Manufacturing GVA grows at 10.88 pc during FY23-FY26 as per revised series: Govt
New Delhi, Aug 12
The government on Wednesday said the compounded annual growth rate of manufacturing GVA at constant prices as per the revised series during 2022-23 to 2025-26 is 10.88 per cent.
Minister of State (Independent Charge) Rao Inderjit Singh informed the Lok Sabha that the available data under the respective series "do not indicate any significant change in the share of manufacturing in total Gross Value Added (GVA)".
The government has undertaken several structural reforms and initiatives to strengthen the resilience of the manufacturing sector and reduce its vulnerability to external shocks, said the minister.
These include the Production Linked Incentive (PLI) Schemes, PM GatiShakti National Master Plan, the National Logistics Policy, Bharat Audyogik Vikas Yojana (BHAVYA), initiatives to promote semiconductor and electronics manufacturing, critical minerals and Micro, Small and Medium Enterprises (MSMEs), and the Scheme for Promotion of Surface Coal/Lignite Gasification Projects, improvement of the ease of doing business, National Industrial Corridor Development Programme (NICDP).
"Collectively, these initiatives seek to strengthen domestic manufacturing, diversify supply chains, reduce import dependence in strategic sectors, enhance energy security and improve the resilience and competitiveness of India's manufacturing ecosystem," according to the minister.
The Ministry of Statistics and Programme Implementation (MoSPI) has revised the base year of the National Accounts Statistics from 2011-12 to 2022-23, and the revised series was released in February 2026.
The Economic Survey 2025-26 highlighted that medium- and high-technology industries now contribute 46.3 per cent of India's manufacturing value added, signalling a gradual shift towards more sophisticated production structure. Notably, manufacturing today sits as the engine of growth for India's ambition to become a $35 trillion economy by 2047, with reforms, sectoral initiatives, and resilient supply chains.
Meanwhile, India's manufacturing activity remained in expansion territory in July, with the HSBC India Manufacturing Purchasing Managers' Index (PMI) coming in at 53.5 due to resilient demand and stronger export orders.
This performance has indicated a continued improvement in operating conditions as the index remained above the 50-mark that separates expansion from contraction.
However, the HSBC data highlighted that the pace of growth eased from 54.2 in June.
Manufacturers reported sustained growth in new orders and output during the month, with firms citing advertising efforts and demand resilience as factors supporting sales.
— IANS
Reader Comments
The PLI schemes are really starting to bear fruit. My cousin works in electronics manufacturing in Noida and says orders have doubled since last year. The shift towards high-tech manufacturing is exactly what we need to compete with China. Proud of where we're heading!
Interesting to see India's manufacturing sector progressing. The PMI staying above 50 for months is a good sign. As someone who works in supply chain, I can see the GatiShakti initiative making a real difference in reducing logistics costs. Keep it up!"
Good numbers, but as a small business owner, I feel the benefits aren't reaching MSMEs the way they should. Getting loans and clearances is still a hassle despite all these initiatives. The government should focus on ease of doing business at the ground level, not just in reports.
46.3% contribution from medium and high-tech industries is a huge achievement! 🎉 From auto components to semiconductors, we're really moving up the value chain. The $35 trillion dream by 2047 seems ambitious but with this momentum, who knows!
Let's not get carried away. These are revised numbers, and the base year change always makes growth look better. Also, manufacturing share in GVA hasn't changed significantly, which means services are still dominating. We need to be realistic about our progress.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.