CPSEs capex surges 63% in April, kick off FY27 on strong note

New Delhi: Capital expenditure by large public sector enterprises (CPSEs) and four key government entities surged 63% from a year earlier in April to Rs 81,107 crore, marking a strong start to the fiscal year, showed data from the Department of Public Enterprises.

These CPSEs and Railway Board, National Highways Authority of India (NHAI), Delhi Metro Rail Corporation, and Damodar Valley Corporation had collectively spent Rs 49,744 crore in April 2025. Each of these entities has an annual capex target of at least Rs 100 crore.

The strong start reaffirms the Centre’s commitment to key infrastructure projects spanning roads, railways, ports, power, and industry, providing the economy a strong cushion amid global uncertainties, said an official requesting anonymity.


The April outlay accounts for 9.62% of the Rs 8.43 lakh crore total budgeted capital outlay for FY27.

Capex touched Rs 8.64 lakh crore last fiscal, up 15.6% from the targeted Rs 7.47 lakh crore. Capex was Rs 8.07 lakh crore in FY25, exceeding the annual target by nearly 3%.

Public capex, including that of CPSEs, remains critical to India’s economic growth, especially with the Iran war continuing to weigh on domestic private investments.

The Centre remains committed to its budgeted capital expenditure of Rs 12.2 lakh crore this fiscal. The government has said the capex programme will continue as planned for FY27.

The finance ministry had hinted considerable downside risks to the projected FY27 expansion rate of 7-7.4%, if the war persists, which could keep global oil prices elevated for a longer period.