Capital spending by some of India Inc's larger firms up 33% to Rs 4.63 trn

Excluding RIL, capital spending by the remaining firms rose to Rs 3.8 trillion at the end of 2017-18

A look at the headline numbers on capital spending by some of corporate India’s largest firms suggests that a revival in the investment cycle may well be underway. 

At the aggregate level, capital spending by some of India Inc’s larger firms rose to a staggering Rs 4.63 trillion at the end of 2017-18, up from Rs 3.47 trillion in 2016-17. 

However, a closer look at the underlying data reveals that much of the capex in the last  few years has been driven by a single firm — Reliance Industries Ltd (RIL). In the last three years, RIL has spent roughly