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Jobs drops 3.6%, wages up 11.1% in FY13: Government survey

Education NewsThe total number of persons engaged in different industries declined to 1.29 crore in 2012-13 from 1.34 crore in the previous fiscal, Annual Survey of Industries has revealed. The jobs had increased by 5.8 per cent in 2011-12 from 1.26 crore in the previous fiscal.

According to the survey, total wages provided to factory workers rose by 11.1 per cent in 2012-13 to Rs 1.10 lakh crore from Rs 99,855.79 crore in 2011-12. The total wage bill had jumped by 16.6 per cent in 2011-12 from Rs 85,645 crore in 2010-11.

The gross capital formation, an indicator of investments, increased by 9.31 per cent to Rs 4.44 lakh crore in 2012-13 from 4.07 lakh crore in the previous fiscal. However, it had come down in 2011-12 by 8.72 per cent from Rs 4.45 lakh crore in the previous fiscal. Gross fixed capital formation, another measure to gauge level of fresh investments, increased by 3.62 per cent to Rs 3.56 lakh crore in 2012-13, from Rs 3.43 lakh crore in the previous fiscal. During 2011-12, had grown at 21.21 per cent from Rs 2.83 lakh crore.

The profitability of factories declined by 4.72 per cent to Rs 4.3 lakh crore in 2012-13 from Rs 4.51 crore in the previous fiscal. During 2011-12, the profitability has increased by 15.75 per cent from Rs 3.9 lakh crore in 2010-11. Indian economy had grown at decade low rate of 4.5 per cent in 2012-13. The economic growth in 2013-14 was 4.7 per cent.

Source: The Economic Times

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