Capex mood sees revival in Q3, led by private sector: CMIE data

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Green shoots are emerging for the Indian economy as it enters the year 2024, with the just-ended quarter providing much-awaited signs of revival in the investment cycle..

A total of 2.1 trillion worth of new projects were announced across the country in the December-ended quarter, up nearly 15% from the preceding three-month period, showed data from the project-tracking database of the Centre for Monitoring Indian Economy (CMIE)..

While capital expenditure proposals were still sharply weaker than the year-ago period, when projects worth 9.5 trillion were announced, the latest figure marks a sharp turnaround after two quarters of precipitous decline..

The most notable private sector announcements included JSW Neo Energys pumped storage power project in Almora worth 15,000 crore and Welspun New Energys Green Ammonia manufacturing unit project worth 13,860 crore in Odisha..

(However, the value of capex proposals in manufacturing was also down 80% over the year-ago period.) Projects in the inorganic chemicals space related to green ammonia and green hydrogen cornered nearly a third of the manufacturing investment plans during the December-ended quarter..

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