India’s private sector is finally shaking off its long investment lull. After years of cautious spending, major players like SBI and L&T are now pointing to a clear revival in private capital expenditure — a sign that corporate India is gearing up for its next growth phase.

SBI, the country’s largest lender, recently reported a solid corporate credit pipeline of Rs 7 lakh crore. This growth is driven largely by private projects. The bank said new investment discussions span multiple industries. Consequently, it raised its FY26 credit growth outlook to 12–14%.

Engineering giant L&T, often seen as a pulse-check for industrial activity, also reported a surge in domestic order inflows. These inflows are up 50% year-over-year to Rs 27,400 crore in the September quarter. The company said private capex is picking up strongly in areas like manufacturing, renewables, real estate, digital infrastructure, and power generation.

Both firms’ upbeat signals suggest that private investment, long overshadowed by government spending, is returning to the driver’s seat.

Though private capex grew just 8.4% in FY25 to Rs 5.1 lakh crore — the slowest in four years — economists believe the tide is turning. With India’s GDP expected to grow between 6.5% and 7% in FY26, the stage appears set for a new investment cycle. This cycle will likely be led by corporate confidence and steady economic momentum.

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