The corporate (non-financial companies, NFCs) sector accounts for almost 40 per cent of India’s nominal GVA. The listed companies, however, contribute only about 30 per cent of the corporate GVA, or only about 11-12 per cent of the national GVA. It means that the unlisted corporate sector is more than 2x the size of the listed sector in terms of GVA. What more, while GVA of listed companies has improved in the post-Covid period (FY20-FY23), it has weakened for the aggregate corporate sector, entirely because of the unlisted corporate sector, the report said.
In addition to its earnings and GVA, the indexed sector has also seen a notable improvement in its monetary position, thanks to deleveraging. Indexed corporate debt fell to 13. 4% of GDP in FY23, from 16% to 17% of GDP in the previous year. Covid years.
Like the PAT, the non-indexed sector accounts for almost a portion of the overall PBT of the country’s firms. Moreover, almost all of the improvement in overall corporate PBT (for for-profit units only) in the post-Covid era is due to indexed companies, as the improvement in PBT expansion in the non-indexed sector has been minimal.
What’s very appealing to note is that while the profits (before and after taxes) of indexed corporations have risen particularly in recent years, their share in the overall corporate tax has actually declined in the post-Covid period. Businesses (using cash statements) grew by just 2. 8 percent per year in the post-Covid period, compared to an annual growth of 13. 7 percent in the pre-Covid period. In addition, as with profits, the personal sector accounts for about 55 to 60 percent of the total corporate taxes paid in the country, according to the report.
Finally, the corporate sector accounts for about a share of total investment (excluding the acquisition of valuables), or 30% of India’s GDP. In the pre-Covid years, indexed corporations accounted for about a quarter of them.
–IANOS
business/san/prw
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