Centre for Monitoring Indian Economy(CMIE)

What Centre for Monitoring Indian Economy(CMIE) does

CMIE is a privately held Indian economic and business information company founded on 13 April 1976 in Mumbai by Dr. Narottam Shah and currently led by Managing Director & CEO Mahesh Vyas (in role since 1997). The company builds and maintains proprietary relational databases on the Indian economy — most notably Prowess (financial statements of 100,000+ companies sourced from Ministry of Corporate Affairs and Stock Exchanges), CapEx (135,000+ investment projects tracked across their lifecycle), and the Consumer Pyramids Household Survey (a continuous panel of 170,000+ households). It also delivers flagship macro-economic, sub-national, industry, and electoral analytics services — Economic Outlook (4M+ time-series, 400,000+ tabulations), States of India (139M+ time-series across 46 states and 1,097 districts), Industry Outlook (210 industries with 8-quarter and 5-year forecasts), and Beliefs & Behaviour — together covering what CMIE describes as 77% of corporate tax collections and over 90% of Indian industrial sector business. All products are delivered through standardized data methodology built up over 50 years and are sold exclusively on a subscription basis.

CMIE monetizes entirely through subscription contracts sold at individual, institutional, and enterprise tiers via a hybrid distribution model: direct field-sales teams operating out of 25 offices across India (including tier-2 and tier-3 cities such as Srinagar, Guwahati, Ranchi, Kochi, Madurai, and Indore) for government, banking, corporate, and multi-lateral accounts, combined with self-serve online registration portals for each product and APIs on the Economic Outlook service. Target customers span Central and State Governments, Banking and Financial Intermediaries, Research and Academic Institutions (served via the dx academic sub-brand), Corporate Enterprises, Tax and Management Consultants, Multi-lateral Agencies and Embassies, Media Organizations, and individual Professionals. Survey operations span over 350 cities and 2,000+ villages, supported by approximately 450 professionals across database management, economic analysis, forecasting, survey execution, application software development, and sales and service.

The business is wholly privately owned, has no parent company or external funding rounds, and is registered as Centre for Monitoring Indian Economy Pvt. Ltd. under Maharashtra jurisdiction. Revenue is not publicly disclosed and pricing is not published — institutional subscription terms are available only on request through the website or sales offices. The product portfolio is interlocking: shared company codes and integrated data flows across Prowess, CapEx, CPHS, and Economic Outlook enable cross-service analysis, creating an integrated information platform that is difficult to replicate outside of a multi-decade primary-source data collection effort.

Name

Centre for Monitoring Indian Economy(CMIE)

Legal name

Centre for Monitoring Indian Economy Pvt. Ltd.

Website

https://cmie.com

Company type

Private

Founded year

1976

Operating status

Operating

Headcount range

251–500 employees

Short description

CMIE is India's largest privately held provider of subscription-based economic and business information, operating proprietary databases covering 100,000+ companies (Prowess), 135,000+ investment projects (CapEx), and 170,000+ households (Consumer Pyramids), serving governments, banks, corporates, researchers, and multi-lateral agencies across 25 Indian offices.

Ownership category

akta.pro rank

Product category

Economic Information Services

NAICS

Portfolio Management and Investment Advice (523940), Software Publishers (5132)

SIC

Services-Computer Programming, Data Processing, Etc. (7370), Investment Advice (6282)

akta.pro primary industry

Industry & Sector Research (Syndicated/Custom) (BPAHALAE)

Keywords

• Economic data services
• Company financial database
• Investment project tracking
• Household survey research
• Macroeconomic forecasting

Headquarters

HQ city

Andheri

HQ country

India

HQ region

Asia

Offices24 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Subscription Services: CMIE delivers all databases, analysis and forecasts through subscription-based services. Customers subscribe to individual services (Prowess, Economic Outlook, States of India, Industry Outlook, Consumer Pyramidsdx, CapEx, CapExdx, Beliefs & Behaviour) or bundles. Subscriptions are available at individual, institutional, and enterprise levels with varying access rights.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

CMIE develops, maintains and sells subscription-based proprietary databases and analytical services on the Indian economy. Its flagship offerings include Prowess (financial database of over 100,000 Indian companies), CapEx (investment project tracker covering over 135,000 projects), Economic Outlook (4+ million macroeconomic time-series with forecasts), States of India (139+ million sub-national time-series), Industry Outlook (forecasts across 210+ industries), Consumer Pyramidsdx (continuous household survey of 170,000+ households), Beliefs & Behaviour (electoral and societal insights), and academic variants Prowessdx and CapExdx.

Product overview

CMIE offers a comprehensive suite of economic and business information services organized as a platform-plus-modules architecture. The core portfolio includes: Prowess and Prowessdx (financial performance databases of Indian companies); CapEx and CapExdx (investment project tracking databases); Economic Outlook (flagship macro-economic forecasting service); Industry Outlook (200+ industry analysis service); States of India (sub-national statistics); Consumer Pyramidsdx (household survey data); and Beliefs & Behaviour (electoral and political insights). These products interlock through shared company codes and integrated data from CMIE's proprietary databases, enabling cross-service analysis. The dx variants (Prowessdx, CapExdx) are academic/research versions with simplified interfaces, while the main services provide sophisticated querying capabilities for business users.

Differentiator

Problem solved

Functional benefit

Products and services

• Economic Outlook Flagship macroeconomic service delivering over 4 million time-series with forecasts spanning 8 quarters and 5 years for governments, financial institutions, corporates, and researchers analyzing the Indian economy.
• Prowess India's largest database on financial performance of Indian companies, covering over 100,000 enterprises with over 77% of corporate tax collections and over 90% of Indian industrial sector business. Standardized financial statements are sourced from the Ministry of Corporate Affairs and Stock Exchanges and delivered through an interactive querying interface for banks, investors, and corporate analysts.
• Industry Outlook Service delivering data, analysis, risk assessments and systematic forecasts for over 200 industries in India, providing demand-supply, growth, profitability and investment outlooks for corporate planners, strategists, and consultants.
• CapEx Database tracking the life cycle of medium to large investment projects from announcement through implementation to completion or abandonment across mining, manufacturing, utilities, infrastructure and services sectors. Captures over 135,000 projects monitored since the mid-1990s for capacity creation, demand forecasting and policy planning.
• States of India Service delivering over 139 million time-series at the state and district level across rainfall, agriculture, farm prices, vehicle sales, employment, consumer sentiments and public finance. Designed for policy makers, state-level planners, and researchers needing sub-national Indian economic and social data.
• Consumer Pyramidsdx Service derived from the Consumer Pyramids Household Survey (CPHS), delivering data on household income, expenses, assets, borrowings and demographics for a panel of over 170,000 households. Used by researchers, marketers, financial institutions and policy makers for fast-frequency household-level data.
• Prowessdx Academic version of Prowess containing over 56,000 companies with audited financial statements and a simplified five-step data download interface designed for academic researchers. Accepted in peer-reviewed journals and supports empirical research replication.
• CapExdx Research-oriented database of over 135,000 investment projects tracked since the mid-1990s, including over 55,000 completed, 45,000+ abandoned/stalled and 35,000+ under implementation. Designed for academic researchers studying investment cycles and capacity creation in India.
• Beliefs & Behaviour Service providing unique insights into political choices, societal beliefs and revealed behaviour of the Indian electorate. Combines historical official election data with CMIE's continuous surveys on political preferences, government performance perceptions and life satisfaction assessments.

Quantifiable outcome

• Prowess database covers over 77% of corporate tax collections and over 90% of Indian industrial sector business
• +2 more outcomes

Named customers8 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Scale indicators10 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• CRISIL: India's leading credit rating, analytics and research firm providing company financials, industry research and macroeconomic intelligence to Indian institutional clients. Directly comparable to CMIE in serving banks, financial intermediaries and corporates with India-focused business information subscriptions.
• ICRA: Indian credit rating agency and research firm offering company financial analysis, industry research and macroeconomic studies. Comparable to CMIE in serving Indian financial institutions and corporates with subscription-based information and research products.
• NCAER: National Council of Applied Economic Research — leading Indian economic research organization producing industry and macroeconomic studies. Comparable to CMIE's Economic Outlook and Industry Outlook services in providing India-focused economic and industry research to government and institutional clients.
• Indiastat: Subscription-based database of Indian economy, socio-economic and political statistics across states and districts. Closely comparable to CMIE's States of India and Economic Outlook services in delivering standardized India statistical data to institutional subscribers.

Broad incumbents

• Bloomberg: Global financial data and analytics platform with growing India-specific company and economic coverage. Competes with CMIE's Prowess and Economic Outlook services for the same banking, PE and corporate buyer segment, though as a much broader global platform rather than India-only specialist.
• S&P Global Market Intelligence: Global provider of company financials, industry research and economic data including India coverage. Directly competes with CMIE's Prowess and Industry Outlook for institutional buyers needing standardized company and sector data, though from a global portfolio perspective.
• LSEG (Refinitiv): London Stock Exchange Group / Refinitiv offers company financial data, economic time-series and analytics globally including India. Competes with CMIE for bank, asset manager and corporate subscriptions where global data breadth is required alongside India depth.
• Dun & Bradstreet: Global business information provider offering company financials, credit data and commercial analytics including India coverage. Comparable to CMIE's Prowess in providing standardized company-level data to B2B customers.

Emerging players

• Kantar (IMRB International): Market research firm with deep India presence through IMRB, producing consumer and industry research including household-level studies. Partially comparable to CMIE's Consumer Pyramids Household Survey in producing India-specific consumer/household data for institutional clients.
• Mosaic Net: Indian financial data and analytics platform serving retail and prosumer investors with company financials and market data. Adjacent to CMIE's Prowess at the lower end of the market with technology-led delivery, rather than direct enterprise competition.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/_CMIE
• LinkedInlinkedin.com/company/centre-for-monitoring-indian-economy

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Centre for Monitoring Indian Economy(CMIE)