Corporates in India are likely to step up their capital expenditure plans in the coming few years, materially higher than in the previous two fiscals with a focus on capacity expansion across industrial sectors, Fitch Ratings said. Capex was flat over FY19 to FY21 and grew 16% in FY22. The forecasts are for the 8 state-owned enterprises and 21 privately held Fitch-rated corporates in the country.