India's Small Businesses Add 11 Million Jobs in 2023/24

India's small businesses have seen significant growth in both employment and the number of enterprises, with 11 million new jobs added in the 2023/24 period, according to a government report released on Tuesday. The total number of jobs in small businesses across manufacturing, trade, and services rose to 120.6 million, up from 109.6 million the previous year. This surge reflects the sector's vital role in India's economic recovery and employment generation.

The report highlights a notable increase in small manufacturing businesses, which grew from 17.83 million in 2022/23 to 20.15 million in 2023/24. Additionally, the combined number of small businesses in manufacturing, trade, and services saw a jump to 73.4 million, from 65 million the year before. This growth underscores the expanding contribution of small businesses to India's non-agricultural sectors.

The survey, which covered the period from October 2023 to September 2024, paints a positive picture of the unincorporated non-agricultural sector's resilience. Small businesses in these sectors have become a cornerstone of India's economy, particularly in terms of employment.

Saurabh Garg, Secretary at the Ministry of Statistics, emphasized the importance of these small businesses, stating, "The unincorporated non-agricultural sector, comprising small manufacturing, trade, and other services, plays a crucial role in the economy and contributes significantly to employment."

This robust growth in small businesses and job creation provides a strong foundation for India's continued economic expansion, especially in light of global uncertainties. The government's support and the sector’s resilience are expected to drive further progress in the coming years.