(MENAFN- KNN India)
New Delhi, Jan 30 (KNN) India's unincorporated enterprises sector demonstrated significant growth in 2023-24, with employment rising 10 per cent to reach 120.6 million workers, according to a comprehensive government survey released Wednesday.
The Annual Survey of Unincorporated Sector Enterprises (ASUSE), conducted by the Ministry of Statistics and Programme Implementation, revealed substantial expansion across multiple metrics in the non-agricultural business segment.
The survey documented a 12.7 per cent increase in total establishments, reaching 73.4 million in 2023-24 compared to 65.1 million in the previous year. Rural areas maintained a commanding lead with 39.7 million establishments, while urban areas recorded 33.7 million.
Commenting upon the survey results, Anil Bhardwaj, Secretary General of Federation of Indian Micro and Small & Medium Enterprises (FISME) said,“While it is gratifying that unincorporated sector has contributed almost 10% to employment but it is a worrying sign for the economy that corporate sector is not contributing to job creation in formal economy”.
Among states, Uttar Pradesh emerged as the leader, commanding 13.3 per cent of total employment, followed by Maharashtra at 10.1 per cent and West Bengal at 10 per cent.
A notable development emerged in female entrepreneurship, with women-headed proprietary establishments increasing their share to 26.2 per cent from 22.9 per cent in the previous year.
West Bengal led this transformation with 36.4 per cent of female-owned establishments, followed by Karnataka at 35.2 per cent and Telangana at 34.1 per cent.
The economic impact of the sector showed marked improvement, with gross value added (GVA) rising 16.5 per cent to Rs 18 lakh crore in 2023-24 from Rs 15.4 lakh crore in the previous year.
Maharashtra, Uttar Pradesh, and Gujarat collectively contributed approximately one-third of the total GVA, underscoring their significant role in the sector's economic contribution.
The retail trade sector dominated the establishment count, followed by apparel manufacturing, reflecting the diverse nature of India's unincorporated business landscape.
(KNN Bureau)
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