During the April-October window, central public sector enterprises fulfilled roughly 60 per cent of their FY27 annual capital expenditure target of ₹8.43 trillion, sustaining public investment momentum at a pace comparable to the prior year.
CPSEs Increased Capital Expenditure to ₹5.03 Trillion
- Sixty-three CPSEs tracked by the Department of Public Enterprises spent ₹5.03 trillion between April and October, marking a nearly 13 per cent year-on-year increase.
- October capex climbed nearly 26 per cent year-on-year to reach ₹73,311.25 crore.
- Breakdown figures per CPSE, accessible via the finance ministry’s DPE only up to September, indicated that the National Highways Authority of India (NHAI) and the Railway Board ranked as leading spenders among state enterprises during the initial half of the fiscal year.
Sector-Specific Spending and Agency Outlays
Disaggregated data available through September shows the Railway Board deployed ₹1.88 trillion, achieving 64 per cent of its annual target. The National Highways Authority of India incurred capex of ₹85,228 crore, or nearly 46 per cent of its FY27 target.
Power sector enterprises also maintained investment momentum. NTPC met 71 per cent of its annual target in the first six months, while Power Grid Corporation of India achieved 43 per cent.
| CPSE Entity | H1 Capex / Spending | Annual Target Achievement |
|---|---|---|
| Railway Board | ₹1.88 trillion | 64 per cent |
| National Highways Authority of India | ₹85,228 crore | 46 per cent |
| NTPC | Not specified | 71 per cent |
| Power Grid Corporation of India | Not specified | 43 per cent |
| Oil and Natural Gas Corporation | ₹14,552 crore | 49 per cent |
Oil Sector Resilience Amid Market Pressures
State-run petroleum firms likewise preserved their spending trajectory despite facing under-recoveries in the current year, driven by high crude prices and supply bottlenecks caused by the West Asia conflict.
Placing among the top five CPSE spenders, Oil and Natural Gas Corporation (ONGC) recorded ₹14,552 crore in first-half capex, fulfilling nearly 49 per cent of its yearly goal. Furthermore, Indian Oil, Bharat Petroleum, Oil India, and Hindustan Petroleum each surpassed 40 per cent completion of their yearly targets during the first six months of the fiscal period.
Centre Aims to Drive Growth Through Public Capex
Driven by increased government outlays designed to attract private capital, public expenditure by CPSEs and the Centre continues to serve as a cornerstone of India’s investment-driven growth framework. Over the past five years following the Covid-19 pandemic, the Centre has multiplied its capital expenditure threefold.
For FY27, the Centre has set a capital expenditure target of ₹12.22 trillion. CGA’s most recent statistics show that disbursements reached ₹6.55 trillion between April and September, fulfilling roughly 54 per cent of the yearly goal.
