Divya Delhi: According to HDFC Securities, private capital expenditure (Private Capex) in India grew 19.8% between FY21 to FY25E. Despite significant private capex growth, the report noted that banking credit growth lagged. The majority of capital spending was financed by robust cash flows from activities, minimizing bank loans. The CAGR of 19.8% for private capex growth from FY21 to FY25E was strong. Since practically all private capex was financed by robust cash flows from operations in this period, bank credit growth didn't reflect this.  The top 250 listed private enterprises boosted capital expenditure from Rs 4,833 billion in FY21 to Rs 8,426 billion in FY24, according to the report. In FY25E, it should reach Rs 9,951 billion. Oil and gas, power, cars, and commodities drove this 19.8% CAGR.  The same time saw a sharp increase in central government capital expenditure, the survey found. Central capex rose 24.3% from Rs 4,263 billion in FY21 to Rs 10,184 billion in FY25E. Ministries of road transport, railways, defense, and capex transfers to states drove this expansion.