HomeBusinessManufacturing in Tamil Nadu exceeds pre-COVID-19 levels, says official data

Manufacturing in Tamil Nadu exceeds pre-COVID-19 levels, says official data

The manufacturing segment’s activity was valued at around ₹29,304 crore for the last financial year amid the second wave of the COVID-19 pandemic, as against ₹26,797 crore during 2019-20.

The manufacturing segment’s activity was valued at around ₹29,304 crore for the last financial year amid the second wave of the COVID-19 pandemic, as against ₹26,797 crore during 2019-20.

The level of activity in manufacturing, which accounts for about 20% of the Gross State Domestic Product of Tamil Nadu, has not only gone back to pre-COVID-19 pandemic levels, but has also exceeded, if any To know the latest official data on the performance of the state’s economy during 2021-22.

The manufacturing segment’s activity was valued at around ₹29,304 crore for the last financial year amid the second wave of the COVID-19 pandemic, as against ₹26,797 crore during 2019-20. In the first pandemic year (2020-21), as per official data available with the Union Ministry of Statistics and Program Implementation regarding Gross State Value Added (GSVA) ​​at constant prices (2011), the figure stood at 26,531.6 crore. -12). This segment registered a growth rate of 10.45% in the last financial year as compared to 2020-21

Apart from construction, the revival of fortunes in components such as construction, real estate, trade and repair services and financial services paved the way for the state to witness an economic growth rate of 7.99% in 2021-22. The performance of these components in the previous year was better than in the pre-pandemic year 2019-20. To give a few examples, the construction and immovable property figures for the previous year were around ₹ 13,852 crore and ₹ 19,304 crore. In 2019-20, they were around ₹12,897 crore and ₹17,895 crore.

Sub-sectors where performance was worse than in the pre-pandemic period were air transport, hotels and restaurants, railways and electricity. The hotel and restaurant and air transport figures for 2021-22 were approximately ₹1,452 crore and ₹72.5 crore, as against ₹1,638 crore and ₹130.6 crore (for 2019-20) respectively.

Last year, it was the industrial sector that led the state’s growth with 9.17%, followed by services-6.83% and agriculture and allied activities-4.18%. The overall growth rate figure was 7.99%. The figures for 2020-21 and 2019-20 were 0.14% and 3.25%.

Comparing the state’s performance with the all-India performance for 2021-22, when the country was projected to grow at 8.7%, an economist points out that the all-India performance in 2020-21 is lower than that of Tamil Nadu. was better than the year before. , during which the country grew at a rate of minus 6.6%. Also, Tamil Nadu managed to keep its rate on the positive side when many states had shown negative growth rates, the economists point out.

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