NSO Data Shows That the Production Sector’s Informal Entities Lost 5.4 Million Jobs in Just 7 Years.
New Delhi: According to an examination of data from the National Statistical Office (NSO), unincorporated businesses in the industrial sector lost over 1.8 million premises and 5.4 million employment between July 2015–June 2016 and October 2022–September 2023.
According to Business Standard, an examination of the “Annual Survey of Unincorporated Sector Enterprises (ASUSE)” fact sheet and the NSO’s equivalent 73rd round survey from 2015–16 revealed a 9.3% decrease in the number of unincorporated businesses over the course of this seven-year period.
In October 2022–September 2023, there were around 17.82 million unincorporated businesses operating in the manufacturing sector; whereas, from July 2015–June 2016, there were 19.7 million, indicating a 9.3% reduction.
According to Business Standard, there was a comparable drop in the number of employees employed by these places of business, with this figure falling by over 15% to 30.6 million (2022-23) from 36.04 million (2015-16).
Since they are not formally established as distinct legal entities, small firms, partnerships, individual businesses, and informal sector companies are all referred to as unincorporated enterprises.
According to the NSO data study, there were 2 percent fewer unincorporated establishments in the trading sector in October 2022–September 2023 (22.5 million) than there were in July 2015–June 2016 (23.05 million).
Nevertheless, according to Business Standard, the number of employees in the industry increased somewhat to 39 million from 38.7 million over the same time period.
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