India, June 30 -- For much of the past two decades, India's growth story has been defined by consumption. Rising incomes, rapid urbanisation and an expanding middle class helped transform the country into one of the world's largest consumer markets. Retail, housing, automobiles, financial services and discretionary spending became key indicators of economic momentum. That story remains intact. But it is no longer the whole story.

Increasingly, policymakers, businesses and investors are paying attention to a different set of drivers: manufacturing, logistics, warehousing, industrial corridors, digital infrastructure, data centres and energy systems. These are the assets that sit behind economic activity. They are less visible than consume...