Some more PLIs: FY24 could be inflection point for surge in India’s manufacturing capex

​​With the PLI scheme in place, the annual investment in India’s manufacturing sector may remain high for a few years from FY2023-24. But questions remain on whether the global economic uncertainty will delay the execution of projects and mess up the government’s math on private investments. ​​According to a recent analysis by credit rating agency ICRA, the deployment of capex may kick in in a big way in the next fiscal year of 2023-24, with investments likely to cross the `1 lakh crore threshold, and may touch `1.7 lakh crore in FY26.