Private sector critical

If public sector companies raise their FY13 capex by Rs.28,000 crore, should we worry that much about rating agency Crisil’s survey that says private firms will lower their capex by R72,000 crore? Not only can PSUs be exhorted to invest more, CMIE’s well-publicised CapEx database suggests quite the opposite. Sure, CMIE says, the number of projects being shelved—primarily due to unavailability of land—are up dramatically, but then so are the number of projects being completed every year.

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