New Delhi, Oct. 22 -- In the previous two parts of this series, I established that:

1) India's corporate profits have been stable at 9-10% of gross domestic product (GDP), though its composition has changed in favour of the listed sector

2) lower household savings, higher fiscal deficit and narrower current account deficit (CAD) have supported profits, despite lower corporate capex and

3) India's unlisted sector is huge, accounting for about two-thirds of the aggregate corporate sector in terms of capex, debt and gross value added (GVA), though its financial position has worsened in the post-pandemic period, hurting aggregate corporate capex.

In this final part, my key conclusions are two-fold: first, weak corporate capex is not a uni...