Key Points
India more than halved the pace of new investment projects in the second quarter, indicating a blip in infrastructure push in a country with record capex plans and strong growth narratives...
Latest data from the Centre for Monitoring the Indian Economy (CMIE) showed a slowdown in the pace of new. investment projects announced in Q2 2023 to about Rs 6 trillion from Rs 12.2 trillion in the previous quarter..
"Quarterly fluctuations aside, the size of new investment projects announced remains low by historical standards, in our view," Sonal Varma and Aurodeep Nandi, research analysts at Nomura, said in a note..
"While high frequency investment indicators remained stable in Q2, the moderation in the pace of new investments suggests that the capex cycle is not yet on a durable, self-sustaining path, in our view."..
Nomura noted that infrastructure investments announced remain strong, and have risen to 6.4% of GDP in Q2 (4q sum) from 5.8% in Q1 and 4% in Q4 2022, driven primarily by transport services...
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