Much of the early data in India suggests that the game right now is capacity expansion rather than building new facilities. The Mark To Market column published in this newspaper cited the order trends in capital goods companies such as ABB India, Siemens and Thermax to argue that brownfield investments are seeing a recovery. There is less action as far as greenfield investments go. The index of industrial production also suggests that capital goods production is growing at a healthy clip, though it must be reiterated that this segment of the factory output data is notoriously volatile.