Economic concentration in India: The role of financial conditions

Dasgupta, Zico and Jayadev, Arjun (2025) Economic concentration in India: The role of financial conditions. [Report]

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Abstract

This paper examines recent trends in corporate concentration in India’s non-financial sector, with a focus on developments since 2015. Using firm-level data from the CMIE Prowess database we document changes in asset and income distribution across firms. We find that while the overall decline in the public sector’s share of assets and income contributed to a reduction in measured concentration in earlier years, this was accompanied by a steady increase in the share held by large private business groups. By 2023–24, the top five business groups—Reliance, Tata, Adani, Aditya Birla, and Bharti—accounted for approximately 24(%) of total assets and 16(%) of total income in the non-financial corporate sector.

Item Type:	Report
Authors:	Dasgupta, Zico and Jayadev, Arjun
Document Language:	Language English
Uncontrolled Keywords:	Industrial Organization, Concentration, Finance, Credit constraints.
Subjects:	Social sciences Social sciences > Economics Social sciences > Economics > Financial economics
Divisions:	Azim Premji University - Bengaluru > University Publications > Working Paper > CSIE working paper series
Full Text Status:	Public
URI:	http://publications.azimpremjiuniversity.edu.in/id/eprint/6305
Publisher URL:	https://azimpremjiuniversity.edu.in/

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