A record capacity of over 75 GW was added over the last three years leading to over-capacity in thermal power. Industry doesn't see new thermal capacity being planned for some time, however, the existing capacity close to commissioning, or under construction will come to grid.

Investment opportunity stems from efforts of making rolling stock safer, faster and more efficient. The thrust on electrification is expected to give a spurt to electric locomotives, bringing down the fuel bill significantly, even as increasing investment in higher horse power locomotives will support longer rakes.

In the next five years, special purpose vehicles (SPVs) will be spending around Rs.1,631 billion on projects conceived under area-based development and Rs.388 billion on pan-city development.

Thrust in ensuring 24-hour electricity access to all rural households under the Saubhagya and DUGJY schemes is likely to boost energy demand to some extent as well as improve the quality of life for rural households.

The mechanism proposed to buy surplus solar energy from solar pumps by the distribution utilities as well as push for deployment of solar energy under the smart city programme are encouraging for PV module manufacturers, EPC and system integrators/channel partners

Capital outlay for the infrastructure sector up to Rs 5.97 lakh crore in FY2018v19 (up 20.8 per cent over FY2018), with major increase for segments like railways, telecommunication and affordable housing.

Higher capital expenditure outlay for the railways (increased by 11.8 per cent from 2017v18 and 22.1 per cent from 2017v18) at Rs 1.46 lakh crore to support infrastructure projects. Of this, the budgetary allocation from the government stands at Rs 53,060 crore (up from Rs 40,000 crore in 2017v18, and marginally lower than 2017v18).

As I write this, our Prime Minister is already in the UAE, making his second trip in less than three years, to accelerate the infrastructure thrust that the two countries have agreed upon.

India Ratings and Research (Ind-Ra) expects primary market activities in the corporate bond market to remain steady, however, growth will be protracted owing to muted capex plan for Corporate India.