| Variable | Definition | Deflator | Data Source |
| Output (Y) | Gross value added (GVA) to the firm | Deflated by industry specific Wholesale Price indices (WPI) | 1) GVA obtained Annual Survey of Industries (EPW) 2) WPI obtained from Office of the Economic Adviser (OEA), the Ministry of Commerce & Industry of India (http://eaindustry.nic.in) |
| Labor (N) | Total persons engaged | - | Total persons engaged obtained from Annual Survey of Industries (EPW) |
| Capital (K) | Fixed capital stock series constructed by perpetual inventory method | Deflator is derived from the data on gross fixed capital formation in registered manufacturing at current and constants prices given in NAS | 1) Net fixed capital formation obtained from Annual Survey of Industries (EPW) 2) Deflator obtained from Macroeconomic Aggregates (https://data.gov.in) |
| Raw material, power and fuel | Real intermediate inputs as sum of values of material power and fuel | Deflator formed as a weighted average of price indices for various input-output sectors | 1) Net fixed capital formation obtained from Annual Survey of Industries (EPW) 2) Deflator formed as a weighted average of price indices for various input-output sectors, Ministry of Statistics and Program Implementation (CSO―http://mospi.gov.in) |
| Production workers to total employees ratio | Production workers divided by total employees | NA | Production workers series is given as total workers in ASI database |
| Management to total employees ratio | Management staff divided by total employees | NA | Management staff is retrieved by subtracting total workers from total employees in ASI database |
| Proprietors to total employees ratio | Proprietors staff divided by total employees | NA | Proprietors staff is retrieved by subtracting total employees from total persons engaged in ASI database |