Capital formation uptick: is India on the verge of an investment supercycle after a long wait?
The aggregate capex of India’s top 20 states recorded growth of 7% to ₹1.2 trillion in the first quarter of 2026-27. Gujarat, Madhya Pradesh, Uttar Pradesh and Maharashtra have been leading capex. We have also seen strong growth in capex by Andhra Pradesh, Rajasthan, Kerala, Assam and Telangana in the first quarter of 2026-27.
