Increase in Women-Owned Businesses Reaches 26.2% in Informal Sector, Wages Surge by 13%

New Delhi, Dec 24 (NationPress) The proportion of women-owned proprietary businesses in India’s unincorporated sector has grown from 22.9% in 2022-23 to 26.2% in 2023-24, according to the annual report from the Ministry of Statistics released on Tuesday.

This trend signifies a positive shift in the involvement of women in business ownership, underscoring an increase in female entrepreneurship throughout the specified period (October 2023– September 2024), as stated in the Annual Survey of Unincorporated Sector Enterprises (ASUSE).

The average earnings per employee have also seen a 13% increase in 2023-24 compared to the previous year, 2022-23, indicating notable advancements in wage levels.

This wage growth acts as a catalyst, bolstering the labour market, enhancing productivity, and driving greater economic demand. The highest increase in this area was noted in the manufacturing sector, with growth exceeding 16%, according to the survey.

Furthermore, the report emphasizes the increased digital engagement, with the percentage of establishments utilizing the internet rising from 21.1% in 2022-23 to 26.7% in the ASUSE 2023-24. This significant growth signifies a strong trend towards digital adoption among businesses, highlighting their growing dependence on the internet for operations.

The results from ASUSE 2023-24 illustrate remarkable growth in establishments, employment, and productivity within the unincorporated non-agricultural sector, showcasing the sector's recovery from pandemic-related adversities and its resurgence with renewed vigor. This sector plays a crucial role in the Indian economy, significantly contributing to employment, Gross Domestic Product, and the overall socio-economic landscape. It not only sustains the livelihoods of millions but also serves as a backbone for the incorporated sector by providing goods and services, reinforcing its importance in the domestic value chain.

The ASUSE is conducted primarily to assess various economic and operational characteristics of unincorporated non-agricultural establishments across manufacturing, trade, and other service sectors (excluding construction). The survey gathers data on numerous economic characteristics of this sector, including the number of workers, GVA, emoluments paid, fixed assets owned, and outstanding loans, as well as various operational characteristics such as ownership type, operational nature, registration status, and use of ICT.