On the industrial capex side, Suresh Krishnamurthy, a senior director with the agency, said infrastructure spending will drive overall capex by 12-16 per cent next fiscal. Overall industrial capex is seen rising to nearly Rs 5.7 lakh crore on average between fiscals 2023 and 2027, compared to Rs 3.7 lakh crore in the past five fiscals. Nearly half of this incremental capex is being driven by the production-linked incentive scheme and new-age sectors, said Krishnamurthy.