India’s TOP 500 Companies 2021

INDIA’S TOP 500 COMPANIES 2021 103 Transport & logistics sector was hit hardest during the lockdown Growth in cement and steel production faultered in April 2020 (% y-o-y growth) -120 -100 -80 -60 -40 -20 0 20 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Domestic air passenger traffic (% y-o-y) Port cargo traffic (% y-o-y) Rail freight traffic (% y-o-y) -100 -80 -60 -40 -20 0 20 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Cement Steel Source: Ministry of Commerce, Ministry of Finance, Ministry of Ports, Shipping and Waterways, Ministry of Railways & Airport Authority of India This triggered both demand and supply side shocks simultaneously pushing consumption and investment downwards. 5 8 13 - 24 -26 - 46 GDP Private consumption Investment Q1 FY20 Q1 FY21 - 1.4 1.3 -36 -53 Exports Imports Q1 FY20 Q1 FY21 Exports and imports witnessed sharp contraction (%y-o-y) GDP contracted severely inQ1 FY21 (y-o-y growth) • Closure of non- essential business activity • Reverse migration of labour • Disruption in supply chains • Reduced consumption of non- essentials due to the lockdown and fear of contagion FIRST ROUND SHOCK • Wage/income loss & increased precautionary savings amplified contraction in consumption • Reduced investment demand due to lower capacity utilisation • Increased risk aversion adversely impacting business sentiment SECOND ROUND SHOCK ECONOMIC IMPACT OF DEMAND-SUPPLY SHOCKS Source: MOSPI, Ministry of Finance, RBI, Ministry of Commerce & D&B Research Dun & Bradstreet