MoSPI First CAPEX Survey - Key Findings of the Report

The Ministry of Statistics and Program Implementation (MoSPI) released its inaugural report on private sector capital expenditures on April 29, 2025. This Forward-Looking Survey on Private Sector Capex was conducted under the Collection of Statistics Act of 2008. This was the first of its kind. In this article, we will look into key findings of the report.

The selected enterprises have been notified about the survey’s purpose and confidentiality. Understanding the survey’s background is essential before analysing the report’s findings.

Background of the Survey

In 2022-2023, the Parliamentary Standing Committee recommended that the Ministry of Statistics and Programme Implementation (MoSPI) should create/develop a comprehensive approach to collect data on private sector capital expenditures (CAPEX).

According to the guidelines and mandates of the Ministry of Finance’s Department of Economic Affairs (DEA), survey instruments collected data on past investments, projected capital expenditures for the next two years, and the distribution of investments by asset types.

In response to this request, the National Statistical Office (NSO) carried out the first Forward-looking Survey on Private Sector CAPEX Investment Intentions from November 2024 to January 2025.

The MoSPI conducted its first web-based survey using Chatbots to collect structured CAPEX data from enterprises. The results are presented in a comprehensive brochure, with details on survey coverage, sampling technique, and data collection process provided in the Endnote.

The survey aims to estimate trends in private corporate sector capital expenditure for the past three fiscal years (2021-22, 2022-23, 2023-24) along with projections for the current (2024-25) and upcoming financial years (2025-26).

There were 16,025 enterprises included final survey frame.

There were 5,380 firms in the survey’s total sample size, of which 1,235 enterprises were in the Sample Sector and 4,145 were in the Census Sector.

Key Advantages of the Survey

Capital expenditure (CAPEX) is crucial for national investment and economic growth. It involves investing in long-term assets to enhance revenue and operational efficiency, increase production capacity, stimulate economic growth, create employment opportunities, and improve labour productivity.

Accurate CAPEX data is essential for various stakeholders, such as government agencies, businesses, trade groups, and researchers. This information can inform evidence-based policy decisions and help businesses/enterprises to make strategic investments based on trends and survey insights.

Important Caveat

The survey’s response rate in its inaugural edition was 58.3%, with higher rates in the census sector (58.6% in the census sector and 57.2% in the sample sector). Mostly awaiting management approvals, respondents were reluctant to disclose their CAPEX plans.

Some entities, like Special Purpose Vehicles (SPVs) in infrastructure projects, were not included in the survey due to reporting no turnover despite high capital expenditure. Additionally, certain SPVs with completed projects had no future investment plans.

These initial survey results are indicative and may be refined in future rounds. It is essential to recognize that the findings are based on responses from larger enterprises meeting specific turnover criteria and may not fully represent the private corporate sector. Users should consider these limitations when interpreting the results, according to the MoSPI.

Important takeaways from the CAPEX findings:

Aggregated (Unweighted, meaning no multiplier is applied) CAPEX during (2021-22 to 2025-26)

A fixed panel of 2,172 enterprises provided complete information for all five years of the reference period. The unweighted aggregated CAPEX data from this panel is used to analyse capital expenditure trends over the five-year period. The results indicate a 66.3% overall increase in aggregate CAPEX from 2021-22 to 2024-25.

Source: Press note on Capex, MoSPI

Estimated Key Indicators for past years (2021-22 to 2023-24) by Industry of Activity as per National Industry of Classification (Activity Categories)

The average Gross Fixed Asset (GFA) per enterprise in the private corporate sector was ₹3,151.9 crore in 2021–22, rose to ₹3,279.4 crore in 2022–23 (a 4.0% increase), and further increased to ₹4,183.3 crore in 2023–24 (a 27.5% growth).

Source: Press note on Capex, MoSPI