India’s Top 500 Companies 2022

INDIA’S TOP 500 COMPANIES 2022 10 ECONOMY UPDATE Introduction The waves of COVID-19 infections caused significant disruptions to the Indian economy, putting its collective resilience to test. It led the Indian economy to witness one of the steepest contractions in the first quarter of FY 2021. However, the economy started recuperating in the second half of FY 2021. The accelerated pace of vaccination, well-crafted fiscal and monetary policy support helped the economy to get on the recovery path, putting it among the fastest growing economies of the world. At this point, when the green shoots of economic growth were visible, the Russia-Ukraine crisis struck the Indian economy. The geopolitical tensions and persistent supply chain woes led to a surge in global crude oil and other commodity prices and deterioration in global investors’ sentiment, which had ripple effects on the Indian economy in terms of higher domestic inflation, foreign portfolio outflows and rising import bills. However, the Indian economy is expected to re-emerge from this short-term turbulence and maintain its growth momentum on the back of strong underlying economic fundamentals. GDP growth (%), 2021: India remains fastest growing major economy globally 5.0 7.0 2.8 1.6 3.7 8.1 3.1 1.6 7.4 5.7 8.7 United States United Kingdom Germany Japan Indonesia China Malaysia India Bangladesh Thailand France Note: For Bangladesh, Thailand, Japan and UK 2021 data pertains to estimates Source: IMF, MOSPI Dun & Bradstreet