India’s Top 500 Companies 2022

INDIA’S TOP 500 COMPANIES 2022 12 After witnessing contraction in GDP for two consecutive quarters, the domestic economic activity rebounded sequentially from the second half of FY 2021 on account of turnaround in investment and private consumption demand. The progressive unlocking, festive season and pent-up demand as well as continued policy support helped the GDP growth swing back in the positive territory. The year 2021, in fact began on a strong positive note with vaccination drive launched in India as well as in many other countries. The recovery in the manufacturing activity was broad based as 15 out of 23 industry groups in the manufacturing sector showed expansion during the second half of FY 2021. The reopening of global economies and some recovery in supply chains also aided India’s exports growth in the second half of FY 2021. While the domestic economy had started normalising, a much intense and a severe second wave of the coronavirus struck in April 2021. Although, the second wave was more daunting than the first, its economic impact was much smaller as only localised and region-specific containment measures were imposed. However, the phased reopening of the economy subsequent to the ebbing of the second wave along with increased coverage of vaccination, strong external demand and improved consumer confidence provided further impetus to the economic revival. The agriculture sector continued to show great resilience in FY 2022 as well which stimulated demand in the rural areas. Apr-20 In ₹ trillion 0.0 -60% -30% -20% -10% 0 10% 20% 30% -40% -20% 0 20% 40% 60% 80% 0.4 0.8 1.2 1.6 Jun-20 Aug-20 Oct-20 Dec-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Rising GST revenue point towards recuperating economic activity GDP rebounding from steep contraction Source: GST Council Source: MOSPI Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Private consumption (%) - LHS Monthly GST Revenue Government consumption (%) - LHS Private investment (%) - LHS GDP growth (%) - RHS ɸ ɸ Average GST revenue for FY ‘21: ₹0.95 tn Average GST revenue for FY ‘22: ₹1.23 tn Dun & Bradstreet