Overview

• The National Statistical Office's first forward-looking survey reports a 55.5% rise in private sector capex intentions to Rs 6.56 lakh crore for FY25, followed by a projected 25.5% decline to Rs 4.88 lakh crore in FY26.
• Aggregate private capex has grown 66.3% over four years, climbing from Rs 3.94 lakh crore in FY22 to the projected Rs 6.56 lakh crore in FY25.
• Manufacturing dominates FY25 capex intentions, accounting for 43.8% of planned investments, followed by information and communication (15.6%) and transportation and storage (14%).
• About 30% of enterprises plan to invest in upgradation in FY25, with core-asset expansion and income generation cited as key drivers of the surge in investment intentions.
• The NSO cautions that FY26 projections reflect a conservative approach by respondents, with challenges in data collection and methodology refinement noted in this inaugural survey.