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  "notes": "The left chart is a stacked bar chart showing Federal vs State spending. The right chart is a scatter plot with a trend line.",
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      "text": "Source: J.P. Morgan Asset Management. (Left) Ministry of Finance. *Forecasts are by the Ministry of Finance for FY 2025, and FY 2026. The central government, in the budget for 2025-2026, announced a provision of 11.2 trillion rupees for capital expenditure, which would be 3.1% of the GDP. Furthermore, FY 2026 state gov't capex is an estimate based on higher budgeted grants by the Federal government. The fiscal year in India runs from April to March. (Right) World Bank. The 2023 internet penetration data for India is an estimate due to data availability. Data are as of October 31, 2025.",
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