Corporate profits are becoming an increasingly crucial driver of India’s economy. Yet it isn’t a chest-thumping accomplishment in policymaking. If anything, it’s the opposite because those surpluses aren’t being plowed back into new physical assets. The aggregate net income of listed Indian firms is approaching a record 6% of gross domestic product. Even so, their capital expenditure has remained flat, hovering at 3.6% to 3.7% of gross domestic product.