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India : Wealth Creation Story
Kuntal Shah @ Indian Embassy, Moscow - 9th October 2019 1
2
“A picture is worth a thousand words!”-Frederick R. Barnard
3
Wealth Creation
Wealth creation formula : Avoid complexity and fragility, embrace simplicity and sustainability. 3
-10%
0%
10%
20%
30%
40%
50%
0
10
20
30
40
50
60
Bn $
Indian Entities Market Cap Parent 10 Year CAGR Returns Indian 10 year CAGR Returns
India : Listed MNC Affiliates with the Same Offering and Management Culture are Outperforming Parent Companies on Growth and Returns Parameters
Source : Bloomberg (As on 6th Mar'19) 4
USD / INR 10yr
XIRR Returns (%) 4.5
Indian Equities : Direct Derivative of India’s Economic Growth and Efficiency of Capital Sensex has delivered 1.5x of nominal GDP (GDP growth + inflation + efficiency gains + market share gains)
Source : Bloomberg, Statistics.com 5
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
Mar
-91
Mar
-92
Mar
-93
Mar
-94
Mar
-95
Mar
-96
Mar
-97
Mar
-98
Mar
-99
Mar
-00
Mar
-01
Mar
-02
Mar
-03
Mar
-04
Mar
-05
Mar
-06
Mar
-07
Mar
-08
Mar
-09
Mar
-10
Mar
-11
Mar
-12
Mar
-13
Mar
-14
Mar
-15
Mar
-16
Mar
-17
Mar
-18
Mar
-19
Sensex
Eco reforms
SEC
Barings Bank
collapses
Elected government
resigned after 13
days
Asian Crisis
LTCM Crisis
NDA government
sworn in
Stock Market Scandal
Terrorist attack in the US
UTI
Dot-com UPA-1
Period of high GDP growth 2004-2008
Satyam
QE UPA-2 wins
Eurozone
QE
Demonetization
China Market BREXIT
Election results
of 5 States
P-note norms tightened
Global Crisis
Lehman Brothers file for
Bankruptcy
FOMC to continue QE
NDA wins landslide victory
QE
GST Implemented
Sensex hits all time High
Corporate Tax
Rate Cut
NDA-2 Wins
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
Sensex vs Nominal GDP (Re-based to 100)
BSE Sensex Nominal GDP bn
India : Low Base, High Growth Story
INDIA UNITED STATES CHINA GERMANY Russia UK
2000 2018 DELTA 2000 2018 DELTA 2000 2018 DELTA 2000 2018 DELTA 2000 2018 DELTA 2000 2018 DELTA
Nominal GDP ($bn) 477 2,958 6.20 10,285 21,482 2.09 1,214 14,172 11.67 1,955 4,117 2.11 259 1,658 6.40 1,638 2,810 1.72
GDP per capita ($) (Nominal) 463 2,046 4.42 36,433 53,500 1.47 959 10,200 10.64 24,009 48,220 2.01 1,899 11,327 5.96 27,828 44,177 1.59
Index EPS ($) 1.4 6.1 4.36 50 132 2.64 5.6 37.9 6.77 197 1065 5.41 1.8 7.8 4.33 379 773 2.04
Equity Market Index ($) (Dec’18) 28 159 5.65 1,320 2,506 1.89 250 359 1.44 3063 12400 4.05 7* 38 5.65 9427 8973 0.95
Index Market Cap. ($bn) (Dec’18) 71 2,076 29.24 11,645 26,872 2.31 317 5,377 16.96 807 1,953 2.42 87 291 3.34 2,175 3,075 1.41
Exchange Rate vs USD 44.9 68.4 1.52 1 1 1 8.28 6.86 0.83 2.1 0.85 0.41 28.1 62.7 2.23 0.66 0.75 1.14
Equity Indices : Nifty, S&P 500, Shanghai Composite, DAX, IMOEX, FTSE 100 as of December 2018, Source : Bloomberg, Statistics.com, TradingEconomics, 6
*2003,
7
-10%
0%
10%
20%
30%
40%
50%
5 yr Sensex Rolling CAGR* 10 yr Sensex Rolling CAGR* 15 yr Sensex Rolling CAGR*
5 Year 10 Year 15 YearYearly Rolling Return Observations 36 31 26Loss Probability (%) 13.9% 3.2% 0.0%Median Return (%) 10.1% 12.8% 11.4%Max Return (%) 45.6% 20.4% 16.8%Minimum Return (%) -6.8% -2.0% 4.6%Standard Deviation (%) 10.8% 5.8% 3.1%
Source : Bloomberg, RBI
BSE Sensex Returns in USD
8
Industry Refinitiv(Reuters) Code Company Name Market Cap
(USD Bn)CAGR in
USD*
Consumer Discretionary
TITN.BO Titan Company Ltd. 16.1 18%
PAGE.BO Page Industries Ltd. 3.6 29%
WHIR.BO Whirlpool Of India Ltd. 3.4 9%
Consumer Staples
HLL.BO Hindustan Unilever Ltd. 61.3 12%
ITC.BO ITC Ltd. 45.6 11%
AVEU.BO Avenue Supermarts Ltd. 16.6 17%
FinancialsHDBK.BO HDFC Bank Ltd. 95.9 24%
KTKM.BO Kotak Mahindra Bank Ltd. 44.9 18%
BJFN.BO Bajaj Finance Ltd. 33.6 20%
IndustrialsLART.BO Larsen & Toubro Ltd. 29.6 12%
HVEL.BO Havells India Ltd. 6.4 32%
TMIN.BO 3M India Ltd. 3.3 15%
LifesciencesUPLL.BO UPL Ltd. 6.6 13%
DIVI.BO Divis Laboratories Ltd. 6.3 22%
PIIL.BO PI Industries Ltd. 2.6 41%
IndustryRefinitiv(Reuters)
CodeCompany Name Market Cap
(USD Bn)CAGR in
USD*
MaterialsASPN.BO Asian Paints Ltd. 24.2 19%
ULTC.BO Ultratech Cement Ltd. 16.9 17%
PIDI.BO Pidilite Industries Ltd. 10.5 21%
ServicesJUBI.BO Jubilant FoodWorks Ltd. 2.6 15%
PHOE.BO Phoenix Mills Ltd. 1.5 31%
WEST.BO Westlife Development Ltd. 0.7 37%
Telecom, Media &
Technology
INFY.BO Infosys Ltd. 48.9 31%
WIPR.BO Wipro Ltd. 19.6 24%
HONE.BOHoneywell Automation India Ltd. 3.6 16%
Transportation & Logistics
MRTI.BO Maruti Suzuki India Ltd. 28.9 20%
BAJA.BO Bajaj Auto Ltd. 12.2 18%
EICH.BO Eicher Motors Ltd. 6.9 22%
UtilitiesRELI.BO Reliance Industries Ltd. 120.7 12%
PLNG.BO Petronet LNG Ltd. 5.6 19%
IGAS.BO Indraprastha Gas Ltd. 3.5 20%
Focus on Sector Leaders
*CAGR from 31st March 1992 or date of listing whichever is later to 31th March 2019, excluding Dividends. The universe being Market Cap > USD 500 Mn. Source: Refinitiv (Thomson Reuters), Ace Equity
9
Thank YouIndian Companies are Amongst the Best Capital Allocators
Note: MSCI Index constituents have been considered. Also, bubble sizes represent relative weights of the countries in the MSCI ACWI Index as of Dec 2018.
Indonesia
Russia
India
South AfricaMalaysia
Australia
US
UK
France
MexicoTaiwan
KoreaBrazil
Japan
Philippines
Germany
Hong Kong
Singapore
10%
20%
30%
40%
50%
60%
70%
80%
5% 10% 20% 25%15%
Current Average ROCE (%)
% o
f Cos
. with
RO
CE
high
er th
an th
ew
eigh
ted
aver
age
cost
ofc
apita
lIndia has one of the highest proportionof companies
with ROCE > WACC and highest average ROCE
China
Thailand
Source: Goldman Sachs Research, Bloomberg*As of February 2018
0 20 40
Consumer Discretionary
Consumer Staples
Communications
Consumer Linked
Information Technology
Global Demand
Consumer + Global Demand
High Structural RoE in % (2018) China India
0 20 40 60 80
Energy
Materials
Commodities Linked
Utilities
R / Cyclical
Commodities + Cyclical
Low Structural RoE in % (2018) China India
Indian Companies have Benefitted by Reinvesting Profits in their Businesses*
10
Factors Leading to Wealth Creation
"We are proud of 3 Ds :Democracy, Demographic Dividend and Demand" - Narendra Modi
10
India : Country of Countries, Large Population, Large Domestic Market,Poor GDP per Capita, but on the Path of Progress and Growth
100 >25 < 50 50 < 75 75 < 1000 < 25
BAHAMAS
DOMINICAN REPUBLIC
TUNISIASERBIA
QATAR
GUATEMALA
SINGAPORE
ANGOLA
SLOVAKIA
TUNISIA
UZBEKISTAN
COTED’IVOIRE
BOSNIA
URUGUAY
CROATIA
MALAWI
SOMALIA
ST LUCIA
ZIMBABWE
LIBERIA
SOMALIA
MAURITIUS GUINEA
LATVIA
COMOROS
MOZAMBIQUE
BOLIVIA
BELIZECENTRALAFRICANREPUBLIC
ST KITTSAND NEVIS
ANGOLA
GDP(Latest, $ Bn)
Source : IIFL , CEIC , The Economist , World Bank, Axis Capital 11
Population (millions) 100 >25 < 50 50 < 750 < 25
Somalia(Jammu & Kashmir)
Bulgaria(Himachal Pradesh)Malaysia
(Punjab)
Thailand(Rajasthan)
Germany(Madhya Pradesh)
France(Gujarat)
Japan(Maharashtra)
UnitedKingdom
(Karnataka)
South Africa(Andhra Pradesh)
Turkey(Tamil Nadu)Canada
(Kerala)
Slovenia(Goa)
Romania(Delhi)
Argentina(Odisha)
Peru(Chhattisgarh)
Poland(Jharkhand) Vietnam
(West Bengal)
Bahrain(Puducherry)
Philippines(Bihar)
Mauritius(Sikkim)
Macedonia(Nagaland)
Mongolia(Manipur)
Cyprus(Mizoram)
Uruguay(Meghalaya)
Kuwait(Tripura)
Gambia(Arunachal Pradesh)
South Korea(Northeast India)
The Bahamas(Andaman and Nicobar islands)
Brazil(Uttar Pradesh)
Belgium(Uttarakhand)
Population : A country of countries
75 < 100
12
Decoding India’s Consumption Story
Population (Mn) ~ 110 ~ 130Segment GDP ($ Bn) ~ 1000 ~ 1150Per Capita Income ($) ~ 8800 ~ 9300
India 1 Mexico
Population (Mn) ~ 140 ~ 105Segment GDP ($ Bn) ~ 300 ~ 313Per Capita Income ($) ~ 3000 ~ 3000
India 2 Philippines
Population (Mn) ~ 1136 ~ 976Segment GDP ($ Bn) ~ 1200 ~ 1167Per Capita Income ($) ~ 1300 ~ 1200
India 3 Sub-Saharan Africa (excluding S. Africa)
The World is Changing : Asia’s Share of Global GDP
0500100015002000250030003500
0500
100015002000250030003500400045005000
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
e20
22e
2024
e
India
GDP ($ Bn current prices) GDP per capita ($ current prices, RHS)
Source: Howmuch.net, Visual Capitalist, ADB, Maddison, CGI, UNDP, Goldman Sachs
Debt/GDP : Declined in India, Risen in China
11121314151617181
while Brazil & India have the highest government debt…
Government Debt (% of GDP)Data for 3Q 2017
0
50
100
150
200…private non-financial leverage is among the least for them.
Private Non-Financial Debt (% of GDP)
*indicates household and non-financial corporate debt
Data for 3Q 2017
Source : Bloomberg, Bank of International Settlements (BIS), MOSL 13
India : The only economy with a static total Debt-to-GDP ratio over the past five years
Total debt = Government + Non-financial private sector
18 12 12 15 16 19 19
65
125148
68
186
233
128
82
145
257
050
100150200250300
010203040506070
Change in Total Debt/GDP ratio % Total Debt/GDP (RHS) %
0 50 100
Adult Literacy Rate (> 15 years) %
Urbanization %
Inflation %
Mortgages %
Population Bn
GDP US$ 1 trillion
India-2018 China-2018 China-2004
India is 3% of World GDP but 1% of Investment Flows
Source: National Commission for Enterprises in the Unorganized Sector, Ambit Capital research, NSSO, ILO, McKinsey, World Economic Forum
Shrinking Size of Unorganized Sector
55% 51% 48%40%
91% 92%83% 81%
FY 2000 FY 2005 FY 2012 FY 2016
Unorganized Sector % of GDP Unorganized Sector % Employment
Corporate Tax Rate Cuts after a Long Time
14
Macros
• Subdued Oil• Normal Monsoon• Surplus Liquidity• Forex Reserves• Improving Credit• Urbanization• Financialization
of Savings• Demographic
Dividend
Policies
• Corporate Tax Cut• GST• Bankruptcy Code• RERA (Real Estate
Cleanup)• Demonetization• Aadhar• Smart Cities• Skill India Initiative• Housing for All
Digitization
• Jan Dhan (zero balance bank accounts)
• Smartphone Penetration
• UPI – Digital Payments
• India Stack• Direct Benefit
Transfer
Structural &Digitization
Boost
Structural Reforms and Digitization = Formalization of The Economy
“Corporate tax ratecuts are just thebeginning of reformand "a lot" is yet tocome”
“If there is any gapanywhere, I willpersonally act as abridge”
“Government hasno business beingin business”
@Narendra Modi (P.M. of India)
“If you want toinvest in a marketwhere there is scalecome to India”
15
16
0
25
50
75
100
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Household Debt to GDP (%)
Emerging markets (aggregate) India China Russia United States
Source: BIS, HDFC, European Mortgage Federation, Hofinet, RBI
918 20
31 34 38 40 4552 56
67
88Mortgage to GDP Ratio (%, as of 2017)
56%
13%
15%
1%5%
4%3% 3%
Indian Household Assets
Property
Gold
BankDeposit
Non-BankingDeposit
Insurance Fund
Provident & Pension Fund Equity
Strong, Unlevered and Under-Penetrated Indian Household
3971 4567 5386 6285 7468 86013858 4409 4711 5378
64547599
7828 8976 1009711663
1392216200
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
Retail Credit (INR Bn)
Housing Others
17
Addressable Market andHow To Skin The Cat
“Much of India that we dream of still lies ahead of us: housing, power, water and sanitation for all; bank accounts and insurance for every citizen; connected and prosperous villages; and, smart and sustainable cities” - Narendra Modi
17
Invest in India
18
Consumption Expenditure,Per capita by category
India($)
Equivalent year
for ChinaUSA ($) Japan ($) S. Korea
($) China ($)China size/
India:: Times (x)
USA size/India
:: Times (x)Clothes & Footwear (ex-sportswear) 60 2004 924 608 682 239 4.0x 15.4x
Non -Alcoholic Beverages 6 1994 267 202 126 74 12.3x 44.5xAlcoholic Beverages 8 1997 401 357 131 29 3.6x 50.1xTobacco 16 1997 342 137 140 76 4.8x 21.4xHousing 109 2006 5,904 3,738 1,679 346 3.2x 54.2xHousehold Appliances 1 1990 165 230 149 56 56.0x 165.0xFinancial Services 33 2008 1,814 606 421 85 2.6x 55.0xAutomobiles 14 2009 1,214 589 440 34 2.4x 86.7xGround Transportation / Services 132 2012 2,090 1,564 844 175 1.3x 15.8xTelecom Services 11 1998 825 554 395 89 8.1x 75.0xHotels 2 2004 364 130 212 11 5.5x 182.0xAir Transportation 1 2000 165 55 222 17 17.0x 165.0xMedia 13 NA 988 629 181 55 4.2x 76.0xHealthcare 39 2000 8,074 869 616 204 5.2x 207.0xEducation 28 2002 869 388 741 62 2.2x 31.0xInsurance and Social Protection 16 2006 1,571 896 700 63 3.9x 98.2xNominal GDP per capita (PPP)($) 1,606 2,005 55,837 32,556 27,315 7,932 4.9x 34.8x
India is where China was in the early 2000s
Source: GS Report – India Consumer close-up report of 2016Data as of 2015 19
India : Per Capita Expenditure
0%20%40%60%80%
100%
Unorganized vs Organized Sector (Market Size, 2016)
Organized Unorganized20
9% 3%21%
60%70%
60%
85% 89%
WashingMachine
Air Conditioner Refrigerator Television
White Goods Penetration (2016)
India Average Global Average
82 43 14 6
23492075
488156
1
0.6
0.91
0
0.2
0.4
0.6
0.8
1
0
500
1000
1500
2000
2500
PackagedFoods
PackagedFoods ex
EdibleOils/Milk
PersonalBeauty Care
Home Care
Food & Care Products ($ Bn, 2019)
IndiaGlobalIndex (India's Global Category Share v/s GDP, RHS)
India : Under-Penetrated & Underserved Market with a Dominant Unorganized Sector
34% 90% 95% 25% 10% 46% 53% 74% 65%
Source : JP Morgan & EY, Euromonitor, Kotak Institutional Equities, , Bloomberg, IIFL Asset Management,
5213 9 25
6 11 2
192
4056
100 100 101 91
Loan to GDP%
ConsumerCredit to GDP
%
Mortgages toGDP %
% of CreditCard Holders
% Populationwith HealthInsurance
Mutual FundAUM % of
GDP
% PopulationOwning a Car
Credit, Insurance, Mutual Fund & Car Penetration (2018)
India USA
Formalization of SectorCategory Market SizeMarket Share within Organized Players
Potential Actual Size OrganizedUnorganized Dirty & Inefficient Laggards
Clean & Efficient Players
Trifecta of Growth Opportunity – Clean and Efficient Getting Bigger
21
22
Invest in Indian Companies, Spend on Global Brands
>Shareholder Returns
23
Many Ways to Skin the Cat : Financials
23
24Source : Refinitv (Thomson Reuters)
0
3000
6000
9000
12000
15000
18000 Banks
CITIGROUP JP MORGAN CHASE & CO.
BANK OF AMERICA BNP PARIBAS
0
4000
8000
12000
16000
20000 Banks
DEUTSCHE BANK (XET) MORGAN STANLEY UBS GROUP
0
2000
4000
6000
8000
10000
12000
14000 Banks
WELLS FARGO & CO HSBC HOLDINGS STANDARD CHARTERED
0
1000
2000
3000
4000
5000
6000
7000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Non-Banking
AMERICAN EXPRESS DISCOVER FINANCIAL SVS.
Rebased to 100 in USD, Data from listing date of companies or 1st April 1990, whichever is later
Indian Companies have Outperformed their Global Peers
Many Ways to Skin the Cat : Housing
25
26Source : Refinitv (Thomson Reuters)
0
2000
4000
6000
8000
10000
12000
1400019
9019
9119
9219
9319
9419
9519
9619
9719
9819
9920
0020
0120
0220
0320
0420
0520
0620
0720
0820
0920
1020
1120
1220
1320
1420
1520
1620
1720
1820
19
Paints
SHERWIN-WILLIAMS
0
2000
4000
6000
8000
10000
12000
14000
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Adhesives
AVERY DENNISON
Indian Companies have Outperformed their Global Peers
010002000300040005000600070008000
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Cement
CRH CEMEX ADR
BUZZI UNICEM CEMENTIR HOLDING
0
10000
20000
30000
40000
50000
60000 Real Estate Developer
KLEPIERRE REIT WFD UNIBAIL RODAMCO STAPLED UNITS
SIMON PROPERTY GROUP
27
Many Ways to Skin the Cat : Services
28Source : Refinitv (Thomson Reuters)
0
1000
2000
3000
4000
5000
6000
7000
Technology
INTERNATIONAL BUS.MCHS. SAP (XET) MICROSOFT
0
2000
4000
6000
8000
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Industrial Automation
BORGWARNER DENSO
0
100
200
300
400
500
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Internet
PAGEGROUP HAYS ROBERT HALF INTL.
Rebased to 100 in USD, Data from listing date of companies or 1st April 1990, whichever is later
Indian Companies have Outperformed their Global Peers
100
150
200
250
300
2016 2017 2018 2019
Flexi Staffing
PAYCHEX AUTOMATIC DATA PROC.
India
Many Ways to Skin the Cat : Consumption
29
30
0
1000
2000
3000
4000
5000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Apparel
L BRANDS (VICTORIA SECRET) ABERCROMBIE & FITCH 'A'
Source : Refinitv (Thomson Reuters)
Rebased to 100 in USD, Data from listing date of companies or 1st April 1990, whichever is later
Indian Companies have Outperformed their Global Peers
0
5000
10000
15000
20000
25000
30000
35000 Luxury Goods
TIFFANY & CO HERMES INTL BURBERRY GROUP
0
1000
2000
3000
4000
5000
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Fast Moving Consumer Goods
L'OREAL NESTLE 'R' PROCTER & GAMBLE
0
500
1000
1500
2000
2500
Tobacco
BRITISH AMERICAN TOBACCO IMPERIAL BRANDS JAPAN TOBACCO
31
Many Ways to Skin the Cat : Transportation
32Source : Refinitv (Thomson Reuters)
0
500
1000
1500
2000
2500
300020
03
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Auto (4 Wheeler)
BMW (XET) DAIMLER (XET) VOLKSWAGEN PREF. (XET)
0
100
200
300
400
500
600
700
800
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Auto (2 Wheeler)
HONDA MOTOR YAMAHA
0
10000
20000
30000
40000
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Auto (2 Wheeler)
HARLEY-DAVIDSON KAWASAKI HEAVY INDUSTRY
0
200
400
600
800
1000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Auto Ancillaries
WABCO HOLDINGS
Rebased to 100 in USD, Data from listing date of companies or 1st April 1990, whichever is later
Indian Companies have Outperformed their Global Peers
Many Ways to Skin the Cat : Infrastructure
33
34Source : Refinitv (Thomson Reuters)
0
1000
2000
3000
4000
5000
6000
Infrastructure Building
CATERPILLAR BECHTLE (XET)
0
200
400
600
800
1000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Cables
PRYSMIAN NEXANS SAIPEM
0500
100015002000250030003500
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Fast Moving Industrial Goods
SAINT GOBAIN TOTAL SA
Rebased to 100 in USD, Data from listing date of companies or 1st April 1990, whichever is later
Indian Companies have Outperformed their Global Peers
02000400060008000
100001200014000
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Chemicals
CLARIANT (~U$)
35
Many Ways to Skin the Cat : Industrials
36
Key Risks
37
Thank You for Your Kind Attention
38
Annexures
39
Resources
• Invest India - https://www.investindia.gov.in/• Invest India Russia Desk - https://www.investindia.gov.in/country/russia-plus• Indian Embassy in Russia - https://indianembassy-moscow.gov.in/index.php• Ministry of Finance - https://www.finmin.nic.in/• Ministry of External Affairs - https://mea.gov.in/• Ministry of Commerce - https://commerce.gov.in/• Department of Industrial Policy & Promotion - https://dipp.gov.in/• Income Tax Department - https://www.incometaxindia.gov.in/Pages/default.aspx• Reserve Bank of India - https://www.rbi.org.in/• Securities Exchange Board of India - https://www.sebi.gov.in/• Bombay Stock Exchange - https://www.bseindia.com/• National Stock Exchange - https://www.nseindia.com/• Indian Brand Equity Foundation - https://www.ibef.org/
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Disclaimer
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