The relationship between macroeconomic factors and the capital structure of Indian listed companies has been expounded in the present study using panel data from 2009 to 2018 of 255 non-financing companies. Macro-economic indicators i.e. gross domestic product (GDP), interest rate and inflation rate have been studied to analyze their influence on capital structure decisions. GDP growth rate is found to negatively and statistically significantly related with capital structure measured by long term debt to total assets, whereas in terms of total debt the relationship is again negative though not statistically significant. Inflation is positively and statistically significantly associated with capital structure measured in terms of both long term debt as well as total debt. As far as relationship between levels of debt and rate of interest is concerned, the results of panel regression suggest negative though not significant relation between the two.