AUTOMOBILES

June 2022
For updated information, please visit www.ibef.org
Table of Contents

Executive Summary 3

Advantage India 4

Market Overview 6

Recent Trends and Strategies 13

Growth Drivers and Opportunities 16

Key Industry Contacts 24

Appendix 26

2
Executive summary

1 Segmented market
 The automobile sector is split into four
segments, i.e., two-wheelers, three-
wheelers, passenger vehicles and
commercial vehicles, each having few
market leaders.
1 3 Fifth-largest
automobile market
 India’s annual production of
 Two-wheelers and passenger vehicles
automobiles in FY22 was 22.93
dominate the domestic demand.
million vehicles.
 1,148,696 two-wheeler units were sold  In FY22, total passenger vehicle
in April 2022.

2 Growth prospects
2 3
sales reached 3.07 million.

 In April 2022, 251,581 passenger

vehicle* units were sold.

 The Indian automotive industry is expected  Presence of established domestic

to reach US$ 300 billion by 2026. and international original equipment
manufacturers (OEMs).
 Strong policy support from the
Government.  Strong market in terms of domestic
demand and exports.
 A study by CEEW Centre for Energy
Finance recognised a US$ 206 billion
opportunity for electric vehicles in India by
2030. This will necessitate a US$ 180
billion investment in vehicle manufacturing
and charging infrastructure.
Sources: SIAM, OICA

3
Advantage India

4
Advantage India
1 Growing demand 4 Opportunities
► Rise in middle class income and ► Focus shifting on electric cars to
young population may result in strong reduce emissions.
growth.
► Government aims to transform India
► Indian automotive industry is
into a R&D hub.
targeting to increase export of
vehicles by five times during 2016-26. ► India could be a leader in shared
► In April 2022, the total production of mobility by 2030, providing
passenger vehicles*, three wheelers, opportunities for electric and
two wheelers, and quadricycles was autonomous vehicles.
1,874,461 units. ► The electric vehicles industry is likely
► Indian automobile exports stood at
46,548 in April 2022, a growth of 11% 1 4 to create five crore jobs by 2030.

YoY.
► In FY22, total automobile exports
from India stood at 5,617,246.
ADVANTAGE
INDIA
2 Rising Investments 2 3 3 Policy support
► India has significant cost advantages. ► Automotive Mission Plan 2016-26 is a
Auto firms save 10-25% on mutual initiative by the Government of
operations vis-a-vis Europe and Latin India and the Indian automotive
America. industry to lay down the roadmap for
► The automobile sector received the development of the industry.
cumulative equity FDI inflow of about ► The Government aims to develop
US$ 32.84 billion between April 2000- India as a global manufacturing centre.
March 2022. ► In Union Budget 2022-23, the
► The Government of India expects the government announced increased
automobile sector to attract US$ 8-10 allocation of capex, high target for
billion in local and foreign investments national highways, and proposed an
by 2023. EV battery policy.

Notes: *Data except for BMW, Mercedes, Tata Motors & Volvo Auto
Sources: Automotive Mission Plan (2016-2026), Make in India, SIAM, ICRA, Federation of Automobile Dealers Association, News Article, DPIIT

5
 Market Overview

MARKET OVERVIEW

6
Evolution of the sector
Before 1982 1983-1992
 Closed market  Indian Government &
 5 players Suzuki formed Maruti
 Long waiting periods & Udyog and commenced
outdated models production in 1983.
 Seller’s market  Component
manufacturers entered
the market via joint
venture (JV).
 Buyer’s market.
Notes: *Data except for BMW, Mercedes, Tata Motors & Volvo Auto
Sources: Tata Motors, Society of Indian Automobile Manufacturers (SIAM)
7
1992-2020 2020 Onwards
 Sector de-licensed in 1993.  In April 2022, three-wheeler sales
 Major OEMs started assembly stood at 20,938 units.
operations in India.  In FY22, total commercial vehicle
 Imports permitted from April sales stood at 716,566 units,
2001. three wheeler sales stood at
 Introduction of value-added tax 260,995 units and two wheeler
in 2005. sales stood at 13,466,412 units.
 Automotive Mission Plan 2016-
26 launched in 2015.
 Bharat Stage (BS) IV emission
norms used since April 2017,
and BSVI norms adopted from
April 1, 2020.
Market overview

Automobile Sector

Commercial
Two-wheelers Passenger vehicles Three-wheelers
vehicles

Mopeds and electric Light commercial

Passenger cars Passenger carriers
scooters vehicles (LCV)

Medium & heavy

Scooters Utility vehicles Goods carrier
commercial vehicles

Multi-purpose
Motorcycles
vehicles

Source: Society of Indian Automobile Manufacturers (SIAM)

8
Market overview

Number of Automobiles Produced in India (in million) Number of Automobiles Sold in India (in million)

35.00 30.00

30.00 25.00 26.27

30.92
29.07 24.97
25.00 26.36 21.86
25.33 20.00 21.55

20.00 22.65 22.93 18.61

15.00 17.51

15.00
10.00
10.00
5.00
5.00

0.00
0.00
FY17 FY18 FY19 FY20 FY21 FY22
FY17 FY18 FY19 FY20 FY21 FY22

 The automotive manufacturing industry comprises the production of commercial vehicles, passenger vehicles, three wheelers and two wheelers.
 In the fourth quarter of FY22, total production of passenger vehicles*, commercial vehicles#, three wheelers, two wheelers, and quadricycles was
6,014,377 units.
 The Indian auto industry is expected to record strong growth in FY23, post recovering from the effects of the COVID-19 pandemic. Electric
vehicles, especially two wheelers, are likely to witness positive sales in FY23.
 A report by India Energy Storage Alliance estimated that the EV market in India is likely to increase at a CAGR of 36% until 2026. In addition,
projection for the EV battery market is forecast to expand at a CAGR of 30% during the same period.

Notes: *Data except for BMW, Mercedes, Tata Motors & Volvo Auto, #Daimler, JBM Auto & Scania data not available
Source: Society of Indian Automobile Manufacturers (SIAM), The Economic Times

9
Market overview

Segment-wise Domestic Market Share in FY22 (%) Number of Automobiles Exported (in millions)

6.0 CAGR 7.51%

5.5
5.62
Two Wheelers 5.0
1.5% 4.5 4.77
4.1% 4.63
Passenger 4.0
4.04 4.13
Vehicles 3.5
17.5% 3.64 3.48
3.0
Commercial
2.5
Vehicles
2.0
Three Wheelers 1.5
76.9% 1.0
0.5
0.0
FY16 FY17 FY18 FY19 FY20 FY21 FY22

 Two wheelers and passenger vehicles dominate the domestic Indian

Indian Car Sales Figures - May 2022
auto market. Passenger car sales are dominated by small and OEM May 2022 May 2021 Growth
midsized cars. Two-wheelers and passenger cars accounted for
Maruti Suzuki 110,602 36,758 300.89%
76.9% and 17.5% market shares, respectively, in FY22.
Hyundai 38,311 16,225 236.12%
 Indian automobile exports of two wheelers stood at 4,443,018 in
FY22. Tata Motors 35,345 9,481 372.8%

Mahindra 19,707 5,597 352.1%

Kia 17,121 5,249 326.17%

Source: Society of Indian Automobile Manufacturers (SIAM), News Article

10
Clusters and leading companies

List of Companies

 Ashok Mazda  Tata Motors  JCB

Leyland  Amtek Auto  Bajaj Auto  Yamaha
 Force  Eicher  Hero Group  Mahindra
North Motors  Honda SIEL  Escorts  Suzuki
 Piaggio Motorcycles
 Maruti  ICML
Delhi-Gurgaon-  Swaraj Suzuki
Faridabad
 Ashok  Eicher  Volkswagen Benz
Leyland  Skoda  Renault-  Tata Hitachi
 Bajaj Auto  Bharat Nissan  Volvo Eicher
West
 FIAT Forge  John Deere
 M&M  Tata Motors  Mercedes

 TataMotors  International
Kolkata- Auto
 Hindustan
Jamshedpur Motors Forgings
Mumbai-Pune- East
 Simpson &  JMT
Nashik- Co  Exide
Aurangabad

 Ashok  Sundaram  TVS Motor  Caterpillar

Chennai- Bengaluru- Leyland Fasteners Company  Hindustan
Hosur  M&M  Enfield  Renault- Motors
South Nissan
 Toyota  Hyundai
Kirloskar  BMW  TAFE
 Volvo  Bosch  Daimler

Over the past few years, four specific regions in the country have become large auto manufacturing clusters, each having a different set of
players.

Sources: ACMA

11
Key players

Each segment in the Indian automobiles sector have few established key players, who hold a major portion of the market.

2 COMMERCIAL VEHICLES 3 TWO-WHEELERS

 In FY22, commercial vehicles domestic sales  In May 2022, Hero MotoCorp sold 459,245 two
stood at 716,566 units. wheelers, the highest in the segment, which gave it a
 In May 2022, Tata Motors sold 27,553 market share of 46.97%.
commercial vehicles, the highest in the segment.

1 PASSENGER VEHICLES
 In FY22, total passenger vehicle sales
reached 3.07 million. 4 THREE-WHEELERS
 In May 2022, Maruti Suzuki was the top
passenger vehicle seller with 110,602  In May 2022, Bajaj Auto was the leader
passenger vehicle units sold. in the three-wheeler category with a
35.9% market share, having sold 10,492
units in the month.

2 3

1 4

Source: SIAM, Autocar India, Rushlane, FADA

12
 Recent Trends and Strategies

RECENT TRENDS AND STRATEGIES

13
Recent trends

1 Luxury vehicles
 The luxury car market registered sales of 27,348 units in FY22.
 In FY22, Mercedes-Benz topped India’s luxury car sales charts,
with sales of 11,576 units.
 BMW and Audi came in at the 2nd and 3rd position with sales of
8,496 and 3,294 units, respectively.
3 New financing
 The Mercedes E-Class is the highest selling luxury car in the
Indian market, with sales of 2,834 in FY22. options

1
 According to NITI Aayog and Rocky
Mountain Institute (RMI), India's EV finance
industry is likely to reach Rs. 3.7 lakh crore
2 Catering to Indian needs (US$ 50 billion) in 2030.
 Most firms including Kia Motors and  In October 2021, Maruti Suzuki India
Volkswagen have adapted themselves to cater Limited (MSIL) announced that with its
to the large Indian middle-class population by launch of Smart Finance, Maruti Suzuki
dropping their traditional structure and designs. customers can avail finance options online
This has allowed them to compete directly with
domestic firms, making the sector highly
competitive.
2 3 in an integrated platform for a one-stop
solution. MSIL has integrated its online
‘Smart Finance’ platform with 14 financiers
to offer competitive interest rates.
 Tata Motors introduced the Ace Gold Petrol CX
in July 2021, which is India's cheapest, most  In November 2021, Mahindra & Mahindra
compact commercial four wheeler vehicle, Financial Services (Mahindra Finance)
starting at Rs. 3.99 lakh (US$ 5,362). For this, launched 'Quiklyz’, a lease-based vehicle
it has partnered with the State Bank of India to subscription business for urban centres.
provide up to 90% financing of on-road pricing, Quiklyz will offer multi-brand vehicle leasing
with monthly EMIs starting at Rs. 7,500 (US$ and subscriptions. The company plans to
101). expand Quiklyz to 30 cities within a year.

Sources: Society of Manufacturers of Electric Vehicles, Moneycontrol, News Articles

14
Strategies adopted

1 Capacity addition
 In September 2021, Hero Electric announced plans
to expand production capacity at its facility in
Ludhiana, Punjab, to >5 lakh units by March 2022.
 Tata Motors has increased its capital expenditure
by 30% to Rs. 32,000 crore (US$ 4.11 billion) in
3 Launch of new models
FY23, against Rs. 23,000 crore (US$ 2.95 billion) in  Honda unveiled the new all-new City
FY22. The company plans to use this capex to

1
hybrid mid-size sedan on May 4,
accelerate its shift toward electric vehicles (EV). launching at Rs. 19.5 lakh (US$
 Two wheeler EV maker HOP Electric Mobility, a 25,073.55).
diversified business venture of Rays Power Infra, is  In December 2021, Kia launched its
looking at investing Rs. 100 crore (US$ 13.24 fourth vehicle in India, the Carens MPV,
million) over the next two years to expand starting at Rs. 8.99 lakhs (US$ 11,926)
manufacturing capacity for its EVs.
 In November 2021, Volvo India launched
2 Electric vehicles
 The electric vehicle (EV) market is estimated to
reach Rs. 50,000 crore (US$ 7.09 billion) in
2 3 its Hybrid XC90 SUV at a starting price
of Rs. 89.90 lakh (US$ 121,062).
 In November 2021, Maruti Suzuki
launched the new Celerio at the starting
India by 2025.
price of Rs. 4.99 lakh (US$ 6,719). It will
 In the year 2021, India’s spending on electrical be available in four variants.
architecture development, such as battery
development, electrification, e-motors and  In October 2021, Tata Motors launched
power electronics, came up to Rs. 48,215 Tata Punch, a mini-SUV, at the starting
crores (US$ 6.39 billion). price of Rs. 5.49 lakh (US$ 7,318). It will
 In December 2021, Hyundai announced plans to invest Rs. 4,000 crores be available in four variants.
(US$ 530.25 million) in R&D in India, with the goal of launching six EVs by  In October 2021, Morris Garages (MG)
2028. India launched MG Astor, a mini-SUV, at
 In February 2022, a memorandum of understanding (MoU) was signed the starting price of Rs. 9.78 lakh (US$
between electric two-wheeler company Ather Energy and Electric Supply 13,036). It will be available in four
Companies (ESCOMs) of Karnataka for setting up 1,000 fast charging variants.
stations across the state.

Sources: News Articles

15
 Growth Drivers and Opportunities

GROWTH DRIVERS

16
Policies and initiatives…(1/2)

NATRIP
• Setting up of R&D centres at a total cost of US$ 388.5 million to enable the industry to be on par with global standards.

1 • Under National Automotive Testing and R&D Infrastructure Project (NATRIP), five testing and research centres have been
established in the country since 2015.

Production-linked Incentive (PLI) Scheme

• In September 2021, the Indian government issued notification regarding a PLI scheme for automobile and auto components worth
Rs. 25,938 crore (US$ 3.49 billion). This scheme is expected to bring investments of over Rs. 42,500 (US$ 5.74 billion) by 2026.
• The Union Cabinet outlaid Rs. 57,042 crore (US$ 7.81 billion) for automobiles & auto components sector under the Department of
Heavy Industries.

2 • In November 2021, under the production-linked incentive (PLI) scheme for the automobiles, the Union Government added >100
advanced technologies, including alternate fuel systems such as compressed natural gas (CNG), Bharat Stage VI compliant flex
fuel engines, electronic control units (ECU) for safety, advanced driver assist systems and e-quadricycles.
• In May 2021, the Central Government approved a PLI scheme for manufacturing Advanced Chemistry Cells (ACC) with a budget
of Rs. 18,100 crores (US$ 2.33 billion). In March 2022, four firms, namely Reliance New Energy Solar Limited, Ola Electric
Mobility Private Limited, Hyundai Global Motors Company Limited and Rajesh Exports Limited, were elected to receive the
incentives.

The Automotive Mission Plan 2016-26 (AMP 2026)

3 • AMP 2026 targets a four-fold growth in the automobile sector in India which include manufacturers of automobiles, auto
components and tractors over the next 10 years.

FAME
• The Government approved FAME and plans to cover all vehicle segments and all forms of hybrid & pure

4 •
EVs. FAME-I was extended until March 31, 2019.
In February 2019, the Government of India approved FAME-II scheme with a fund requirement of Rs.
10,000 crore (US$ 1.39 billion) for FY20-22.

Sources: News Articles

17
Policies and initiatives…(2/2)

Clean Tech Scheme

5 • The Indian government has planned ~US$ 3.5 billion in incentives over a five-year period until 2026 under a revamped
scheme to encourage production and export of clean technology vehicles.

Flex-fuel Engines
• In September 2021, Minister of Road Transport and Highways, Mr. Nitin Gadkari, announced that government is planning to

6 make it mandatory for car manufacturers to produce flex-fuel engines after getting the required permissions from the Supreme
Court of India.

Sources: News Articles

18
Growth drivers

1 Policy support 3 Support

 Initiatives like Make in India, the
Automotive Mission Plan 2026, and infrastructure and
NEMMP 2020 will give a huge boost to
the sector. high investment
 In the Union Budget 2022-23, the
government introduced a battery-  As of June 2021, Rs. 871 crore (US$ 117
million) has been spent under the FAME-II

1
swapping policy, which will allow
drained batteries to be swapped with scheme, 87,659 electric vehicles have been
charged ones at designated charging supported through incentives, and 6,265
stations, thus making EV’s more viable electric buses have been sanctioned for
for potential customers. various state/city transportation
 To install electric vehicle supply undertakings.
equipment (EVSE) infrastructure for  In July 2021, India inaugurated the national
EVs, various public sector firms, automotive test tracks (NATRAX), which is
ministries and railways have come Asia’s longest high-speed track to facilitate

2
together to create infrastructure, and to automotive testing.
manufacture components.

2 Growing demand 3  From April 2000-March 2022, the

automobiles sector received around 6%
(US$ 32.84 billion) of the total equity FDI
 Rising income and a growing young inflows to India.
population.  In November 2021, Indian Oil Corporation
(IOC) and two other public sector oil firms
 Greater availability of credit and announced that they will install 22,000
financing options. electric vehicle (EV) charging stations over
the next 3–5 years.
 Demand for commercial vehicles
 In September 2021, eBikeGo announced
increasing due to high level of
that they would install 1 lakh IoT-enabled
activity in the infrastructure sector. charging stations in India. According to the
company, the charging station named
'eBikeGo Charge’ will be providing the most
Note: NEMMP - National Electric Mobility Mission Plan economical IoT-enabled smart charging
Source: Society of Indian Automobile Manufacturers (SIAM), Union Budget 2022-23 solution.

19
Investment scenario (1/3)
The Indian automobile sector witnessed an inflow of huge investments from domestic and foreign manufacturers.

NISSAN
• In July 2021, Nissan initiated a feasibility study to manufacture electric vehicles in India. If the study is positive when it is
concluded in a year, Nissan may end up producing EVs in India for local sales, as well as for exports.

1 • In August 2021, Nissan launched 18 new service workshops in 18 new locations across India to meet customer service
requirements.

Maruti Suzuki India (MSI)

• In July 2021, Maruti Suzuki India announced a Rs. 18,000 crore (US$ 2.42 billion) investment in a new manufacturing facility

2 •
in Haryana, with an installed capacity of 7.5-10 lakh units per annum.
In October 2021, Maruti Suzuki announced that it increased its capital expenditure outlay for FY22 to Rs. 6,700 crore (US$
887 million).

Tata Motors
• In April 2022, Tata Motors announced plans to invest Rs. 24,000 crore (US$ 3.08 billion) in its passenger vehicle business
over the next five years.

3 •

•
In October 2021, Tata Motors announced plans to invest up to US$ 2 billion over the next four years to launch 10 new EVs in
India.
In December 2021, Tata Motors announced plans of an investment of US$ 1 billion over the next five years in its commercial
vehicle business, with commercial EVs being its prime focus.

Hyundai Motor India

• In July 2021, Hyundai Motor India opened its new corporate headquarters in Gurgaon, backed by a Rs. 2,000 crore (US$ 269
million) investment.

4 • In December 2021, Hyundai Motor announced plans to invest Rs. 4,000 crore (US$ 531.12 million) in India to launch six new
EVs by 2028.

Source: Media Sources, Company Website

20
Investment scenario (2/3)

MAHINDRA & MAHINDRA

5 • In April 2021, Mahindra & Mahindra announced a three-year investment plan of Rs. 3,000 crore (US$ 398.34 million) in the EV
segment, and Rs. 6,000 crore (US$ 796.68 million) for traditional vehicles.

SAIC
•
6 •
In March 2022, MG Motors, owned by China's SAIC Motor Corp, announced plans to raise US$ 350-500 million in private
equity in India to fund its future needs, including EV expansion.
As of February 2021, Chinese state-owned auto major SAIC Motor has invested almost US$ 400 million out of the US$ 650
million that it had committed to India. SAIC Motor sells its cars in India under its British subsidiary MG Motors.

Mercedes-Benz

7 • In January 2021, Mercedes received a cash infusion of Rs. 1,750 crore (US$ 232.36 million) from its parent company Daimler
AG to expand sales operations and product range.

Skoda Auto
• In November 2021, Skoda Auto announced plans to locally manufacture electric cars in India. However, the firm may bring its
8 first EV, the Enyaq, through the CBU route, before committing to local manufacturing.

Source: Media Sources, Company Website

21
Investment scenario (3/3)

FIAT CHRYSLER AUTOMOBILES

•
9 In January 2021, Fiat Chrysler Automobiles (FCA) announced an investment of US$ 250 million in India to expand its local
product line-up over the next two years.

Hero MotoCorp
• In November 2021, Hero MotoCorp partnered with Gilera Motors Argentina to strengthen and expand its operations in South
America, as per its aggressive global business strategy.
10 • In January 2022, Hero MotoCorp announced an investment of Rs. 420 crore (US$ 55.76 million) in Ather Energy, as part of its
‘Be the Future of Mobility’ vision.

TVS Motor
• In November 2021, TVS Motor collaborated with Bahwan International Group to strengthen its presence in Iraq. As part of the
deal, ARATA International FZC, a subsidiary of Bahwan International Group (BIG), will be the new distributor of TVS in Iraq.

11 • In November 2021, TVS Motor signed an MoU with the Tamil Nadu Government to invest Rs. 1,200 crore (US$ 159.33
million) to develop new EV technologies and expand their manufacturing capacity.

Kinetic Green
• In October 2021, Kinetic Green Energy, a Pune-based EV manufacturer, announced plans to set up an EV battery
manufacturing, and battery swapping stations in Andhra Pradesh at an estimated cost of Rs. 1,750 crore (US$ 236.27 million).
12 • In January 2022, Kinetic Green Energy announced plans to invest Rs. 80-100 crore (~US$ 10-13 million) in a two wheeler EV
project, in collaboration with Chinese EV major Aima Technology Group.

Source: Media Sources, Company Website

22
Opportunities

3 India is fast emerging as

1 Opportunities for a global R&D hub
creating sizeable  Strong support from the Government; setting
up of NATRIP centres.
market segments
through innovations 1  Private players such as Hyundai and Maruti
Suzuki keen to set up R&D base in India.
 In January 2021, EV manufacturer Tesla set
 Mahindra & Mahindra (M&M) is up a R&D centre in Bengaluru and registered
planning to implement innovative its subsidiary as Tesla India Motors and
digital technology in the automobile Energy Private Limited.
business.
 Hyundai is planning to enter the hybrid
vehicles segment to explore alternative
fuel technology and to avail the
government incentives.
2 3
 In 2020, TVS Motor Company filed for
586 patents in India, the highest by a
significant margin.

2 Small car manufacturing hub

 Nissan and Toyota announced plans to make India their global hub
for small cars.
 Strong export potential in ultra low-cost cars segment (to developing
& emerging markets).

Source: Media Sources, Company Website

23
Key Industry Contacts

24
Key Industry Contacts

Agency Contact Information

Block 'J' Mahapalika Marg, Mumbai-400 001

Society of Indian Automobile Tele fax: 91-22 22621612/2265 9715
Manufacturers (SIAM) E-mail: cgsibom@gmail.com
Website: www.cgsiindia.org

111/112, Ascot Centre, Next to Hotel Le Royal Meridien,

Automotive Research Association of India
(ARAI)
Federation of Indian Automobile
Associations
Sahar Road, Sahar, Andheri (E), Mumbai-400099.
Tel: 91-22-28269527—28
Fax: 91-22-28269536
E-mail: info@rai.net.in
Website: www.rai.net.in
3/242, Rajendra Gardens, Vettuvankeni, Chennai,
Tamil Nadu-600 041
Tel: 91-44-2449 4576/4578
Fax: 91-44-2449 4577
E-mail: caiindia1@gmail.com
Website: http://caiindia.org/

25
Appendix

26
Glossary

 CAGR: Compound Annual Growth Rate

 Capex: Capital Expenditure

 CENVAT: Central Value Added Tax

 EHTP: Electronic Hardware Technology Park

 EPCG: Export Promotion Capital Goods Scheme

 FDI: Foreign Direct Investment

 FY: Indian Financial Year (April to March); So, FY10 implies April 2009 to March 2010

 LCD: Liquid Crystal Display

 R&D: Research and Development

 US$ : US Dollar

 Wherever applicable, numbers have been rounded off to the nearest whole number

27
Exchange rates

Exchange Rates (Fiscal Year) Exchange Rates (Calendar Year)

Year Rs. Equivalent of one US$ Year Rs. Equivalent of one US$
2004-05 44.95 2005 44.11
2005-06 44.28 2006 45.33
2006-07 45.29 2007 41.29
2007-08 40.24 2008 43.42
2008-09 45.91 2009 48.35
2009-10 47.42 2010 45.74
2010-11 45.58 2011 46.67
2011-12 47.95 2012 53.49
2012-13 54.45 2013 58.63
2013-14 60.50 2014 61.03
2014-15 61.15 2015 64.15
2015-16 65.46 2016 67.21
2016-17 67.09 2017 65.12
2017-18 64.45 2018 68.36
2018-19 69.89 2019 69.89
2019-20 70.49 2020 74.18
2020-21 73.20 2021 73.93
2021-22 74.42 2022* 75.82
Note: *- As on May 2022
Source: Foreign Exchange Dealers’ Association of India

28
Disclaimer

India Brand Equity Foundation (IBEF) engaged Aranca (Mumbai) Pvt. Ltd. to prepare/update this presentation.

All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF, delivered during the course of
engagement under the Professional Service Agreement signed by the Parties. The same may not be reproduced, wholly or in part in any material
form (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of this
presentation), modified or in any manner communicated to any third party except with the written approval of IBEF.

This presentation is for information purposes only. While due care has been taken during the compilation of this presentation to ensure that the
information is accurate to the best of Aranca (Mumbai) Pvt. Ltd. and IBEF’s knowledge and belief, the content is not to be construed in any manner
whatsoever as a substitute for professional advice.

Aranca (Mumbai) Pvt. Ltd. and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in this
presentation and nor do they assume any liability, damages or responsibility for the outcome of decisions taken as a result of any reliance placed on
this presentation.

Neither Aranca (Mumbai) Pvt. Ltd. nor IBEF shall be liable for any special, direct, indirect or consequential damages that may arise due to any act or
omission on the part of the user due to any reliance placed or guidance taken from any portion of this presentation.

29