Wage growth in manufacturing sector falls for fifth year in a row

By: |
Published: September 20, 2019 5:56:54 AM

The survey, one of the most important source of industrial statistics, covered 2,37,684 units in FY18. While wage growth is on the decline, the number of workers employed across the organised manufacturing units rose 4.81% in FY18, fastest rate since FY11.

Wage growth, manufacturing sector, economy news, worker, Wage,  employment intensive industry, industry news, Periodic Labour Force Survey, PLFSNumber of workers rose 4.8% to 1.22 crore in FY18, up from 1.17 crore in FY17.

Wage growth in India’s organised manufacturing sector slowed for the fifth year in a row, in FY18, the Annual Survey of Industries (ASI) showed. According to the Survey data, per-capita wage growth for industrial workers rose 6.05% in FY18 compared with 6.2% in FY17 and 7.2% in FY16. Wage growth had peaked at 16% in FY13, according to the ASI data.

Per-capita wage has been worked out by dividing ‘wages to workers’ by the ‘number of workers’ in a year. The survey, one of the most important source of industrial statistics, covered 2,37,684 units in FY18. While wage growth is on the decline, the number of workers employed across the organised manufacturing units rose 4.81% in FY18, the fastest rate since FY11.

Number of workers rose 4.8% to 1.22 crore in FY18, up from 1.17 crore in FY17. Top five employment-intensive industries, including textiles, apparel, food products and metallic mineral products, accounted for 45% of all industrial jobs in FY18.

The survey is conducted by the statistics and programme implementation ministry. Joblessness in the country rose to a 45-year high in FY18 with the unemployment rate among the labour force at 6.1%, the new Periodic Labour Force Survey (PLFS) data released on May 31, showed.

According to the data, 7.8% of all employable urban youth were jobless during FY18, while the corresponding figure for rural India was 5.3%. While the joblessness among males on an all-India basis was 6.2%, it was 5.7% in case of females.

Do you know What is Repo Linked Lending Rate (RLLR), Wholesale Price Index (WPI), Public Debt, Finance Commission Grants & Other Transfers, Economic Survey? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.