Page 36 - CII-ARTHA

ARTHA

The services sector also records a steady increase in The increase in new investment announcements has
net investment, rising from Rs 1.5 lakh crore in FY19 to been driven primarily by the private sector. Each of the
Rs 2.9 lakh crore in FY25, indicating continued asset first three quarters of FY26 recorded higher private
accumulation in service-oriented activities. investment announcements compared with the
corresponding quarter of the previous year. Private
Overall, the sectoral distribution of investment project announcements during April–December 2025
indicates that manufacturing continues to account for stood at Rs 26.3 lakh crore, up from Rs 16.9 lakh crore in
the same period a year earlier, reflecting a growth of about
the largest share of private corporate capex, while 55 per cent. Consequently, the share of the private sector
services investment has expanded steadily over the in total project announcements rose to about 83 per cent
period. This pattern reflects ongoing industrial capacity during April–December FY26, compared with around 69
expansion alongside sustained growth in modern per cent in the corresponding period of FY25, indicating a
service sectors. marked strengthening of private sector participation in
the investment pipeline.

Project Announcements Signal A sharp increase in project
Rising Investment Intentions announcements during FY26 so far
suggests a strengthening pipeline of
The preceding analysis was based on company future private investment
balance sheet data, which provide a useful assessment
of realised investment, but the data becomes available
only after the close of the financial year. To assess more
recent investment dynamics, data from CMIE’s Capex
database is examined, which captures fresh investment
announcements as covered in media and other
platforms. This data provides an early indication of the
future pipeline of capital expenditure.

During the first three quarters of FY26, total project
announcements amounted to Rs 31.5 lakh crore,
compared with Rs 24.7 lakh crore in the corresponding
period of FY25, representing an increase of about
28 per cent. 3

New Project Annoucements (Rs lakh crore)

30.0
25.1
25.0
18.7 18.3
20.0
15.0 11.1 11.0 11.9
9.7 9.3 10.0 10.0 9.5
10.0 17.1
5.7
5.0 8.8 14.3 7.1 14.1 3.6 9.0 7.6 8.7 10.0
4.4 7.2 6.2
0.0 1.8
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
FY23 FY24 FY25 FY26

Private Sctor Government Total

Source: CII research based on CMIE Capex Database

3 Data extracted on 25th February 2026

36