New Delhi, July 8 -- With public capital expenditure creating the base for growth, policymakers and industry on Wednesday stressed that the next phase of India's expansion will depend on catalyzing private investment through reforms, policy stability and stronger Centre-State coordination.

Speaking at a seminar jointly organised by FICCI and Chintan Research Foundation on 'Investment Economics in India: Manufacturing, FDI and Industrial Transformation', Rajeev Singh Thakur, Programme Director at NITI Aayog, said public spending had already delivered visible results.

"India's sustained public capital expenditure has laid a strong foundation for growth, with visible improvements in infrastructure across the country," he said. "The next ph...