New Delhi, Sept. 22 -- For a country slated to contribute about 20% to global growth (IMF), one would expect India to be abuzz with private enterprises placing bold bets on its future. Instead, the numbers speak otherwise: public capital expenditure does the heavy lifting while private investments remain muted.

Over the past decade, India's investment mix has seen ups and downs. Public investment, especially in infrastructure, transport and energy, has risen to a quarter of gross fixed capital formation (GFCF); private investment accounts for the rest of this total, but the share of private corporate investment has been in decline. It has fallen from a peak of 41% in 2015-16 to a current 33%. Household investments are important too.

Num...