Small businesses in India created 11M jobs in 2023-24
What's the story
India's small business sector, which includes manufacturing, trade, and services, has witnessed tremendous growth.
According to a government report, employment in these businesses jumped from 109.6 million to 120.6 million jobs between the fiscal years of 2022-23 and 2023-24.
The data also indicated a rise in the number of small manufacturing businesses during the same period.
Rise
Manufacturing businesses see significant growth
There was a significant jump in number of small manufacturing businesses.
The number increased from 17.83 million in the fiscal year 2022-23 to 20.15 million in the next year, indicating a major growth in this segment of the economy.
This growth is part of a larger trend that witnessed the overall number of small businesses across sectors grow from 65 million to 73.4 million in the same period.
Economic impact
Crucial role in India's economy
The survey was held from October 2023 to September 2024.
Speaking at the release of the annual report, Saurabh Garg, Secretary at the Ministry of Statistics, emphasized the significance of small businesses in India's economy.
He said, "The unincorporated non-agricultural sector, comprising small manufacturing, trade and other services, plays a crucial role in the economy... contributing significantly to employment."