Despite record-breaking government spending on infrastructure—over Rs54 lakh crore in 11 years—the much-hoped-for private investment boom in India remains missing. In this insightful analysis, Debashis Basu examines why repeated policy pushes like bank cleanups, tax cuts, and production-linked incentives have failed to revive private capex. The real issue, he argues, isn’t about supply or credit—it’s about weak demand, stagnant wages, and uncompetitive exports. Until policy focuses on boosting incomes and consumption, India’s elusive private capex boom will remain just that—a mirage.

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