India's Infrastructure Capital Expenditure: The Pipeline and What It Demands

The Union Budget 2026-27 allocates ₹12,21,821 crore to central capital expenditure, and roughly 47 per cent of that sits in just two ministries — Road Transport and Highways, and Railways. This report compiles what the Government of India has actually published about that allocation, about the four separate "pipeline" numbers now in circulation, and about the 1,847-project portfolio already in flight under MoSPI monitoring, where revised cost exceeds original sanction by ₹4,92,752 crore. It also records what has stopped being published: since the move to the PAIMANA portal, MoSPI's monthly Flash Report no longer carries any count of delayed projects or projects in cost overrun, leaving 31 May 2024 as the most recent position that can be verified from a primary source.

Part of AECS Research Global's publications programme — drawing on ARG's work across cost management, EPC advisory and integrated project delivery. Download the full report below.