The article explores how Indian companies decide between using debt or trade credit to finance their operations. They found that private firms tend to use more debt, while public firms rely more on trade credit. Over time, private firms have become more conservative in their use of debt. Being listed on the stock exchange influences a company's decision to use debt, with listed firms showing more variation in their leverage based on the cost of equity. Overall, access to capital through listing or group membership plays a significant role in determining a company's leverage in India.