The purpose of this study is to look into the relationship between leverage and firm size in the business environment of India, a major growing country. Prior research studies have mostly surveyed developed countries; however, our analysis fills this vacuum by examining a sizable sample of companies throughout a 20-year span, from 2002 to 2021. Our data show a negative link between size and leverage, supporting the pecking order theory's claims. This implies that businesses tend to rely less on debt as they get bigger. Policymakers should take note of these findings, especially in light of how India's corporate loan market is developing. Policymakers can create an environment that is favorable by recognizing and comprehending the complexities of the size-leverage relationship and using this knowledge to inform their decisions.