After a decade of government-led capex laying the foundation for growth, India is now witnessing a decisive shift in its economic engine. FY25 marks the great handoff, from public sector leadership to a private sector primed with capital efficiency, execution readiness, and sectoral breadth.
This transition is structural, not cyclical. Private capex has surpassed government spending for the first time in a decade, with broad-based investments across renewables, manufacturing, logistics, and real estate. What makes this cycle distinct is its focus on speed, efficiency, and technology-led themes, supported by cleaner balance sheets and robust policy frameworks.
For investors, this signals the beginning of India’s reindustrialisation era, where both corporate ambition and household confidence drive a more resilient, multi-engine economic expansion.
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