Govt project announcements, capex at new low, completion rates slow

Government announcements for the building of new roads, railways, and other capital expenditure (capex) projects may have hit an all-time low, according to numbers for the December quarter.

It was at Rs 26,987 crore in the three months ended December, according to data from project tracker Centre for Monitoring Indian Economy (CMIE). The data, which covers central and state government projects, is subject to revision as additional information comes in. But the number as of the quarter-end is the lowest in data going back to March 2009.

It was unclear how much upside subsequent revisions could bring. The previous quarter