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A look at the headline numbers on capital spending by some of corporate India’s largest firms suggests that a revival in the investment cycle may well be underway.
At the aggregate level, capital spending by some of India Inc’s larger firms rose to a staggering Rs 4.63 trillion at the end of 2017-18, up from Rs 3.47 trillion in 2016-17.
However, a closer look at the underlying data reveals that much of the capex in the last few years has been driven by a single firm — Reliance Industries Ltd (RIL). In the last three years, RIL has spent roughly
