India’s infrastructure challenge has shifted from raising capital to making projects investable, global accounting firm Deloitte has said.

In its report titled ‘Future of Infrastructure Survey 2026’, Deloitte said 38 per cent of Indian respondents cite lack of private-sector participation as a challenge, while 42 per cent point to complex policies, regulations and processes to receive approvals.

It further noted that India’s hybrid annuity model (HAM), with 40 per cent public-sector construction support, demonstrates how targeted public support and risk-sharing can help attract private capital.

Deloitte said the survey also underscores India’s strong focus on digital transformation.

According to the report, 71 per cent of Indian respondents agree that the public sector needs to modernise infrastructure and integrate digital engineering technologies to meet evolving needs, compared with 36 per cent across APAC.

Additionally, Deloitte said 83 per cent believe that public and critical infrastructure requires stronger protection from cyberattacks, compared with 63 per cent across APAC.

“India’s infrastructure opportunity is multi-decadal, but seasoned investors view it as two distinct tranches separated by risk,” Deloitte South Asia National Leader – Infrastructure & Capital Projects Manish Aggarwal said.

Aggarwal further said the public sector has helped reduce risk and attract private investment in greenfield sectors such as renewables and highways.

However, similar mechanisms are yet to emerge at scale in urban infrastructure, he added.