S&P Global estimates that private capital expenditure in India is unlikely to see large increases in fiscal year 2025-26. Many firms remain cautious due to tariff risks, uncertain trade environments, and tight financing. However, over the next five years, firms are expected to invest over US$800 billion, supported by reforms, infrastructure push, and favorable monsoon rains. Domestic policy levers such as GST rationalization and stable interest rates are seen as buffers.