Data on March-quarter corporate earnings compiled by the Centre for Monitoring Indian Economy, or CMIE, indicates a small rebound in capital expenditure from the bottom.

The net fixed assets created by the Indian corporate sector expanded in the last two six-monthly periods.

Capital work-in-progress (WIP) is also showing positive traction.

After contracting for nearly 24 months and hitting the abyss, the six months ended 31 March showed a 2.24% rise in WIP from the year-ago period.

Together, these two parameters are pointers of improving business confidence and capacity expansion by companies.

Nevertheless, the rebound has been from a low base, especially for WIP, and growth is still far from robust.