India’s 500 most valuable non-state run companies’ cumulative value in 2024 was higher than India’s gross domestic product (GDP) for 2023, revealed Axis Bank’s Burgundy Private and Hurun India release.

In 2024, these companies are valued at Rs 324 trillion, or $3.8 trillion compared to $3.5 trillion in 2023, the report said.

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These companies value higher than the GDP of India and the combined GDPs of UAE, Indonesia, and Spain.

“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.

Notably, for the first time since inception of the list, all the companies in the 2024 Burgundy Private Hurun India 500 are worth at least $1 billion despite a depreciated rupee.

Mukesh Ambani-controlled Reliance Industries (RIL), with a value of Rs 17.5 trillion, up 12%, is India’s most valuable company, followed by Tata Consultancy Services at Rs 16.1 trillion, up 30%, and HDFC Bank at Rs 14.2 trillion, up 26%.

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%, followed closely by Inox Wind and Zepto, both nearly tripling their valuations over the year.

Bharti Airtel, for the first time, stormed into the top 5 with an Rs 9.74 trillion valuation, a 75% increase.

The National Stock Exchange (NSE), valued at Rs 4.7 trillion also broke into the Top 10 for the first time since the inception.

Logistics startup Zepto (269%), the National Stock Exchange (201%), and Physics Wallah (172%) topped the value growth in terms of percent among unlisted companies.

Notably, the list does not include state-owned enterprises like the State Bank of India (SBI), worth about Rs 7.7 trillion.