Foreign portfolio investors (FPIs) are playing the India theme with a rare combination during the current leg of investment: Betting simultaneously on capital expenditure (capex) and consumption. FPIs have invested close to $5 billion in infrastructure segments including capital goods, construction, and related sectors. They have also invested a similar amount in the FMCG, consumer durables, and telecom sectors. The automobile sector, considered as nondiscretionary, has attracted $3.26 billion of investment. The cumulative weight of infrastructure and consumption play in the FPI equity portfolio reached a multi-year high of 29.6% at the end of June 2023, according to data from NSDL.