Rama Krishna Sangem
India’s 500 most valuable non-state run companies’ cumulative value at Rs 324 trillion, or $3.8 trillion in 2024 was higher than India’s gross domestic product (GDP) for 2023, which according to estimates stood at $3.5 trillion, reveals Axis Bank’s Burgundy Private and Hurun India release.
India’s most valuable companies in the 2024 Burgundy Private Hurun India 500, the release said, have a cumulative value of $3.8 trillion (Rs 324 trillion, up 40 per cent), which is higher than the GDP of India and the combined GDPs of UAE, Indonesia, and Spain.
The 2024 Burgundy Private Hurun India 500 qualification threshold stood at Rs 9,580 crore, a 43 per cent increase from last year’s threshold of Rs 6,700 crore, the release said. For the first time since the inception of the list, all the companies in the 2024 Burgundy Private Hurun India 500 are worth at least a $1 billion despite a depreciated rupee.
Backbone of Indian private sector
“The companies from 2024 Burgundy Private Hurun India 500 make up the ‘backbone’ of India’s private sector, wielding significant economic influence. Between them, they have a cumulative valuation of US$3.8 trillion, which is higher than India’s annual GDP, and employ 8.4 million people. If you want to understand how the Indian economy is developing, understanding the stories behind 2024 Burgundy Private Hurun India 500, India’s most valuable companies, is a great place to start,” said Anas Rahman Junaid, Founder and Chief Researcher, Hurun India.
With a value of Rs 17.5 trillion, up 12 per cent, Mukesh Ambani-controlled Reliance Industries (RIL) is India’s most valuable company, followed by Tata Consultancy Services at Rs 16.1 trillion, up 30 per cent, and HDFC Bank at Rs 14.2 trillion, up 26 per cent.
Among the other notable gainers was Motilal Oswal Financial Services that lead the 2024 Burgundy Private Hurun India 500 as the fastest-growing company with a YoY value growth of 297 per cent, followed closely by Inox Wind and Zepto, both nearly tripling their valuations over the year.
