The shift is about both who is investing and how that investment is being funded. According to Dave, large companies with stronger finances are adding capacity, putting cash generated within their businesses to work instead of following the borrowing-heavy approach of the previous boom.

These well-funded groups are using their own cash flows for expansion and consolidation. That makes their financial position a central feature of the current capital expenditure, or capex, cycle. The report describes a different funding pattern, rather than simply another round of companies seeking loans to grow.

Earlier, corporate investment depended heavily on debt and financing from banks. The current picture contrasts with that model: companies leading the investment push have more internal resources available. However, the supplied report does not quantify how much investment is being funded internally or how much still involves borrowing.

The report also indicates that HSBC India's balance sheet is growing, but the supplied text gives no figures or period for that expansion. It does not identify particular investing companies, sectors or projects, or provide a size estimate for the wider capex cycle.