The NAS estimates for private corporate investment based on RBI's studies of joint stock companies suffer from shrinking coverage, especially in the 1990s, leading to overestimates. Re-examining the official methodology, this study reports an alternative estimate. The results show that the level of re-estimated GFCF of the corporate sector had remained lower than that of NAS estimates. The trend between these two series has been diverging, more significantly since the mid-1990s. While the NAS series shows that the momentum of corporate investment has been sustained throughout the 1990s, the alternative estimates suggest that it had tapered off since the mid-1990s.
