Manufacturing GVA grows at 10.88 pc during FY23-FY26 as per revised series: Govt

New Delhi, Aug 12 (AHN) The government on Wednesday said the compounded annual growth rate (CAGR) 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.