Most of this will require a sizeably higher dose of capital investments from every constituent in the economy. Gross fixed capital formation (GFCF) forms around 30% of India’s GDP at $790 billion. Public and private capex are stronger, while infrastructure and industrial capex were flat over the last decade. India has witnessed a sluggish investment cycle for the past 10 years since peaking in FY11, following the recovery from the Global Financial Crisis (GFC).
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