India Investment

India Investment

Fixed Investment in India

The Indian economy recorded an average growth rate of 5.8% in fixed investment over the decade to 2022. In 2022, the fixed investment growth was 11.4%. For more investment information, visit our dedicated page.

India Investment Chart

Note: This chart displays Investment (annual variation in %) for India from 2013 to 2023.
Source: Macrobond.

India Investment Data

2019 2020 2021 2022 2023
Fixed Investment (ann. var. %) 1.1 -7.1 17.5 6.6 9.0

GDP growth records slowest increase in a year in January–March

GDP growth waned to 7.8% year on year in January–March (October–December FY 2023) from 8.6% in October–December. January–March's reading marked the softest growth in a year but exceeded market expectations. The reading means GDP grew 8.2% over FY 2023 as a whole, up from FY 2022’s 7.0% and the 5.8% FY 2013–2022 average.

Private consumption growth was stable at 4.0% year on year in January–March compared to October–December. Government spending bounced back, growing 0.9% in January–March (October–December 2023: -3.2% yoy). Meanwhile, fixed investment growth fell to 6.5% in January–March, marking the worst reading in a year (October–December 2023: +9.7% yoy). On the external front, exports of goods and services growth accelerated to 8.1% year on year in the first quarter, which marked the best reading in a year (October–December 2023: +3.4% yoy). Conversely, imports of goods and services growth softened to 8.3% in January–March (October–December 2023: +8.7% yoy).

Aurodeep Nandi and Sonal Varma, research analysts at Nomura, said: “In the near term, the absence of broad-based private consumption and capex recovery, ebbing terms-of-trade tailwinds for firms and macroprudential tightening by the RBI are potential drags. However, structural positives include the strong focus on public capex (assuming political continuity at the Centre), continued reforms momentum, prioritisation of macro stability, favourable demographics and opportunities from friendshoring. We revise up our FY25 GDP growth to 6.9% (vs our previous estimate of 6.6%).”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Indian investment projections for the next ten years from a panel of 13 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable investment forecast available for Indian investment.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Indian investment projections.

Want to get access to the full dataset of Indian investment forecasts? Send an email to

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