The purpose of this paper is to examine the role of key financial obligation factors on total factor productivity (TFP) for 34 Indian industries for the period 2008 2018 using qualitative and quantitative techniques. Financial obligations are measured by short- and long-term loans, operating expenses and liabilities. The outcome of qualitative techniques does not appear to support the hypothesis that short term and long-term loans, liabilities and operating expenses influence TFP. On the contrary, the evidences arise from quantitative technique appear to suggest that short term loan and operating expenses promote TFP. The study also suggests that complimentaries exist between operating expenses and short-term loan and they together appear to boost productivity.