After years of caution, India’s private sector is beginning to spend again. Capital expenditure (capex), which had long been led by government spending, is now seeing renewed momentum from private companies.

If recent commentary from Larsen & Toubro (L&T) and the State Bank of India (SBI) is any indication, the country could be on the cusp of a revival in private sector investments. Both companies, considered bellwethers for India’s industrial and financial sectors, are witnessing early signs of a turnaround.

Following its September quarter results, SBI management indicated that private sector capex activity is now broad-based across multiple industries. The bank reported a robust corporate credit pipeline of ₹7 lakh crore, comprising both underutilised working capital and term loa

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