Tracking India's Digital Infrastructure Build-Out: A Formed Market View

Kashish developed this view on India's digital infrastructure sector through sustained monitoring, not as a project deliverable but as a standing practice alongside his work at EY-Parthenon.

His starting point was the behavior of the three major hyperscalers: Google, AWS, and Microsoft. He tracked their public commitments to India and looked for on-the-ground evidence that those commitments were translating into real activity. One data point that anchored his view was Google's one-gigawatt data center project in Vizag, where construction work was already underway, confirming that the investment was not just announced but active.

He also tracked the data center operators independently. AirTrunk's acquisition of Lumina, its memorandum of understanding with the Maharashtra government, and its CEO's meeting with the Prime Minister were all signals he read as evidence of serious capacity expansion intent, not just market positioning.

From these inputs, he formed a view on the supply-demand dynamic: demand from hyperscalers and enterprises is running ahead of available supply, and that gap is likely to persist over the next three to four years. His conclusion extended to the value chain: players providing power, cooling, security, and other equipment to data centers stand to benefit materially if they are positioned to serve the segment.

He also tracked adjacent signals, including Schneider Electric's public statements about the Indian data center market as a key revenue segment, which he read as a leading indicator of equipment demand across the value chain.