Empowering India’s Economy

 Key Insights from ASUSE 2023-24

The Ministry of Statistics and Programme Implementation (MoSPI) has released the results of the Annual Survey of Unincorporated Sector Enterprises (ASUSE) 2023-24, covering the reference period October 2023 to September 2024. This comprehensive survey sheds light on the economic and operational dynamics of the unincorporated non-agricultural sector, highlighting its critical contribution to employment, Gross Domestic Product (GDP), and the overall socio-economic landscape of India.

Significant Sectoral Growth

• The unincorporated sector has shown robust growth, with the number of establishments rising from 6.50 crore in 2022-23 to 7.34 crore in 2023-24, a remarkable 12.84% increase.
• The number of establishments in the “Other Services” sector recorded a growth of 23.55% followed by a 13% increase witnessed by the manufacturing sector.
• During the same period, the Gross Value Added (GVA) which is a key indicator of economic performance rose by 16.52% driven by a 26.17% growth in ‘other services’ sector.

Labour Market Expansion

• Employment in the sector grew significantly, with over 12 crore workers employed in 2023-24, an increase of more than one crore from the previous year.
• The “Other Services” sector led the way with a 17.86% growth in employment, followed by a 10.03% rise in the manufacturing sector.

• The sector also marked a milestone in gender inclusivity, with female-owned proprietary establishments increasing from 22.9% in 2022-23 to 26.2% in 2023-24.

• Average emoluments per hired worker increased by 13%, reflecting improved wage levels and strengthening economic demand. The manufacturing sector reported the highest wage growth, exceeding 16%.

Labour productivity

• Gross Value Added (GVA) per worker which is a measure of labour productivity of the sector, rose to Rs. 1,49,742 in 2023-24 from Rs. 1,41,769 in 2022-23 in current prices showing a 5.62% increase.
• During the same period, the Gross Value of Output (GVO) per establishment also increased from Rs. 4,63,389 to Rs. 4,91,862 in current prices.

Digital Adoption

• Digital adoption also saw significant improvement, with internet usage among establishments increasing from 21.1% in 2022-23 to 26.7% in 2023-24. This trend highlights the growing reliance on digital tools for business operations.

The remarkable growth across sectors, coupled with improved digital penetration and wage levels, underscores the unincorporated sector’s resurgence as a vital contributor to India’s economic recovery and sustained growth trajectory. The ASUSE 2023-24 results underline the significant progress of India’s unincorporated sector, marked by a resurgence in establishments, employment, and productivity.

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