India’s Leading BFSI Companies 2020

XXX Global Economic Environment Global growth is projected to rise from an estimated 2.9 percent in 2019 to 3.3% in 2020 and 3.4% for 2021—a downward revision of 100 basis point for 2019 and 2020 and 0.2 for 2021 compared to those in the October World Economic Outlook (WEO). The downward revision primarily reflects negative surprises to economic activity in a few emerging market economies, notably India, which led to a reassessment of growth prospects over the next two years. In a few cases, this reassessment also reflects the impact of increased social unrest. On the positive side, market sentiment has been boosted by tentative signs that manufacturing activity and global trade are bottoming out, a broad-based shift toward accommodative monetary policy, intermittent favourable news on US-China trade negotiations, and diminished fears of a no-deal Brexit, leading to some retreat from the risk-off environment that had set in at the time of the October WEO. However, few signs of turning points are yet visible in global macroeconomic data. While the baseline growth projection is weaker, developments since the fall of 2019 point to a set of risks to global activity that is less tilted to the downside compared to the October 2019 WEO. These early signs of stabilization could persist and eventually reinforce the link between still resilient consumer spending and improved business spending. Additional support could come from fading idiosyncratic drags in key emerging markets coupled with the effects of monetary easing. Downside risks, however, remain prominent, including rising geopolitical tensions, notably between the United States and Iran, intensifying social unrest, further worsening of relations between the United States and its trading partners, and deepening economic frictions between other countries. A materialization of these risks could lead to rapidly deteriorating sentiment, causing global growth to fall below the projected baseline. Stronger multilateral cooperation and a more balanced policy mix at the national level, considering available monetary and fiscal space, are essential for strengthening economic activity and forestalling downside risks. Building financial resilience, strengthening growth potential, and enhancing inclusiveness remain overarching goals. Closer cross-border cooperation is needed in multiple areas, to address grievances with the rules-based trading system, curb greenhouse gas emissions, and strengthen the international tax architecture. National-level policies should provide timely demand support as needed, using both fiscal and monetary levers depending on available policy room. Global trends in Primary and Secondary Markets 2017 2018 Americas Asia Pacific EMEA Total Americas Asia Pacific EMEA Total Number of IPOs 255 1,263 364 1,882 350 976 284 1,610 Resources raised through IPOs (USD bn) 49 106 52 207 52 92 37 182 Number of FPOs 103 442 493 1,038 104 499 193 796 Resources raised through FPOs(USD bn) 139 365 224 728 118 270 140 528 Global stock market capitalization (USD bn) 36,517 31,320 19,609 87,446 34,206 23,860 16,366 74,432 Indian scenario India’s gross domestic product for fiscal 2019 (at constant prices) is estimated to be ` 1,40,776 billion ( ` 1,31,799 billion for fiscal 2018). The rate of economic growth slowed to 6.8% for fiscal 2019 from 7.2% for fiscal 2018. Indian economy, one of the fastest growing major economies, grew by 8.0% in the Q1FY19, while registering a moderation in the rate of growth in 3 quarters thereafter. While agriculture and allied activities slowed down in the second quarter and third quarter, growth in industry sharply increased on the back of strong manufacturing, construction and utilities. The growth in the services sector during fiscal 2019 was the lowest in the last seven years. Securities Market Dun & Br d treet