India's capital expenditure (capex) cycle is expected to strengthen further over the coming quarters, led by a gradual pickup in private sector investment, with overall investments projected to rise 1.8 times to about USD 2.2 trillion by FY2030, according to a Morgan Stanley report. "We expect incremental capex of about US$1tn, as overall investments increase 1.8x over the next five years, to US$2.2tn. This should lift the investment rate to roughly 37.5% by F2030, from its current rate of 34.6% of GDP," the report noted.