New Delhi, Jan. 25 -- The upcoming Union Budget is expected to maintain continuity in the government's capital expenditure (capex) push, even as policymakers operate within a constrained fiscal and policy environment, according to a budget preview report by HSBC Mutual Fund.

A capex expenditure worth Rs 11.21 lakh crore (or 3.1 per cent of GDP) was earmarked in 2025-26, rising year-on-year.

The report noted that while the government has limited room for large policy shifts or major announcements, expenditure priorities are likely to remain focused on sustaining growth through public investment.

"On the expenditure front, we may continue to expect continuity in the Centre's commitment to CapEx," the report said, underscoring infrastruct...