Private capex led the way in H1 with manufacturing boost-

For context, the private sector’s share of new capex was just around 61 per cent in Q2 as well as H2 of Fy25. New central government investment plans grew 15 per cent year-on-year to 2.07 trillion in Q2, with states accelerating new capex projects by 36 per cent to over 2.38 trillion. However, on a sequential six-month basis, central capex plans were down 15 per cent in Ht this year compared to H2FY2s5, while the value of states’ investment projects declined 1 per cent.

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“The April-September 2025 period has demonstrated resilience with a 22 per cent rise in fresh investment announcements, led by private-sector proposals in the manufacturing and renewable energy sectors. The second half is expected to reinforce this trend, supported by a rebound in public infrastructure spending and steady consumer demand,” said Shashikant Hegde, director and CEO of Projects Today. Private investments, he reckoned, are likely to retain their lead in FY26.

“While export-oriented sectors may feel the pinch of global trade frictions, sectors like construction, electronics, automobiles, data centres, transport and social infrastructure, are expected to keep the aggregate investment outlook buoyant... Having accounted for over 70 per cent of total new investment proposals in H1-FY26, private promoters showed strong intent in Jong-gestation and high-value projects across renewable energy, metals, petrochemicals, and digital infrastructure,” Hegde pointed out.