Dec 24, 2024 10:02 PM IST
Unincorporated enterprises account for a significant chunk of Asia’s third-largest economy, with a share of 45% in gross domestic product or GDP.
NEW DELHI: Employment in unincorporated enterprises grew by 10.01% to stand at 120 million during the year ended September 2024, the government’s Annual Survey of Unincorporated Sector Enterprises for 2023-24 showed on Tuesday.
The number of such enterprises, which are essentially proprietor-owned firms not incorporated as a legal entity separate from the owner, rose by 12.28% to 70.34 million, according to the survey by the ministry of statistics and programme implementation.
Unincorporated enterprises account for a significant chunk of Asia’s third-largest economy, with a share of 45% in gross domestic product or GDP. The sector employs up to 93% of the country’s workforce, according to labour ministry data,
The sector’s gross value added or GVA, a measure of growth that strips out net taxes and subsidies, showed an expansion of 16.52% during the October 2023 – September 2024 reference period of the survey, according to the data.
“This data shows the lagged effect of growth spurt. Various policy initiatives were supportive of entrepreneurship. Initiatives like Start-up and Stand-up India during Covid have allowed enterprises to grow,” chief economic advisor V Anantha Nageswaran said, releasing the survey results.
The percentage of female-owned proprietary establishments increased from 22.9% in 2022-23 to 26.2% during 2023-24, the survey showed.
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