The Central Public Sector Enterprises (CPSEs) and other central agencies, notably the railways and the National Highways Authority of India (NHAI) , demonstrated a significant uptick in capital expenditure during the first half of 2025-26, with September itself recording a remarkable 60% growth.

Total capex for September 2025 reached Rs 1.13 lakh crore, up from Rs 70,726 crore in the year-ago month, reflecting a robust push towards infrastructure development. This growth contrasts with earlier months’ volatility, including a 23% dip in July, highlighting a strong recovery and strategic focus on project execution in September 2025 (see chart).

Railways and NHAI lead the infrastructure push

For the period April to September 2025, cumulative capex stood at Rs 3.85 lakh crore, a 14% i

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