Corporates join overall India capex upcycle in FY23, augmenting heavy-lifting by ‘real estate’ and ‘government’
Post-pandemic economic recovery was largely driven by growth in gross fixed capital formation (GFCF), which grew 25.6% YoY during FY22 to reach Rs67.9trn in nominal terms. GFCF growth in FY22 was largely driven by household investments into real estate and Central government push towards infrastructure capex while state governments and corporates lagged in terms of capex growth.