NSO launches CAPEX 2026 survey on private corporate investment plans
Synopsis
India's NSO has kicked off its second annual capex intentions survey, polling large private corporates on spending plans through December 2026. The first edition revealed manufacturing commands 43.8% of corporate capital expenditure — making this survey a vital early-warning system for India's investment cycle.
Key Takeaways
The NSO launched the CAPEX 2026 survey on 1 October 2026 , running through December 2026 .
The survey captures actual, provisional, and planned capital expenditure from large private corporates registered with the MCA .
Data is collected via a secure digital portal with an instruction manual and video guide.
The inaugural CAPEX 2024 survey (November 2024–January 2025) found manufacturing led all sectors at 43.8% of aggregate capex.
Information and communication (15.6%) and transportation and storage (14%) were the next largest spenders in 2024-25.
The National Statistics Office (NSO) has launched the Forward-Looking Survey on Private Corporate Sector CAPEX Investment Intentions (CAPEX 2026), with data collection running from October to December 2026. The survey aims to generate comprehensive, timely information on capital expenditure undertaken and planned by large private corporate sector enterprises, offering critical inputs for tracking emerging investment trends in the Indian economy.
What the Survey Covers
The primary objective of CAPEX 2026 is to capture capital expenditure across three time frames: actual spending in recent financial years, provisional outlay in the current financial year, and investment intentions for the forthcoming year. The survey spans multiple asset groups and industries, and also examines investment strategy, objectives, and sources of financing.
Eligible enterprises are drawn from the survey frame prepared using data on active companies registered with the Ministry of Corporate Affairs (MCA), subject to prescribed eligibility and turnover criteria. The exercise is conducted under the provisions of the Collection of Statistics Act, 2008.
How Enterprises Participate
Data collection is entirely digital. Respondents submit responses through a dedicated, secure web portal that allows self-compilation and online filing. The portal includes an instruction manual and a video guide to assist enterprises with questionnaire navigation, concepts, and definitions — a step that broadens accessibility for first-time participants.
Key Findings From the Inaugural CAPEX Survey
This is the second edition of the survey. The NSO conducted the inaugural Forward-Looking Survey on Private Sector CAPEX Investment Intentions (CAPEX 2024) between November 2024 and January 2025. Results from that first-ever survey revealed that manufacturing accounted for the largest share of aggregate capital expenditure in 2024-25, at 43.8%. Information and communication came second at 15.6%, followed by transportation and storage at 14%.
Notably, these three sectors together commanded nearly three-quarters of all corporate capital spending captured in CAPEX 2024 — a concentration that underscores manufacturing's continued dominance as the engine of private investment, even as digital infrastructure spending grows.
Why This Survey Matters
Forward-looking investment data fills a critical gap in India's national accounts framework, where capex intentions from the private sector have historically been estimated through indirect proxies. By surveying large corporates directly and on a regular cadence, the NSO can provide policymakers, the Reserve Bank of India (RBI), and market participants with a more granular picture of the investment cycle before it shows up in GDP data. The results of CAPEX 2026 are expected to inform government planning and monetary policy assessments in the months ahead.
Point of View
And relying on indirect proxies to measure it was always a methodological liability. Having large corporates self-report intentions on a forward-looking basis gives the RBI and the Finance Ministry a genuine lead indicator — but only if response rates are high and consistent across editions. The real value of CAPEX 2026 will be whether it can surface sector-level divergences early enough to matter for policy, rather than confirming trends the market has already priced in.
NationPress
1 Oct 2026
Frequently Asked Questions
What is the NSO CAPEX 2026 survey?
The NSO CAPEX 2026 survey is a forward-looking exercise by the National Statistics Office that collects data on capital expenditure plans from large private corporate sector enterprises, covering actual spending in recent years, provisional outlay for the current year, and investment intentions for the year ahead. It runs from October to December 2026.
Who is eligible to participate in the CAPEX 2026 survey?
Selected large private corporate sector enterprises registered with the Ministry of Corporate Affairs (MCA) and meeting prescribed eligibility and turnover criteria are covered. The survey is conducted under the Collection of Statistics Act, 2008.
How is data collected for the CAPEX survey?
Responses are submitted through a dedicated, secure web portal that allows enterprises to self-compile and file data online. The portal provides supporting resources including an instruction manual and a video guide to assist participants.
What did the inaugural CAPEX 2024 survey find?
The first-ever edition, conducted between November 2024 and January 2025, found that manufacturing accounted for the largest share of aggregate corporate capital expenditure in 2024-25 at 43.8%, followed by information and communication at 15.6% and transportation and storage at 14%.
Why does the NSO CAPEX survey matter for India's economy?
The survey provides policymakers, the RBI, and analysts with direct, forward-looking data on private corporate investment intentions — filling a gap where India's national accounts previously relied on indirect estimates. Results help inform government planning and monetary policy assessments before investment trends appear in GDP figures.
