Executive Director Designate of the World Bank for India, Neelkanth Mishra, has challenged the popular narrative that private capital expenditure in India is weak. Speaking on the investment cycle, Mishra said government capex accounts for only around 3.2% of GDP, while total investment in the economy stands at nearly 32% of GDP. He highlighted that a significant portion of capital formation happens through households building homes, expanding properties, and investing in real assets. Mishra also pointed to rising investments in steel capacity, power generation, manufacturing, and corporate credit growth as evidence that private sector capex is already underway. According to him, the data clearly shows that India's investment cycle is broad-based and not solely dependent on government spending.