New Delhi, Feb. 11 -- Dividends are more than just a share of profits-they reflect a company's commitment to shareholders and its approach to governance. Yet, balancing investor payouts with reinvestment for growth has always been a challenge. This debate has gained fresh relevance as India's financial markets undergo a valuation correction amid sluggish economic growth.

term optimism about India's trajectory persists, dividend-seeking investors are left wondering: Are companies truly creating long-term value by retaining earnings, or are they simply masking inefficiencies with self-serving projects?

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Unlike some global counterparts, India does not mand...