Conventional wisdom has it that India Inc. is lagging behind other Asia-Pacific nations when it comes to growth but exceeding their debt levels. Both China and countries in the Association of Southeast Asian Nations have enjoyed a period of robust, debt-financed growth over the past years. Now they are coping with the challenge of maintaining earnings generation while capital expenditure, mergers and acquisitions, and financial indebtedness are rising. In contrast, so the narrative continues, Indian corporates are highly indebted, while their growth has been muted for a number of years and investments have been contracting. However, this judgment merits revisiting. Thus, to evaluate its accuracy, we have analyzed the trends for India’s top 100 corporates, whose members we selected based mostly on market capitalization.