13th highest contribution

to GDP

India ranked 13th among 184 countries in terms of travel and tourisms total contribution to
GDP in 2013

Contribution to GDP
above world average

In India, the sectors direct contribution to GDP is expected to grow 6.4 per cent per
annum during 201424 vis--vis the world average of 4.2 per cent

The travel and tourism sector in India accounted for 7.7 per cent of total employment,
generating 35.44 million jobs. The number is expected to rise by 1.9 per cent per annum to
43.8 million jobs in 2024

Travel and tourisms contribution to capital investment is projected to grow 6.5 per cent per
annum during 201424, above the global average of 5.1 per cent

The contribution of visitor exports to total exports is estimated to increase 4.3 per cent per
annum during 20142024 compared to the world average of 4.0 per cent

Creating higher
employment

Higher investments

Increasing visitor
exports

Source: World Travel & Tourism Councils Economic Impact 2014, 12th Five Year Plan, Aranca Research

Market
size:
USD122.1
billion

Attractive opportunities

Robust demand
demand
Growing

2013

Foreign tourist arrivals increased

at a CAGR of 7.2 per cent over
200513

Domestic spending on tourism is

growing due to rising income and
changing lifestyles (especially
among young people)

India has diverse offerings such as

adventure, rural and wildlife
tourism
India is expected to receive nearly
half a million medical tourists by
2015, implying an annual growth of
30 per cent

2022F
Market
size:
USD418.9
billion

Advantage
India
Diverse attractions

Policy support

India has 28 World Heritage Sites

and 25 bio-geographic zones

The Visa on Arrival scheme was

extended to 180 countries in 2014

The countrys big coastline is

dotted with a number of attractive
beaches

A five-year tax holiday has been

offered for 2-,3-, and 4- star
category hotels located around
UNESCO World Heritage sites
(except Delhi and Mumbai)

Source: WTTC, Aranca Research

Notes: F stands for forecasts, WTTC World Travel and Tourism Council, Market size forecasts by WTTC;
UNESCO United Nations Educational, Scientific and Cultural Organisation

2005 onwards
200005

19902000

Pre-1990

The National
Tourism Policy was
announced in 1982
The government
formulated a
comprehensive plan
in 1988 to promote
tourism

Various states in India

declared tourism as an
industry
The government
stressed on privatepublic partnership in
the sector
Government policies
give a fillip to the hotel
industry

A national policy on
tourism was
announced in 2002,
focusing on developing
a robust infrastructure
Online travel portals
and low-cost carrier
airlines gave a boost to
domestic tourism

The government has

undertaken various
marketing initiatives to
attract tourists
Domestic spending on
tourism accounted for
over 80.7 per cent of total
tourism revenues in 2013
The number of foreign
tourists visiting India rose
to 6.8 million in 2013 from
3.9 million in 2005

Source: WTTC, Ministry of Tourism, Aranca Research

Tourism and
hospitality

Accommodation
and catering

Includes hotel and restaurant businesses

Transportation

Comprises airline companies, cruise services, railways, car

rentals and more

Attractions

Constituents include historical monuments, beaches,

sanctuaries, mountains, and festivals, etc.

Travel agents

A fragmented sector with a number of independent travel

agents and many online businesses

Tour operators

Offer customised tours, including travel and accommodation,

and sightseeing
Source: Dun and Bradstreets report on tourism in India

Vast variety of flora and fauna in

various states is a major factor
behind their growing popularity
as tourist destinations

Rural tourism

The aim is to:

Develop interest in heritage and
culture; and
Promote visits to village settings
to experience and live a relaxed
and healthy lifestyle

Transportation
Eco-tourism

Medical tourism

Attractions

Luxury tourism

Tourists
seek
specialised
medical treatments, mainly
ayurvedic, spa and other
therapies

Heritage tourism

Travel agents

The luxury travel market is

estimated to be around USD1.7
billion and projected to grow at
an average rate of 1520 per
cent over the next decade

Tourists visit India for its cultural

heritage in various cities

Source: Dun and Bradstreets report on tourism in India

The tourism and hospitality sectors direct contribution to

GDP totalled USD37.3 billion in 2013

Direct contribution of tourism and hospitality to GDP

(USD billion)

Over 200614, direct contribution is expected to register a

CAGR of 10 per cent

71

The direct contribution of travel and tourism to GDP is

expected to grow 6.4 per cent per annum to USD70.6 billion
(2.1 per cent of GDP) by 2024

CAGR: 10%
26
18

25

31

36

37

38

31

24

2006 2007 2008 2009 2010 2011 2012 2013 2014E 2024E

Source: World Travel & Tourism Councils Economic Impact 2014, Aranca Research
Notes: CAGR Compound Annual Growth Rate, E- Estimates,
GDP stands for Gross Domestic Product; the definition of direct, indirect and induced
contribution is specified in the Glossary on Slide 41

Travel and tourisms total contribution to GDP

(USD billion)

The sectors total contribution to GDP increased to

USD113.5 billion in 2013 from USD88.1 billion in 2007 and
is expected to reach USD115.6 billion in 2014

227

It is forecast to increase by 7 per cent per annum to

USD227 billion by 2024 (6.8 per cent of GDP)
Note: The definition of direct, indirect and induced
contribution is specified in the appendix

CAGR: 4%
88

2007

82

89

2008

2009

103

105

2010

2011

116

116

113

2012

2013 2014E 2024E

Source: World Travel & Tourism Councils Economic Impact 2014,

Aranca Research
Note: E Estimate

Foreign tourists arriving in India (million)

Over 6.8 million foreign tourist arrivals were reported in

2013
Foreign tourist arrivals increased at a CAGR of 7.2 per cent
during 200513
By 2024, foreign tourist arrivals are expected to increase to
13.42 million, according to the World Tourism Organisation

CAGR: 7.2%

6.6

6.8

2012

2013

6.3
5.8

4.4

5.1

5.3

5.2

2007

2008

2009

3.9

2005

2006

2010

2011

Source: World Travel & Tourism Councils Economic Impact 2014,

Ministry of Tourism, Aranca Research

Total foreign exchange earnings from tourism grew to

USD18.1 billion in 2013

Foreign exchange earnings from tourism in India

(USD billion)

Foreign exchange earnings increased at a CAGR of 11.7

per cent during 200513

17.7

18.1

2012

2013

16.6

CAGR: 11.7%
14.2

7.5

8.6

2005

2006

10.7

11.7

11.4

2007

2008

2009

2010

2011

Source: Ministry of Tourism, Aranca Research

Company

Segment

Revenue
(USD millions)
255

229

197

Yatra.com, cleartrip.com, travelocity.com,

travelchacha.com

Online booking
FY12

FY14

320

USD377.0 million
FY12

Airlines

FY13

ITC, Oberoi, Marriott

FY14

3.3

3.0

Tour operators

FY13
345

338

Hotel

Other major players

2.9

SpiceJet, Indigo, Indian Airlines

USD3.4 billion
FY12**

FY13**

68.9

75.2

FY14**

56.0

USD12.3 billion
FY11

FY12

SOTC, Raj Travels

FY13*

Source: Respective company websites

Notes: ** highlights revenues are in billion;
FY13* Includes data only for the month of January to September 2012

Domestic travel revenues aggregated USD79.7 billion in 2013 and are expected to reach USD156.7 billion by 2024
Foreign visitor revenues reached USD19 billion in 2013 and are projected to total USD28.34 billion by 2024
Domestic travellers contributed over 80.7 per cent to total tourism revenues in 2013

Share of tourists by expenditure (2013)

Expected share of tourists by expenditure (2024)

15.3%

19.3%

80.7%

Domestic spending

Domestic spending

Foreign visitor
spending

Foreign visitor
spending
84.7%

Source: World Travel & Tourism Councils Economic Impact 2014, Aranca Research

Revenues from leisure travel constitute over 78.9 per cent of total tourism revenues in India
Revenues from leisure travel totalled USD77.87 billion in 2013 and are estimated to reach USD153.72 billion by 2024
Business travel revenues stood at USD20.80 billion in 2013 and are projected to reach over USD41.4 billion by 2024

Segment-wise revenue share (2013)

Expected segment-wise revenue share (2024)

21.2%

21.1%

78.9%

Leisure spending

Leisure spending

Business spending

Business spending
78.8%

Source: World Travel & Tourism Councils Economic Impact 2014, Aranca Research

The Indian hotel industry recorded revenues of over

USD5.3 billion in 2011

Revenues of Indias hotel industry (USD billion)

5.3

Over 2005-11, the industry recorded a strong CAGR of 13.3

per cent

CAGR: 13.3%
4.3
3.6

3.8

2008

2009

3.2
2.9
2.5

2005

2006

2007

2010

2011

Source: Media Sources, Aranca Research

Domestic consumers are the biggest revenue generators in

the Indian hospitality sector, with a share of over 52 per cent
in total revenues
Foreign tourists contributed about 23 per cent to total
revenues

Various segments revenue share in Indian hotels

(2009)

22.7%
Domestic consumer

52.9%

24.4%

Domestic business

International

Source: Datamonitor, Aranca Research

Online travel operators

Wellness tourism

Cruises

Over 70 per cent of air tickets are now being booked online in the country
A number of online travel and tour operators, which provide better prices and options to
consumers, have emerged in India

The widespread practice of ayurveda, yoga, siddha and naturopathy that is complemented
by the nations spiritual philosophy makes India a famous wellness destination

India attracted 163,000 cruise visitors in 2011

The countrys cruise market is estimated to be worth USD300 million

Source: Aranca Research

Competitive Rivalry

The Indian hospitality sector is highly fragmented with a large number

of small and unorganised players; this increases competition
Customers low switching cost and price sensitivity are increasing
competition among players

Threat of New Entrants

Entry is easy as it is not capital

intensive, but a player needs to
achieve economies of scale
and access to distribution
channel to compete

Substitute Products

Bargaining Power of Suppliers

There is the threat of forward

integration; for instance, the
airline starts selling directly to
customers
The cost of switching suppliers
is low

Threat of New
Entrants
(Moderate)

Threat of substitute products is

minimal as no substitutes are
available in the market

Bargaining
Power of
Customers
(High)

Competitive
Rivalry
(High)

Threat of
Substitute
Products
(Low)

Bargaining Power of Customers

Low switching cost gives

customer
high
bargaining
power
Customers are price sensitive
and have information about the
services being provided

Bargaining
Power of
Suppliers
(Moderate)

Source: Aranca Research

Players are using innovative marketing strategies to succeed in this sector. For example:

The Goa Tourism Development Corporation (GTDC) is planning to organise

familiarisation trips or fam trips for international tour operators and media to
showcase Goa as a tourist destination. It has also planned to promote Goa in
international markets through the print and electronic media

Indian Railways is providing various benefits to foreign tourists such as priority

reservation and Indian rail pass for train travel

Marketing strategy

Players are trying to ensure convenience for their customers by providing all services
available on a single portal. For example, makemytrip.com and a host of other websites
provide a comprehensive basket of offerings which include outbound and inbound travel
for leisure and business trips, hotels and car booking, holiday packages within India or
abroad, etc.

Players are opting for many channels to maximise sales and ensure convenience for their
customers. For example, Thomas Cook and Kuoni India launched their online portals to
compete with others. On the other hand, makemytrip.com is planning to go for the offline
channel to complement its existing portal and has already launched mobile apps for
maximising sales

One stop solution

Multiple channels

Source: Company websites, Aranca Research

Notes: CDMA Code Division Multiple Access,
GSM Global System for Mobile Communication

Domestic expenditure on tourism

is expected to rise due to the

Growing
demand

growing income of households

A number of niche offerings such

as medical tourism and eco
tourism are expected to create
more demand

Growth
drivers

Tourism and hospitality

attracted
highest

the
FDI

billion) in FY13*

100 per cent FDI was allowed

second
(USD3.2

In the hotel and tourism sector,

Rising FDI

Policy
support

through the automatic route

Campaigns such as Incredible

India and Athithi Devo Bhava
were launched to harness the
tourism industrys potential

Source: Datamonitor, Aranca Research

Note: * Data as per February 2013

Per capita income in India

Strong growth in per capita income in the country is driving

the domestic tourism market
2,500

According to the IMF, nominal per capita income increased

at a CAGR of 9.5 per cent over 200013

25%

2,000

20%
1,500

15%

1,000

10%
5%

500

0%

-5%
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014F
2015F
2016F
2017F
2018F

A shift in demographics with rising young population

(coupled with changing lifestyles) is leading to greater
expenditure on leisure services

30%

Per Capita income, USD, LHS

Growth

Source: IMF, Aranca Research

Note: F - Forecast

Domestic expenditure on tourism (USD billion)

157

CAGR: 6.4%
77
69

58

80

82

56

53

2007

76

Domestic expenditure on tourism has grown significantly; the

market is expected to reach USD82 billion in 2014 and USD157
billion in 2023, representing a CAGR of 6.4 per cent during
200714E

2008

2009

2010

2011

2012

2013 2014E 2024E

Source: WTTC - Travel & Tourism Economic Impact 2014, Aranca Research
Note: E Estimate

Five Year Plan

Special boards

Tourist police

Allocation for NorthEastern Regions

In the 12th Five Year Plan, a budgetary support of USD2.8 billion has been approved for
the Ministry of Tourism for the development of tourism infrastructure projects, including
rural tourism and human resource development projects
Under the plan, USD1.3 billion has been allocated for the Ministry of Culture

The ministry set up a Hospitality Development and Promotion Board, which will monitor
and facilitate hotel project clearances/approvals

The ministry, in consultation with state/UT administrations, has proposed to employ tourist
police at prominent tourist spots

The government has planned an investment of 10.1 per cent of the allocations under the
Central Plan for the North-East region and Sikkim in the Union Budget for FY14

Source: World Travel & Tourism Councils Economic Impact 2013,

12th Five Year Plan, Aranca Research

Capital investments in the tourism sector

(USD billion)

Capital investment in the tourism and hospitality sector has

been rising consistently
Investments are expected to increase at a CAGR of 16.3
per cent to USD36 billion during 200724E

65

CAGR: 16.3%

By 2024, investments are expected to increase to USD65

billion
36

29

33

36
33

33

23
13

2007

2008

2009

2010

2011

2012

2013 2014E 2024E

Source: World Travel & Tourism Councils Economic Impact 2014,

Aranca Research
Note: E Estimate

The governments collective spending on the tourism and

hospitality sector is expected to reach USD2.0 billion in
2014

Collective government spending on tourism

(USD billion)
3.8

By the end of 2014, spending is projected to expand at a

CAGR of 11.2 per cent over a seven-year period
CAGR: 11.2%

By 2024, the governments collective spending is expected

to increase to USD3.8 billion

1.7

2.0

2.1

2.0

2009

2010

2011

2012

1.9

2.0

1.6
1.0

2007

2008

2013 2014E 2024E

Source: World Travel & Tourism Councils Economic Impact 2014,

Aranca Research
Note: E Estimates

Growth in visa on arrival

The Visa on Arrival scheme has been popular among

tourists
In June 2014, the government approved 180 countries
under the Visa on Arrival scheme to attract additional
foreign tourists

CAGR: 45.8%

20,294

16,084
12,761

The scheme registered an average growth of 45.8 per cent

over 201013
6,549

2010

2011

2012

2013

Source: Ministry of Tourism, Aranca Research

Medical tourism

The presence of world-class

hospitals and skilled medical
professionals makes India a
preferred
destination
for
medical tourism

Indias earnings from medical

tourism could exceed USD3.9
billion in 2014 from USD1.9
billion in 2011

Tour operators are teaming

up with hospitals to tap this
market

Rural tourism

Cruise tourism

Cruise shipping is one of the

most dynamic and fastest
growing segments of the
global leisure industry

India, with its vast and

beautiful coastline, virgin
forests
and
undisturbed
islands, can be a good
destination for cruise tourists

The
potential
for
the
development of rural tourism
in India is high as most of its
population resides in rural
areas

This can benefit the local

community economically and
socially,
and
facilitate
interaction between tourists
and locals for a mutually
enriching experience

Source: Ministry of Tourism, BMI, Aranca Research

Delhi Attracted 11.1 per cent of

foreign tourists visiting India in 2012
Major attractions Qutub Minar,
Red Fort, Humayuns Tomb, India
Gate, Jantar Mantar and Jama
Masjid

Maharashtra Attracted 24.6 per cent

of foreign tourists visiting India in 2012
Major cities to visit Amravati,
Kolhapur, Mumbai and Nashik
Major attractions Ajanta and Ellora
Caves, Shirdi, Ashtavinayak and
Matheran

Uttar Pradesh Attracted 9.7 per cent of

foreign tourists and 16.3 per cent of
domestic tourists in 2012
Major cities to visit Agra, Allahabad,
Ayodhya, Lucknow, Fatehpur and Meerut
Major attractions Taj Mahal, Agra Fort,
Fatehpur Sikri and Sarnath

Tamil Nadu Second most visited state by

foreign tourists; attracted 14.7 per cent of
total foreign tourists visiting India in 2012
Major cities to visit Chennai, Coimbatore,
Kanyakumari, Madurai, Ooty, Rameswaram
and Salem
Major attractions Meenakshi Temple,
Brihadeeswarar Temple, Yelagiri Hills,
Hogenakkal Falls and Vivekananda Memorial
Source: Aranca Research

Foreign tourist arrivals are expected to increase at a CAGR

of 16.1 per cent during 2013-15F

Forecasts of foreign tourists arriving in India

(million)

The number of foreign tourists arriving in India is anticipated

to be more than 9.2 million by 2015
6.6

6.8

2012

2013

8.5

9.2

2014F

2015F

Source: Ministry of Tourism, BMI, Aranca Research

Note: F Forecasts

Foreign exchange earnings from tourism are expected to

increase at a CAGR of 5.0 per cent during 201315F

Forecasts of foreign exchange earnings from

tourism in India (USD million)

Foreign exchange earnings are forecast to reach USD20

billion in 2015

19,949

CAGR: 5%
18,988
17,740

18,100

2012

2013

2014F

2015F

Source: Ministry of Tourism, BMI, Aranca Research

Notes: F stands for Forecasts, CAGR Compound Annual Growth Rate

Capacity of hotels in India (000)

The number of hotel beds in the country is expected to

increase to 501,000 by 2016 from 269,000 in 2011
The number of hotel rooms in the country is expected to
increase to 220,000 by 2016 from 121,000 in 2011

501
443
392
339
295
241

262

210

176
135

98

2009

109

2010

197

220

154

121

2011

2012F

Number of hotel rooms

2013F

2014F

2015F

2016F

Number of hotel beds

Source: BMI, Aranca Research

Note: F Forecast

Low-cost airlines

Increase in international
flight operators

Increasing number of
airports

Higher investments

Higher passenger traffic

Growth in low-cost airlines is expected to lower tourism costs and increase domestic
spending on tourism

The market is likely to become more competitive due to the entry of an increasing number
of international flight operators expected to offer improved services to tourists. JVs such as
Air Asia and Tata SIA are beginning services in India and can provide better services

The Airports Authority of India aims to start operating 250 airports across the country by
2020

The government is expected to earmark USD12.4 billion in the 12th Five-Year Plan (2012
17); of these, private investments are likely to total USD9.2 billion

By 2020, passenger traffic at Indian airports is expected to rise to 450 million from 160
million currently

Source: World Travel & Tourism Councils Economic Impact 2013, 12 th Five Year Plan, Aranca Research

Growth in foreign tourist arrivals pre and post

incredible India (million)

Incredible India is a marketing campaign launched by the

Government of India in 2002 to promote India as a tourist
destination internationally
Foreign tourist arrivals increased at a CAGR of 9.7 per cent
during 2003-13 to 6.8 million by the end of 2013

6.6 6.8

CAGR: 9.7%
5.8
4.5 5.1

India currently attracts 0.63 per cent of tourists from world

over; the government aims to increase it to 1 per cent

6.3

5.3 5.2

3.9
2.4 2.4

2.5 2.7 2.5

3.5
2.4

2.7

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

In 2012, India Tourism launched two new campaigns: Find

What You Seek, an international campaign; and Go
Beyond, a domestic campaign

Source: Gujarat's Ministry of Tourism,

Aranca Research

Contribution of tourism to Gujarat's GDP

Gujarat is the 7th largest state, located in the Western part of

India, with the longest coastline of 1,600 km

10.2%

The government spent nearly USD13 million for the

Khusbhoo Gujarat Ki campaign, which featured Amitabh
Bachchan, brand ambassador of the state; the campaign
was a huge success
The campaign led to an increase in the number of visitors to
5.4 million in the last two years

8.2%

5.1%
3.5%
2.5%

2.8%

2002

2005

The government plans to focus on the state's 1,600 km

coastline to promote maritime, coastal and ecotourism
2010

2015E

2020E

2022E

Source: World Travel & Tourism Councils

Economic Impact 2013, Aranca Research
Note: E Estimates

Revenue generated from tourism in Kerala

(USD billion)

Kerala is on the Malabar coast in Southwest India

In the early 1990s, the state was known as a single beach
destination

3.7

3.9

3.8
3.5

Kerala successfully marketed its serene backwaters, wildlife

sanctuaries, ayurvedic treatments and temple festivals

2.7

2.9
1.7

2.8

2.0

Revenue from tourism increased at a CAGR of over 11.0

per cent during 200513
0.3

0.4

2005

2006

0.6

0.7

2007

2008

0.6

2009

Foreign exchange earnings

0.8

0.8

0.8

1.0

2010

2011

2012

2013

Total tourism revenues

Source: Keralas Ministry of Tourism, Aranca Research

Number of tourists visiting Kerala annually

(in million)

The share of foreign tourists increased from 7.3 per cent in

2012 to 7.8 per cent in 2013

7.6
5.9

6.3

8.6

7.9

10.1

9.4

10.1

6.6

0.3

0.4

0.5

0.6

0.6

0.7

0.7

0.8

0.9

2005

2006

2007

2008

2009

2010

2011

2012

2013

Domestic Tourists

Foreign Tourists

Source: Keralas Ministry of Tourism

Revenues (USD million)

Makemytrip.com
The website was conceived and founded by Deep Kalra in
2000

255
229

Makemytrip offers airline tickets, hotel bookings, domestic

and foreign packaged tours, bus tickets, corporate travel
services, visa assistance, foreign exchange and travel
insurance

CAGR: 37.2%

125
84

The companys revenues totalled USD255.4 million in FY14

It has a market capitalisation of USD1.09* billion
The companys revenues expanded at a CAGR of over 37.2
per cent during FY0814

197

69
38

FY08

FY09

FY10

FY11

FY12

FY13

FY14

Source: www.makemytrip.com
Note: * - As of 5 June 2014

Revenues (USD million)

Indian Hotel Company Limited (IHCL)

The company was incorporated in 1902 and launched the
first hotel in India, The Taj Mahal Palace & Tower, in
Mumbai in 1903

380

356

Taj Hotels Resorts and Palaces has 66 hotels in 42

locations across India and 16 hotels worldwide

345

338

337
327

IHCL operates Taj Air, a luxury private jet service

The company operates Taj Sats Air Catering Ltd, the largest
airline catering service in South Asia
IHCLs revenues stood at USD320 million in FY14

320

320

IHCL operates in the luxury, premium, mid-market and

value market segments through various brands such as Taj,
Taj Exotica, Taj Safari, Vivanta, Gateway Hotel and Ginger

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

Source: IHCLs website

Federation of Hotel & Restaurant Associations of India (FHRAI)

B-82, 8th Floor, Himalaya House,
23, Kasturba Gandhi Marg,
New Delhi 110001
Phone: 91-11- 40780780
Fax: 91-11- 40780777

Hotel Association of India (HAI)

B 212214
Som Dutt Chamber-I,
Bhikaji Cama Place,
New Delhi 110 066
Phone: 91-11-2617 1110/14
Fax: 91-11-2617 1115

Direct contribution: Spending on accommodation, transportation, attractions and entertainment

Indirect contribution: Travel and tourism investment spending, and government collective travel and tourism spending
Induced contribution: Spending of direct and indirect employees
GOI: Government of India
CAGR: Compound Annual Growth Rate
INR: Indian Rupee
USD: US Dollar
Wherever applicable, numbers have been rounded off to the nearest whole number

Exchange rates (Fiscal Year)

Exchange rates (Calendar Year)

Year

INR equivalent of one USD

Year

INR equivalent of one USD

2004-05

44.81

2005

43.98

2005-06

44.14

2006

45.18

2006-07

45.14

2007

41.34

2007-08

40.27

2008

43.62

2008-09

46.14

2009

48.42

2009-10

47.42

2010

45.72

2010-11

45.62

2011

46.85

2011-12

46.88

2012

53.46

2012-13

54.31

2013

58.44

2013-14

60.28

2014*

61.58

Average for the year

* - from January to March 2014

India Brand Equity Foundation (IBEF) engaged Aranca to prepare this presentation and the same has been prepared

by Aranca in consultation with IBEF.

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This presentation is for information purposes only. While due care has been taken during the compilation of this
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