New Delhi, Aug. 29 -- India's manufacturing sector recorded 11.9% growth in gross value added (GVA) in 2023-24 compared to 7.3% in the previous year, showed the results of the latest Annual Survey of Industries (ASI) released by the statistics ministry on Wednesday.

While this figure would be considered robust-the second-highest growth rate in the past decade-it pales in comparison to a a nearly 17% average growth rate between FY03 and FY13. Overall, the average growth rate recorded between FY15 and FY24 was around 9%.

The FY24 GVA growth was broadly in line with the 11.2% nominal GVA growth rate reported by the national accounts statistics (NAS), which releases gross domestic product (GDP) data. In FY25 nominal GVA growth from NAS was ...