The private capital expenditure growth in India reported a CAGR of 19.8 per cent in the last five years from FY21 to FY25E. This growth was led by key sectors such as oil and gas, power, automobiles, and commodities, said news agency ANI as per a report by HDFC Securities. The report noted that while private capex growth was robust during this period, it did not result in higher credit growth for the banking system. This was due to the fact that most of the capital expenditure was funded by strong cash flows from operations, reducing the need for bank credit.