{"id":87282,"date":"2026-02-02T00:00:00","date_gmt":"2026-02-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/2026\/02\/02\/state-capex-to-will-be-main-growth-engine-in-india-as-government-expands-capex-for-infrastructure-and-manufacturing-initiatives-in-budget-2026\/"},"modified":"2026-02-02T00:00:00","modified_gmt":"2026-02-02T00:00:00","slug":"state-capex-to-will-be-main-growth-engine-in-india-as-government-expands-capex-for-infrastructure-and-manufacturing-initiatives-in-budget-2026","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2026\/02\/02\/state-capex-to-will-be-main-growth-engine-in-india-as-government-expands-capex-for-infrastructure-and-manufacturing-initiatives-in-budget-2026\/","title":{"rendered":"State capex to will be main growth engine in India as government expands capex for infrastructure and manufacturing initiatives in Budget 2026"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Doubling<\/strong><strong> down on state-led growth model:<\/strong> India\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/2\/70.pdf\" style=\"\">Union Budget 2026-27<\/a>, presented by finance Minister Nirmala Sitharaman on Sunday, kept the state-led growth strategy intact, raising public capital expenditure to INR 12.2 tn (USD 133 bn) for FY 2027 (starting in April) from INR 10.9 tn (USD 119 bn) in the current fiscal. Government spending will continue to be the primary engine of the economy, relying on massive infrastructure outlays and a patchwork of sector-specific incentives to drive manufacturing but without introducing a new growth framework.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The approach reflects continuity rather than a shift in growth strategy<\/strong>, Economist Salman Anees Soz told EnterpriseAM<strong>. <\/strong>\u201cThe government is still leaning on the same two pillars \u2014 public capital expenditure to hold up growth, and a manufacturing narrative to signal long-term competitiveness. India still needs infrastructure and deeper supply chains. But there is no new growth model in this Budget,\u201d Anees told EnterpriseAM, adding that the announcements read as sectoral allocations rather than a unified economic strategy.<\/p>\n<p class=\"tag-border-left\">Manufacturing push without a private-investment engine<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Key initiatives to bolster manufacturing: <\/strong><\/p>\n<ul>\n<li>An enhanced outlay to INR 400 bn (USD 4.8 bn) has been announced for the <strong>electronics components manufacturing<\/strong> scheme announced in 2025.<\/li>\n<li>The budget allocated an INR 100 bn (USD 1.2 bn) for a new scheme that envisions a <strong>global biopharma manufacturing hub<\/strong> in India. <\/li>\n<li>The government has also announced the second phase of its <strong>semiconductor manufacturing scheme<\/strong> to \u201cto produce equipment and materials, design full-stack Indian IP, and fortify supply chains.\u201d <\/li>\n<li><strong>Rare earth corridors:<\/strong> A proposal to establish dedicated corridors in Odisha, Kerala, Andhra Pradesh, and Tamil Nadu to promote mining and processing of rare earth minerals. This builds on the existing programs on critical minerals and expands spending on recycling initiatives. <\/li>\n<li><strong>For textile manufacturing, <\/strong>the government will provide support capital for machinery and tech upgrades, while continuing work under its earlier textile park scheme, which includes seven integrated textile manufacturing hubs. Duties on shuttle-less looms have been reduced to nil.<\/li>\n<li><strong>Data centre build out: A <\/strong>20-year tax holiday for foreign companies providing global cloud services using Indian data centres as well as simplified tax compliance norms. <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Private engine missing:<\/strong> While the government is increasing its capital push in manufacturing, a credible second engine of growth is missing \u2014 \u201cwithout a serious push to improve private investment conditions and productivity at scale, public spending and selective industrial schemes cannot carry growth on their own,\u201d according to Anees.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The lack of an integrated industrial strategy is most visible in India\u2019s approach to critical and strategic supply chains<\/strong>, Anees argues, stating that reducing India\u2019s dependence on China in critical minerals \u201crequires far more than corridor announcements.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As a result, private investment has not picked up meaningfully for many years. <\/strong>\u201cThere has been some improvement in parts of the private sector, but nothing comparable to earlier investment cycles. India is sending more investment abroad than it is receiving. That reflects confidence and return issues in the domestic investment climate.\u201d Anees said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Customs reform<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The budget also announces trade-facilitation measures<\/strong> including a new Customs Integrated System, a single digital clearance window, risk-based audits and expanded non-intrusive scanning. These measures amount to incremental modernisation rather than a full overhaul of the customs architecture. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cIndia\u2019s biggest challenge remains inconsistency and discretionary enforcement.<\/strong> What is permitted at one port often becomes a dispute at another. That unpredictability is far more damaging than the absence of technology,\u201d Anees pointed out. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Gift City tax holiday extension <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The government has doubled the tax holiday for businesses establishing operations in Gujarat\u2019s International Finance Tec-City (Gift City) <\/strong>to 20 years. Many Gulf based companies including SWFs, ins. firms and banks will benefit with an extended tax holiday as more firms line up to establish offices in the Gift city. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">The missing reform agenda<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The main gap in the budget is the absence of an economy-wide reform agenda focused on private-sector growth.<\/strong> \u201cInstead of setting up multiple committees for different sectors, the country should establish a \u201chigh-level, cross-sector commission focused specifically on bolstering private-sector growth and job creation,\u201d Anees said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s Budget for FY 2027 expands incentives on manufacturing and infra but the state-led growth strategy still lacks a credible push on private investment<\/p>\n","protected":false},"author":1,"featured_media":87283,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2723],"tags":[2880,2879,2694,2402,2644,2646,2438,2734,2722],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-big-story-today","tag-budget-2026","tag-customs","tag-data-centres","tag-enterpriseam-india","tag-gift-city","tag-indian-economy","tag-investment","tag-semiconductors","tag-the-big-story-today","wpautop","entry"],"acf":{"mongo_id":"c8da74d6-d6b7-4ea0-b2ef-9f3c0bf6b772","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/2\/119.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Budget 2026: India expands capex raised USD 133 bn while doubling down on manufacturing","related_issue":[87278],"teaser":"India\u2019s Budget for FY 2027 expands incentives on manufacturing and infra but the state-led growth strategy still lacks a credible push on private investment"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>State capex to will be main growth engine in India as government expands capex for infrastructure and manufacturing initiatives in Budget 2026 - MENA India Corridors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/02\/02\/state-capex-to-will-be-main-growth-engine-in-india-as-government-expands-capex-for-infrastructure-and-manufacturing-initiatives-in-budget-2026\/\" \/>\n<meta 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