Is India's Investment Story Too Dependent on Government Spending?

During an NDTV panel discussion on India's economic challenges, economists debated why private investment continues to lag despite strong government capital expenditure. Economist Rathin Roy argued that India's growth remains concentrated among the top income groups and stressed the need to broaden domestic demand in poorer regions to unlock sustainable private investment. Economist Surjit Bhalla called for reforms and stronger investment incentives, particularly a return to pre-2015 FDI policies, saying investors respond to economic incentives rather than rhetoric. Panellists also discussed the role of fiscal prudence, manufacturing growth and policy stability in driving long-term economic expansion.