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Manufacturing sector growth slowed down to 1.3% YoY in FY23 resulting in a drop in its share of gross value added to 17.7%. Breakup of ‘manufacturing sector’s GVA’ is not yet available for FY23, but Index of industrial production constituent trends indicate that ‘consumer products’ primarily dragged down manufacturing in FY23 with exceptions like auto, beverage and furniture, which staged robust growth.
On the flip side, manufacturing of capital goods witnessed strong growth, which is likely to continue given the rising capex cycle. Longer-term trends indicate that the fastest growth within corporate manufacturing sector’s GVA over the past decade has been delivered by ‘communication equipment’ and we expect such hi-tech products to continue to grow rapidly going ahead – given policy initiatives such as production linked incentive schemes.
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