New projects down 46%, mfg relatively resilient

Capital expenditure by the central government was higher in the first five months of the year than in the previous year, noted the Motilal Oswal report.

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A combination of heightened global uncertainties and changes in taxation may have a role to play, according to Sachchidanand Shukla, group chief economist, Larsen and Toubro.

‘The cut in goods and services tax (GST) may be creating a need for recalibration for certain state governments on revenue visibility. Tariff uncertainty has had an impact on the private sector, which is seen in the decline in new private initiatives.