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Speaking at the IFQM Symposium on September 18, FM Sitharaman, during a conversation with Tata Sons' N Chandrasekaran, listed out three areas where the government would like industry to focus, namely investment, skilling, and feedback.
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On the downstream front, the Aditya Birla Group company has a target to quadruple EBITDA by FY30 compared to FY24 through the ramp up of new copper tubes plant and an e-waste recycling facility which will be India’s first and the world’s second largest.
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Catch exclusive interviews with Larsen & Toubro chairman S N Subrahmanyan, Ola Electric founder Bhavish Aggarwal and Maruti Suzuki chairman R C Bhargava as the executives speak on a range of issues from private capex revival to GST reforms. We also have a 360 degree analysis of the GST overhaul if it were to be implemented - the benefits and challenges as well as a roundup of expert views on the topic. Listen to this episode of Moneycontrol Editor’s Picks for the latest in business, finance, policy and the political economy.
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While Trump’s China tariff tantrums may have raised the prospects of a manufacturing-led capex revival, recent events are pouring cold water on those hopes
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Overall private sector capex is set to decline by a fourth in FY26 to Rs 4.9 lakh crore from Rs 6.6 lakh crore expected in FY25.
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If companies aren’t confident enough to borrow, there is no path for private capex revival
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V Anantha Nageswaran said that data shows that private sector has been investing, but maybe not at the pace one would like to see
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However, striking an optimistic note, the survey says the slowdown in investment activity is likely temporary.
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The report released on January 31 also added that the slowdown in investment activity is "likely temporary".
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The size of new investment projects announced remains low by historical standards, wrote the economists
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The challenges to growth remain the same: slacking private capex and tepid demand
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Shares of Siemens saw intense selling pressure after the company said in its earnings call on December 20 that the private sector capex has not picked up meaningfully, and remains slow in traditional technologies.
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With the elections now behind, the government is expected to refocus on spending. Meanwhile, private capex may have already seen some early indicators of an impending pick up.
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Envisaged capex set to increase 54 percent to Rs 2.45 lakh crore in FY25 from Rs 1.59 lakh crore in the previous year
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Citing Axis Bank Research data, the survey said private investment across a consistent set of over 3,200 listed and unlisted non-financial firms grew 19.8 percent in FY24
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Nearly 82% CFOs anticipate an increase in private capital expenditure in the latter half of FY25, showed the survey.
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Within the M&HCV growth momentum, Ashok Leyland is seeing strong demand growth from higher tonnage vehicles driven by better unit economics of these vehicles.
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The industry association CII expects the new coalition government to look at significant areas of reform to be taken forward which fall at the intersection of centre and state, like land, labour, agriculture, power and even fiscal sustainability at a “consolidated level”.
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Zook said that though public capex has been supportive, if the government is hoping to consolidate, then the strong growth impetus seen so far may fade.
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Capacity utilization is high, corporate credit is reviving, it’s just a matter of time
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Private sector participation in public infrastructure has not been a great experience for both the players and the financing banks. Meanwhile, many of the services which now contribute increasingly to total consumption, such as financial services, online e-commerce, and numerous tech startups are not very capital intensive
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India is emerging as a viable destination for global manufacturing companies, said Jain.
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While the government has been unstinting, particularly on public infrastructure, most observers say the private sector has been lagging, weighed down by unlisted companies
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Public capex has been growing at more than 25 percent over the past four years but the pace is expected to slow down to 7-8 percent in FY25, wrote the brokerage's analysts.
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While this will be an Interim Budget, the overall mood is that the government will continue to spend, particularly because private capex is at a nascent stage and there is buoyancy in government revenues
