This looks interesting.
If Small Caps and Unlisted Small companies are growing at 25% or so, they must be also contributing more in Tax Collections i.e. Income Tax, GST. May be, it might be a good idea to look for more details in this area. That would certainly throw more light on this.
At the same time, we should able to see many small caps becoming mid caps since those are growing much faster. Though only 150 companies are classified as Midcaps, we can check whether more small caps are crossing 20,000 Cr market cap in the past few years and if this trend can continue.
Overall, this also says a lot that, lot of small founders must be recruiting employees for their small organizations than large organizations and this trend might be visible in EPFO additions as well.
These are just initial thoughts from my side.
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