (such as buildings, machinery, or land).

Important aspects of the survey

Basic metal, automobiles, chemicals and their products, food items, and pharmaceuticals are the top 5 industries in terms of gross value added (GVA). In terms of employment, Tamil Nadu, Gujarat, Maharashtra, Uttar Pradesh, and Karnataka rank first through fifth.

• Over the prior year, Gross Value Added (GVA) increased by 11.89%.
• Over the preceding year, industrial output grew by more than 5.80%. In comparison to 2022–2023, average earnings per person engaged increased by 5.6%.

Mains: 

Question: Discuss the significance of the Annual Survey of Industries (ASI) in understanding India’s industrial growth and structural transformation. How can its findings guide industrial policy?

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MCQs:

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Question: With reference to the Annual Survey of Industries (ASI), consider the following statements:

1. It is released by the National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation (MoSPI).
2. The ASI is conducted once every five years under the Factories Act, 1948.
3. It provides data on industrial output, value addition, employment, and capital formation.

Which of the above statements is/are correct?

(a) 1 and 2 only

(b) 1 and 3 only

(c) 2 and 3 only

(d) 1, 2 and 3

Answer: (b) 1 and 3 only

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