India’s factories are running harder this year, at least by the numbers coming out of Delhi. In 2022-23, 629 units brought in Rs 2,153 crore and created 15,719 jobs. The following year, a smaller batch of 234 units attracted more capital, Rs 3,389 crore, yet generated fewer jobs, 29,969 falling short of the earlier ratio once adjusted for scale. By 2024-25, 405 units drew Rs 4,145 crore but produced only 11,396 jobs, and in the nine months through December 2025-26, 184 units attracted Rs 5,260 crore while creating just 7,431 positions. Manufacturing PMI data through June 2026 shows employment growth at its slowest pace this year even as output keeps expanding, suggesting the gap J&K illustrates in sharp relief is present, if less visible, across India’s broader industrial base.