New Delhi, Sept. 4 -- The government's announcement of GST rationalization under GST 2.0 has set the stage for a major shift in the country's economic strategy.

According to a report by Axis Securities, the focus has now moved from capex-oriented spending to consumption-led growth, starting from the FY26 Budget onwards.

It stated "The government has now shifted gears from Capex-oriented spending to consumption-led spending".

The report highlighted that the past decade was defined by development-focused schemes, with large-scale infrastructure projects such as roads, bridges, and metro systems serving as benchmarks of the ruling party's success. This capex push had been central to the government's policy agenda.

However, with the Febru...