India’s Top 500 Companies 2019

INDIA’S TOP 500 COMPANIES 2019 75 The uptick in credit growth came on the back of reduced risk aversion by banks at the backdrop of improvement in their asset quality. The gross non-performing assets (GNPA) ratio of SCBs declined to 10.8% in September 2018 from 11.5% in March 2018. On the external front, exports growth improved substantially from 5.2% in FY17 to 10% in FY18. In FY19, exports registered a y-o-y growth of 9%. The exports witnessed sustained revival despite slowdown in global economic activity and increased protectionist policies in global trade. Imports, on the other hand, also witnessed a higher growth on account of higher global crude oil prices and depreciating rupee during FY19, leading to widening of merchandise trade deficit. The Indian rupee depreciated consistently during Jan-Oct 2018 due to higher global crude oil prices and rise in foreign capital outflows. Indian economy exhibited resilience despite various external risk factors like rising volatility in global financial markets, monetary policy normalisation in advanced economies, externalities from trade disputes, rising global oil prices and foreign investment rerouting. However, the underlying strength of the Indian economy coupled with policy initiatives like recapitalisation of banks, reforms in insolvency & bankruptcy code and foreign investment helped the economy tomitigate the volatility arising from the global risk factors. Dun & Bradstreet