Tata Group will create 500,000 manufacturing jobs in the next five years in sectors such as semiconductors, electric vehicles (EVs), batteries and related industries, said Tata Sons Chairman N Chandrasekaran. He said N Chandrasekaran highlighted the important role of manufacturing in India's goal of becoming a developed nation.

He said, "Between our (Tata Group's) investments in semiconductors, precision manufacturing, assembly, electric vehicles, batteries and related industries, I think we will create five lakh [500,000] manufacturing jobs in the next five years. One of the major projects he mentioned was the Tata Group's upcoming semiconductor plant in Assam, as well as other manufacturing units for EVs and batteries. The Tata Group chairman admitted that these initiatives are still being worked on. He said that about 500,000 small and medium enterprises (SMEs) are likely to emerge in the manufacturing sector. 

Chandrasekaran also emphasised the importance of the employment market in India, especially in sectors like semiconductor manufacturing that will create direct and indirect job opportunities. He concluded, we need 10 crore jobs. India's manufacturing sector saw employment growth of 7.4 per cent in FY23. This added 13 lakh new jobs, up from 11 lakh in FY22. Total industrial output grew 21.5 per cent to Rs 144.86 trillion during FY23.

Maharashtra led the GVA contribution from manufacturing, followed by Gujarat, Tamil Nadu, Karnataka and Uttar Pradesh. These five states together contributed 54.5 per cent to the country's total manufacturing GVA. The average remuneration of workers in the manufacturing sector also saw an increase, rising 6.3 per cent to Rs 3.46 lakh per annum in FY23 from Rs 3.25 lakh in the previous year.

 It hit a 16-year high of 59.1 in March this year. A PMI above 50 indicates expansion in a sector, while anything below that usually means contraction. Though expansion has slowed, the PMI recorded 57.5 in August, but it remains well above the 50 mark.