New Delhi, Dec 24 (SocialNews.XYZ) The estimated number of establishments in India’s Unincorporated Sector recorded a robust 12.84 per cent growth during October 2023–September 2024, compared to the same period of the previous year, according to the annual survey of the Ministry of Statistics released on Tuesday.
Similarly, the total estimated employment in the sector showed a double-digit growth of 10.01 per cent during this period over the previous year while Gross Value Added (GVA) jumped by 16.52 per cent (at current prices).
The Annual Survey of Unincorporated Sector Enterprises (ASUSE) 2023-24 shows that the total number of establishments in the unincorporated sector increased substantially from 6.50 crore in 2022-23 to 7.34 crore in 2023-24.
Among the broad sectors covered, the number of establishments in the "Other Services" sector recorded a growth of 23.55 per cent, followed by a 13 per cent 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 sector employed more than 12 crore workers between October 2023 and September 2024, marking an increase of more than one crore workers from 2022-23 and reflecting robust labour market growth.
Among the broad activities, "Other Services" sector showed the highest annual growth of 17.86 per cent, followed by 10.03 per cent by the manufacturing sector.
The unincorporated non-agricultural sector plays an important role in the Indian economy contributing significantly to employment, Gross Domestic Product and the overall socio-economic landscape. This sector not only sustains livelihoods for millions but also acts as a backbone for the incorporated sector by supplying goods and services, reinforcing its role in the domestic value chain.
The ASUSE is carried out with the primary objective of measuring various economic and operational characteristics of unincorporated non-agricultural establishments in manufacturing, trade and other services sectors (excluding construction). The survey collects data on various economic characteristics of this sector including the number of workers, GVA, emoluments paid, fixed assets owned, and outstanding loans, besides, different types of operational characteristics such as type of ownership, nature of operation, registration status and use of ICT.
The data serves as a key input for policymaking, supporting National Accounts Statistics, fulfilling the requirements of Ministries such as the Ministry of Micro, Small and Medium Enterprise (MSME), Textiles, Labour & Employment, and empowering stakeholders to make informed, data-driven decisions.
Source: IANS
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