Why is it in the news ?
Annual Survey of Industries data on India’s labour productivity growth shows that India’s labour productivity between 2016 and 2018 grew by just 3.7 per cent.
What is Labour Productivity ?
Labour productivity is an important economic indicator that is closely linked to economic growth, competitiveness, and living standards within an economy.
- Labour productivity = GDP at constant prices/Number of employed persons
Annual Survey of Industries (ASI)
- The Annual Survey of Industries (ASI) is the principal source of Industrial Statistics in India.
- The survey was conducted annually under the statutory provisions of the Collection of Statistics Act 1953.