India’s TOP 500 Companies 2020

INDIA’S TOP 500 COMPANIES 2020 111 maintaining employment and financial stability’. The Indian Government also announced a host of measures to provide much-needed support to the corporate sector, with the economic stimulus package being 10% of the GDP. Going forward, as social-distancing continues to be the norm amidst the prevailing uncertainty, it will take some time for consumer behavior to normalize and the economy to go back on track. Digital Rules Companies have been struggling to curtail the impact of the pandemic on their businesses and at the same time, protect their employees and customers from the virus. Evidently, companies that had invested in digitization early on have emerged as winners. For others, it is the only way to survive – the pandemic has created a sense of urgency and further accelerated the push towards digital transformation. Amidst the nation-wide lockdown, as offices were shut, many companies promptly switched to the work-from-home mode. Even now, as lockdowns are being lifted gradually, companies are exercising caution – opening up offices with limited workforce and encouraging employees to work remotely as much possible. IT services firms were among the first to transition to a work-from-home model even before a national lockdown was announced. Some of them have been able to run 99% of their IT services and a major part of their operations from home with zero impact on client delivery. Digital solutions providers, meanwhile, have witnessed increased demand for solutions like cloud computing and mobility as clients are adopting remote-working. Redesigning Business Models Given the prevalent conditions, life would no longer be the same for businesses even after the pandemic ends. In this scenario, companies that are quick to respond and innovate in accordance with the new norms are the ones that will have a head-start. Many companies are already exploring new business opportunities to expand their revenue streams. Food delivery operators Zomato and Swiggy, for instance, launched grocery delivery services during the early phase of the nationwide lockdown. In a similar move, Domino’s Pizza joined hands with ITC for the delivery of essential goods. Swiggy also tied up with ridesharing company Uber to ferry small items such as lunchboxes, office documents and others within city limits. Several retailers leveraged their e-commerce presence to serve customers PROJECTIONS (real GDP, annual percent change) 2019 2020 2021 World Output 2.9 -4.9 5.4 Advanced Economies 1.7 -8.0 4.8 United States 2.3 -8.0 4.5 Euro Area 1.3 -10.2 6.0 Germany 0.6 -7.8 5.4 France 1.5 -12.5 7.3 Italy 0.3 -12.8 6.3 Spain 2.0 -12.8 6.3 Japan 0.7 -5.8 2.4 United Kingdom 1.4 -10.2 6.3 Canada 1.7 -8.4 4.9 Other Advanced Economies 1.7 -4.8 4.2 Emerging Markets & Developing Economies 3.7 -3.0 5.9 Emerging and Developing Asia 5.5 -0.8 7.4 China 6.1 1.0 8.2 India 4.2 -4.5 6.0 ASEAN-5 4.9 -2.0 6.2 Emerging and Developing Europe 2.1 -5.8 4.3 Russia 1.3 -6.6 4.1 Latin America and the Caribbean 0.1 -9.4 3.7 Brazil 1.1 -9.1 3.6 Mexico -0.3 -10.5 3.3 Middle East and Central Asia 1.0 -4.7 3.3 Saudi Arabia 0.3 -6.8 3.1 Sub-Saharan Africa 3.1 -3.2 3.4 Nigeria 2.2 -5.4 2.6 South Africa, 0.2 -8.0 3.5 Low Income Developing Countries 5.2 -1.0 5.2 Source: IMF, World Economic Outlook Update June 2020 Note: For India, data and forecasts are presented on a fiscal year basis, with FY2020.2021 starting in April 2020. Indi’s growth is -4.9% in 2020 based on the calender year. Dun & Bradstreet