Unincorporated Sector Sees Strong Growth In 2023-24: Mospi Survey
Date
1/29/2025 3:22:18 PM
(MENAFN- Live Mint) New Delhi: The unincorporated sector saw notable growth between October 2023 and September 2024, with a 12.84% increase in the number of establishments, a 10.01% rise in workforce, and a 16.52% jump in Gross Value Added (GVA) at current prices, compared with the same period in 2022-23, the Ministry of statistics and programme implementation (MoSPI) said in a report on Wednesday.
Unincorporated sector enterprises are typically owner-operated businesses that are not registered as separate legal entities from their owners. The unorganized sector is a significant part of the Indian economy.
In its annual survey of unincorporated sector enterprises (ASUSE) for 2023-24, MoSPI said the total number of establishments in the sector increased substantially from 65 million to 73.4 million during this period.
Top states by GVA
"The top three states in terms of GVA were Maharashtra, Uttar Pradesh and Gujarat during ASUSE 2023-24," it said.
Also read | Unincorporated sector enterprises witnessed over 12% growth in 2023-24
"The unincorporated non-agricultural sector employed more than 120 million workers between October 2023 and September 2024, marking an increase of more than 10 million workers from 2022-23 and reflecting robust labour market growth," it added.
Gross Value Added (GVA) is a measure of the value of goods and services produced in an economy.
According to the survey, more than a third of the workforce was concentrated in Uttar Pradesh, Maharashtra and West Bengal.
Workforce expansion
The proportion of female workers increased from 25.63% to 28.12%. Additionally, around 58% of establishments in the manufacturing sector were led by female proprietors during the survey period.
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