R Shankar Raman, CFO of Larsen and Toubro, explains that a lot of the private capex will happen once there is political certainty. He says that government ordering activity usually drops off 3 month before and after general elections. He further explains that while India business has slowed considerably, the Middle-east market has picked up substantially, adding that lower margins in the Middle-east more than make up for the size of projects, which are much larger than domestic projects.
