New Delhi, June 21 -- India stands at the threshold of a new investment-led growth phase that could redefine its economic trajectory over the coming decade. Much like the investment boom of 2004-08, the country is again seeing the early stages of a broad-based capital expenditure upcycle. This time, however, the foundations appear stronger, more diversified and strategically aligned with long-term national priorities.

At the heart of this emerging cycle is a shift towards domestic capacity building. Policymakers are increasingly focused on reducing dependence on imports in critical sectors such as energy, defence, technology and industrial supply chains.

Combined with strong domestic demand, supportive reforms and healthy corporate bala...