Capex cannot be driven by public investment, says industry body Assocham

Industry body Assocham on Monday said capital expenditure cannot be driven largely by public investment and the private sector must participate to increase investments in India's economy.

Prime Minister Narendra Modi last month urged India Inc to increase investment in tandem with the government's decision to raise capital expenditure (capex) and take advantage of the opportunities unveiled in the Union Budget 2023-24.

The chamber's newly appointed President Ajay Singh said he foresees a "significant rise in private investment" in the coming 2-3 years, driven by the Centre's capex push.

"It cannot be that expenditure in the economy is largely public expenditure. The private sector has to participate and with the environment that is being created today, with the infrastructure spend that the government is doing, opportunities available to companies both in India and overseas. I think you will see an uptick in private investment in the next 2-3 years," Singh said addressing a press ..