Where the math is defensible.
Long-form research on live enterprise decisions. Publication is selective. Every number traces to a named source. No takes without evidence.
India Capex Spend Trajectory 2026: Government, Private, and FDI in One Frame
India's investment-to-GDP ratio is climbing back toward 34 percent, but the composition behind the headline determines whether the cycle broadens or stalls.
India's capex story in 2026 is one of three engines pulling at different speeds. Union Budget capital outlay has nearly tripled since FY20, state capex is recovering after the FY24 election lull, and central public sector enterprises are being nudged to front-load investment. Private capex is finally turning, with ASCB credit to industry ...
India PLI at Five: Modi 3.0 Capex, the Electronics Export Ramp, and the Subsidy Reckoning of 2026
Five years and roughly INR 1.97 lakh crore of approved outlay later, the Production-Linked Incentive program meets a record FY26 capex budget, a first wave of fab approvals, and a 26 percent US reciprocal tariff. We assess what worked, what did not, and where the next rupee belongs.
By the end of FY24, Department for Promotion of Industry and Internal Trade (DPIIT) reporting put cumulative PLI-induced investment near INR 1.4 lakh crore, production above INR 12.5 lakh crore, and exports above INR 4 lakh crore across 14 sectors. Mobile phones carry the headline: roughly 14 percent of global iPhones are now assembled in...