SBI flags AI, green hydrogen and EVs as drivers of India’s next capex cycle
State Bank of India says investment demand is accelerating across data centres, green hydrogen and electric vehicles. Reliance is planning up to $110 billion for AI infrastructure over seven years, while Adani targets $100 billion in AI-ready data centres by 2035.
What happened
State Bank of India · SBI says India’s capex cycle is accelerating, led by data centres, green hydrogen and EVs. Reliance plans up to $110 billion in AI
Key facts
- $100 billion
- 2035
- $110 billion
- seven years
- 2047
- 19% year-on-year
- ₹76.6 trillion
- $803 billion
- $127 billion
- one to two years
Why this matters
Corporate development teams should prioritize partnerships or acquisitions in AI infrastructure, energy equipment, EV supply chains and industrial services to capture demand from Reliance- and Adani-scale projects.
What to watch
- Actual financial close, land acquisition and power-allocation approvals for Reliance and Adani data-centre projects.
- Quarterly growth in bank credit to infrastructure, power, transport, renewable energy and data-centre-linked sectors.
- Transformer, cable, diesel-generator, HVAC, battery and industrial-land price inflation.
- Electricity-tariff revisions, grid-connection wait times and renewable-power procurement availability in key retail operating states.
- EV sales growth in commercial fleets and charging-network utilization rates.
- Construction employment, wage growth and new housing launches around major industrial and data-centre corridors.
- Map store, warehouse and delivery-network exposure to planned data-centre, EV and green-energy clusters in Gujarat, Maharashtra, Telangana, Tamil Nadu, Karnataka and Andhra Pradesh.
- Lock in medium-term contracts for electricity, backup power, refrigeration, transformers, charging equipment and logistics fuel alternatives before infrastructure-led demand tightens supply.
- Expand B2B assortments and services for contractors and industrial workers, including safety gear, affordable electronics, food, telecom, mobility and small-business supplies.
- Evaluate rooftop solar, battery storage, energy-management software and EV delivery fleets as hedge investments against grid and fuel-cost volatility.
- Monitor bank lending conditions and supplier payment cycles; avoid assuming that announced mega-project capex translates immediately into broad consumer spending.