The 2023-24 ASUSE by Ministry of Statistics and Programme Implementation (MoSPI) shows a significant rise in establishments, employment, and productivity in the unincorporated non-agricultural sector, with over 12 crore workers employed. The "Other Services" sector saw the highest employment increase, while digital adoption increased from 21.1% to 26.7%, boosting the Indian economy.
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The Ministry of Statistics and Programme Implementation (MoSPI) has released the results of the 2023-24 Annual Survey of Unincorporated Sector Enterprises (ASUSE).
It is a survey conducted by the Ministry of Statistics and Programme Implementation (MoSPI) to assess the economic and operational characteristics of unincorporated non-agricultural establishments in sectors such as manufacturing, trade, and other services, excluding construction.
The survey provides essential data on key topics such as employment, Gross Value Added (GVA), earnings, fixed assets, loans, and Information and communication technology (ICT) use.
ASUSE 2023-24 offers information about the unincorporated non-agricultural sector, which supports millions of livelihoods and makes a significant contribution to GDP and employment. It provides goods and services to the registered sector, strengthening the domestic value chain.
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Unincorporated establishments are non-agricultural enterprises that have not been registered under the Companies Act 1956 or the Companies Act 2013. |
The ASUSE 2023-24 results show a significant increase in establishments, employment, and productivity:
The labour market performed well, with over 12 crore workers employed in the sector, an increase of more than 1 crore from the previous year.
The "Other Services" sector experienced the greatest increase in employment at 17.86%, followed by the manufacturing sector at 10.03%.
The percentage of businesses utilising the Internet increased from 21.1% in 2022-23 to 26.7% in 2023-24, which indicates a growing trend towards digital business operations.
The proportion of female-owned proprietary businesses increased from 22.9% to 26.2%, which indicates a shift towards greater gender inclusivity and empowerment.
The report provides a positive outlook for the Indian economy. The increase in establishments, employment, and productivity demonstrates that the unincorporated sector is recovering strongly.
In the upcoming years, the sector is expected to make an even greater contribution to Indian economic growth due to rising wages and growing digital adoption.
The ASUSE 2023-24 data is essential for policymakers because it provides insights into the unincorporated sector's economic performance and operational dynamics.
This data is used to make informed decisions by ministries such as MSME, Textiles, and Labour and Employment.
It also supports National Accounts Statistics, which aids economic planning and strengthens the unincorporated sector's policy framework.
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PRACTICE QUESTION Q.Discuss the significance of the unincorporated non-agricultural sector in ensuring the socio-economic development of India. (150 words) |
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