India’s economic growth has slowed, and there is no automatic booster in sight. Capacity utilisation in the manufacturing sector has been stuck around 75% for nearly a decade. That means that the industry has no desperate urge to add to capacity in the near term. That leaves infrastructure as the major site of investment.In the absence of any generalised policy of public-private partnership in infrastructure, the government remains the prime mover in the sector. While its budget outlays on capital expenditure have been the highest ever, spending has been tardy, contributing to the economic slowdown.
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