India’s Manufacturing GVA recorded a compounded annual growth rate (CAGR) of 10.88% at constant prices between 2022-23 and 2025-26 under the revised National Accounts series with 2022-23 as the base year. The revised series was released by the Ministry of Statistics and Programme Implementation (MoSPI) in February 2026 after the base year was changed from 2011-12 to 2022-23.
The latest data show that manufacturing accounted for 14.7% of total GVA in 2022-23 and remained at 14.7% in 2023-24. Its share stood at 14.5% in 2024-25 (FRE) and increased to 14.8% in 2025-26 (PE), based on GVA at current prices.
Manufacturing GVA Growth Under Revised Series
The year-on-year change in Manufacturing GVA was 12.7% in 2023-24, 9.3% in 2024-25 and 10.7% in 2025-26. The figures are based on constant prices under the revised series. The government has stated that the available data under the respective series do not indicate any significant change in manufacturing’s share of total Gross Value Added (GVA).
The revised estimates use 2022-23 as the base year for the National Accounts Statistics. The source cited for the figures is the Press Release of Provisional Estimates of GDP dated 05.06.2026. The table identifies 2024-25 as First Revised Estimates (FRE) and 2025-26 as Provisional Estimates (PE).
Several structural reforms and initiatives have been undertaken to strengthen the manufacturing sector and reduce its vulnerability to external shocks. These include the Production Linked Incentive (PLI) Schemes, PM GatiShakti National Master Plan, National Logistics Policy, Bharat Audyogik Vikas Yojana (BHAVYA), initiatives for semiconductor and electronics manufacturing, critical minerals and Micro, Small & Medium Enterprises (MSMEs), the Scheme for Promotion of Surface Coal/Lignite Gasification Projects, improvement of ease of doing business, and the National Industrial Corridor Development Programme (NICDP).
The information was given by Rao Inderjit Singh, Minister of State (Independent Charge) of the Ministry of Statistics and Programme Implementation and Minister of State (Independent Charge) of the Ministry of Planning, and Minister of State in the Ministry of Culture, in the Lok Sabha on 12 August 2026.
