Debt in Indian Companies

How much debt have Indian companies taken on over the last few years? Chart shows the aggregate debt on the balance sheets of listed Indian companies from 2008 to 2017. Note this is from a sample of ~ 1,000 largest companies by market cap. Since 2008, total debt has grown by 3.7X from 7.6 Lakh Crores (USD 116.8 Billion) to 28.3 Lakh Crores (USD 434.9 Billion) in constant currency terms. For context, the lines on the chart show total debt as a percentage of market cap and of country GDP (unadjusted for inflation). Which brings us to the natural question: Which

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