TaxTMI 
TaxTMI 
Empowering India's Economy
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....mpowering India's Economy <br>News and Press Release<br>Dated:- 2-1-2025<br><BR>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 ope....
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....rational 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% in....
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....crease. 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 ....
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....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% i....
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....n 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 ....
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....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 re....
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....liance 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 re....
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....surgence in establishments, employment, and productivity. References https://www.mospi.gov.in/ https://pib.gov.in/PressReleasePage.aspx?PRID=2087581#:~:text=The%20total%20number%20of%20establishments,84%25%20growth.<BR> News - Press release - PIB....