New Delhi, Feb. 18 -- The combined valuation of India's 500 most valuable non-state-run companies stood at Rs 324 trillion ($3.8 trillion) in 2024, surpassing the country's estimated 2023 gross domestic product (GDP) of $3.5 trillion, according to a report released by Axis Bank's Burgundy Private and Hurun India.

Notably, for the first time since the list's inception, every company on it is valued at least $1 billion, despite the rupee's depreciation.

"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...