Finance Minister Nirmala Sitharaman Praises Growth in Manufacturing Jobs and Wages in India
New Delhi, October 1: Union Finance Minister Nirmala Sitharaman has praised the recent increase in manufacturing jobs and wages for workers in the financial year 2022-23, calling it a significant achievement.
Key Highlights
According to a government survey, manufacturing jobs increased by 7.6 percent, while wages saw a 5.5 percent rise during the fiscal year. The nationwide employment in the manufacturing sector rose from 1.6 crore workers in 2018-19 to 1.9 crore in 2022-23. The number of workers per factory also increased from 65 in 2018-19 to 71 in 2022-23.
Wages and Economic Value
Wages per worker in the manufacturing sector jumped by 5.5 percent, with workers now earning an average of Rs 2.05 lakh annually. Gross Value Added (GVA) in manufacturing, which measures economic value generated, rose by over 21 percent from 2021-22 to 2022-23.
State Contributions
BJP-ruled states like Gujarat, Uttar Pradesh, and Maharashtra have driven massive growth in both output and employment. Gujarat leads with 17.7 percent of the total output, followed by Maharashtra with 14.6 percent, and Uttar Pradesh with 7.1 percent. In terms of employment, Maharashtra has 12.8 percent of the total number of people employed, Gujarat has 12.6 percent, and Uttar Pradesh has 8.1 percent.
Government Initiatives
Minister Sitharaman credited several key initiatives of the Modi government for this remarkable turnaround. The Production-Linked Incentive (PLI) Scheme, Make in India initiative, Aatmanirbhar Bharat push, and Labour Law Reforms have all contributed to the growth in manufacturing jobs and wages.
These reforms, along with India’s significant leap in Ease of Doing Business rankings, have made the country an attractive destination for both domestic and foreign investors, spurring industrial growth and large-scale job creation across the nation.
Doubts Revealed
Finance Minister -: The Finance Minister is a person in the government who is responsible for managing the country’s money and finances. In India, this person is Nirmala Sitharaman.
Nirmala Sitharaman -: Nirmala Sitharaman is a leader in the Indian government who takes care of the country’s money matters. She is the Finance Minister of India.
Manufacturing jobs -: Manufacturing jobs are types of work where people make things in factories, like cars, clothes, or electronics.
Wages -: Wages are the money that workers get paid for doing their jobs.
Financial year 2022-23 -: The financial year 2022-23 is a period from April 1, 2022, to March 31, 2023, used for accounting and financial purposes.
BJP -: BJP stands for Bharatiya Janata Party, which is one of the major political parties in India.
Production-Linked Incentive Scheme -: The Production-Linked Incentive Scheme is a government program that gives money to companies to make more products in India.
Make in India -: Make in India is a government campaign to encourage companies to make their products in India instead of importing them from other countries.
Aatmanirbhar Bharat -: Aatmanirbhar Bharat means ‘Self-Reliant India.’ It is a government initiative to make India more independent and strong by producing more goods and services within the country.