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Industrial Activity Grew at Slow Pace in 2013-14 Lifestyle and Entertainment National and International News 

Industrial Activity Grew at Slow Pace in 2013-14

Growth in gross value added in nominal terms by industry slowed to 7.2 per cent in 2013-14, after growing at 11.3 per cent in 2012-13, according to the Annual Survey of Industries (ASI) released in February 2016 by the Central Statistics Office. The Annual Survey of Industries data also showed that gross capital formation contracted 5.6 per cent is. 2013-14 after growing at 9-2 per cent the previous year, indicating the serious turn in situation which was not rosy in the investment front. The
latest numbers are in sync with the direction given in the gross value added provided in the Gross Domestic Product (GDP) data. Growth in gross value added by industry fell to 9-4 per cent in, 2013-14 from 10-9 per cent in 2012-13. Similarly, gross capifal formation by industry contracted to 0-40 per cent after a growth of 7.32 per cent over.

The CSO uses the Ministry of Corporate Affairs 21 database and the ASI estimates to arrive at estimates of gross value added. The ASI data, which comes with a lag of two years, showed that net value added had also slowed down to 6-8 per cent in 2013-14 from 11-4 per cent in 2012-13.

The number of factories rose to 224,574 in 2013-14, up from 222,120 in the previous year, though growth slowed to IT per cent in 2013-14, from 2T per cent the previous year. Wages paid by industry to workers grew at a robust 14T per cent, up from 10-9 per cent the previous year. The number of workers rose from 10,051,626 in 2012-13 to 10,427,505 in 2013-14. But profit growth of industry fell to 2T per cent in 2013-14, down from 17-2 per cent in 2012-13.

SLUGGISH PROGRESS

Gross value Gross capital
  added formation
2006-07 26.2 16.2
 
2007-08 20.1 31.6
2008-09 10.6 -0.3
2009-10 14.0 38.3
2010-11 18.4 23.2
2011-12 (R) 9.7 -8.2
2012-13 11.3 9.2
2013-14 (P) 7.2 -5.6
R: Revised; P: Projected

 

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