MUMBAI: India’s corporate sector is gearing up for its largest capital expenditure cycle in over a decade, with companies poised to nearly double their investments over the next five years, according to S&P Global Ratings. The rating agency estimates total capex could reach $800 billion to $850 billion, mostly funded through operating cash flows and supported by domestic financing channels. If execution remains on track and macroeconomic conditions hold steady, S&P expects companies to expand without significantly increasing debt.Infrastructure will drive the surge, led by power, roads, and transport, where spending is expected to double. Industrial capex could rise 40%-50%. Aviation and renewables are projected to account for about 15% of total spending and around 40% of the incremental investment. Renewable capacity targets range from 200 GW to 500 GW, while power transmission could require $100 billion in capex.Aviation is scaling rapidly. Indian carriers have ordered more than 1,600 aircraft through 2030, and the number of airports is projected to rise to 220 from below 150. S&P noted that investments in airports may double or triple. Public lenders like Power Finance Corp, REC, and IREDA are expected to play a key role.