India’s Ministry of Statistics and Programme Implementation is revamping the Annual Survey of Industries (ASI) for 2024–25 to track innovation expenditure in the formal manufacturing sector, with a focus on R&D, software, and ICT.
The Ministry of Statistics and Programme Implementation (MoSPI), Government of India, is set to revamp its Annual Survey of Industries (ASI) for the fiscal year 2024–25 to separately track spending on research and development (R&D), software, and information and communication technology (ICT) within the formal manufacturing sector.
The ASI, a critical data source for estimating India’s Gross Domestic Product (GDP), is currently limited in how it categorizes innovation-related spending. Presently, all technology-related expenditures are grouped under a single head. With the proposed changes, MoSPI aims to disaggregate these figures—allowing for more granular insights into how firms invest in innovation.
Officials said the goal is to better understand whether innovation spending is driven more by geography or by industrial specialization. For instance, whether states like Tamil Nadu or Uttar Pradesh are leading in R&D investments or how sector-specific adoption of digital tools is impacting jobs.
“The ministry is trying to adapt the survey to recent times,” said a source familiar with the development.
The updated ASI will also explore the relationship between increased technology investment and employment shifts. Sectors adopting automation may be seeing faster workforce reductions compared to low-tech industries, and the data could help validate such patterns.
In addition, ASI will now require companies to provide their GST Identification Number (GSTIN). This move will allow integration with the Goods and Services Tax Network, improving the accuracy and timeliness of economic indicators, and supporting more robust GDP revisions.
The overhaul comes ahead of the government’s planned GDP base year update. A new GDP series with 2023–24 as the base year is scheduled for release in February 2026, replacing the current base year of 2011–12.
Apart from the ASI, the ministry also conducts surveys for informal enterprises and formal service sector firms to build a broader picture of India’s economic activity.
This strategic revamp is expected to provide policymakers with deeper insights into innovation trends and help shape economic and employment strategies across India’s manufacturing hubs.
