2. 







3. High gross domestic
savings
• India’s gross domestic savings (GDS) as a per cent of GDP has remained above 30 per
cent since 2004 and stood at 30.8 per cent in FY12. RBI estimates domestic savings to
reach 39 per cent of the GDP at the end of 12th Five Year Plan(FY13–FY17)
India’s HNWI population
to double by 2020
• HNWI population in India is expected to double and total holdings by HNWI is estimated to
reach USD3 trillion in 2020 which presents considerable growth opportunities for wealth
management
Phenomenal growth in
NBFC finance
• NBFCs managed credit grew at a CAGR of 35 per cent over FY07–FY12. Retail credit
registered 36 per cent growth in FY12
Source: ICRA, Capgemini Wealth Report, 2011 Aranca Research
Notes: HNWI – High Net Worth Individual, NBFC – Non-Banking Financial Company, AUM – Assets under management
Robust AUM growth
• Mutual fund industry AUM recorded a CAGR of 16.8 per cent over FY07–FY13. India is
considered one of the preferred investment destination globally

4. • The engineering sector is delicensed;
100 per cent FDI is allowed in the
sector
• Due to policy support, there was
cumulative FDI of USD14.0 billion into
the sector over April 2000 – February
2012, making up 8.6 per cent of total
FDI into the country in that period
Growing demand
Source: World Bank, Aranca Research
Notes: HNWI – High Net Worth Individual, NBFC – Non-Banking Financial Company, F – Forecast,
NRFIP – National Rural Financial Inclusion Plan
Growing demand
• Rising incomes are driving the
demand for financial services
across income brackets
• Financial inclusion drive from RBI
has expanded the target market to
semi-urban and rural areas
Innovation
• India benefits from a large Cross-
utilisation of channels to expand
reach of financial services
• Product innovation is leading to
healthy growth in Insurance and
NBFCs
Policy support
• NRFIP aims at providing
comprehensive financial services to at
least 50 per cent of financially
excluded rural households by end-
2012 and the remaining by 2015
• Government has set up Financial
Inclusion Fund to support financial
inclusion
• Government is all set to approve new
banking licenses and increase the
FDI limit in the insurance sector
Growing penetration
• Credit, insurance and investment
penetration is rising in rural areas
• HNWI participation is growing in
the wealth management segment
• Lower mutual fund penetration of
11.3 per cent reflects latent growth
opportunities
2012
National
savings:
USD606
billion
2017F
National
savings:
USD1,413
billion
Advantage
India

5. FINANCIAL SERVICES
Capital Markets
Asset
Management
Broking
Wealth
management
Investment
Banking
Insurance
Life
Non-life
NBFCs
Asset Finance
Company
Investment
Company
Loan Company
Note: NBFC - Non Banking Financial Company

6. 71
132
107
158 154
139
150
FY07 FY08 FY09 FY10 FY11 FY12 FY13
Total AUM
Mutual fund AUMs as of March 2013 (USD billion)
Source: AMFI, Aranca Research
Notes: AUM – Assets Under Management, * In Indian Rupee terms
The asset management industry in India is among the
fastest-growing in the world
Total AUM of the Mutual Fund industry clocked a CAGR of
16.8* per cent over FY07–13 to USD150 billion
Total AUM of the Mutual Fund industry grew to USD150
billion in FY13 from USD139 billion in FY12
As of FY13, 44 asset management companies were
operating in the country
Securities and Exchange Board of India (SEBI) has
announced various measures aimed at increasing the
penetration and strengthening distribution network of mutual
funds
CAGR: 16.8%*

7. Leading AMCs in India (as of March, 2013)
Source: AMFI, Aranca Research
HNWI - High Networth Individuals, AMC - Asser Management Company
Corporate investors account for around 46 per cent of total AUM in India, while HNWIs and retail investors account for 28
per cent and 23 per cent, respectively
The share of corporate investors declined to 46 per cent in FY13 from 51 per cent in FY09, while that of HNWIs increased
to 28 per cent in FY13 from 19 per cent in FY09
Investor breakup (as of March 2013)
Top 5 AMCs in India AUM (USD billion)
HDFC Mutual Fund 18.7
Reliance Mutual Fund 17.4
ICICI Prudential Mutual Fund 16.2
Birla Sun Life Mutual Fund 14.2
UTI Mutual Fund 12.8
46%
2%
1%
28%
23%
Corporates
Financial
Institutions
FIIs
HNWIs
Retail

8. Listed companies on major stock exchanges in
Asia-Pacific countries (as of December 2012)
Source: National Stock Exchange, SEBI, Aranca Research
Notes: CAGR – Compounded Annual Growth Rate; NSE – National Stock Exchange, * - In Indian Rupee terms
Steadily rising turnover in financial markets has led to rapid expansion of the brokerage segment
The annual turnover value in NSE has witnessed a CAGR of 26.0* per cent between FY96 and FY13 to reach USD 499
billion
The number of companies listed on the NSE rose from 135 in 1995 to 1,671 in April 2013
Turnover on NSE (Capital Markets Segment) in
USD billion
20
83 100 99
194
294
108
128
240
254
354
430
882
599
873
785
586
499
FY96
FY97
FY98
FY99
FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
2,056
1,547
1,784
954 840
1,665
Australian
SE
Hong Kong
Exchange
Korea
Exchange
Shanghai
SE
Taiwan
SE Corp
NSE
India
CAGR: 26.0%*

9. Companies listed on NSE and BSE
Source: SEBI, Aranca Research
Notes: FII – Foreign Institutional Investors, NSE – National Stock Exchange, BSE – Bombay Stock Exchange, * As of December 2012, ** In Indian Rupee Terms
The number of listed companies on NSE and BSE increased to 6,877 from 6,445 over FY10–13. The number of registered
sub-brokers rose to 77,165 in FY12 as against 62,471 in FY09. During FY13 (up to December 2012), total registered sub-
brokers stood at 70,516
Net investment (both equity and debt) by FII grew by 80 per cent** in FY13 and stood at USD 31 billion
The brokerage market is getting more competitive with the entry of new players and increasing efforts of existing players to
gain market share
Registered sub-brokers
62,471
75,378
83,952
77,165
70,516
FY09 FY10 FY11 FY12 FY13*
5,850
6,049
6,268
6,361
6,445
6,641
6,779
6,877
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13

10. 60
74
87
124
140
192
2005 2006 2007 2008 2009 2010
Total HNWI liquid assets (in USD billion)
Source: World Bank, Datamonitor, Aranca Research,
Notes: HNWI – High Net worth individuals
HNWIs – the primary focus of the wealth management
industry – are estimated to have close to USD200 billion
worth of liquid investable assets
The investable assets of HNWIs in India has expanded at a
healthy 26.2 per cent CAGR over 2005–10
At present the size of wealth management industry in India
is estimated to be USD20–40 billion, which represents 10–
20 per cent of total investable HNWI assets
Advisory asset management and tax planning is the most
demanded wealth management services among HNWIs,
followed by financial planning
CAGR: 26.2%

11. Organised and unorganised segments
Source: Industry Reports, Aranca Research
Organised segment of the wealth management industry is
rapidly gaining ground, indicating that the sophisticated
players are gaining client confidence
40%
60%
80%
60%
40%
20%
FY07 FY10 FY14E
Organised Un - Organised

12. Major private players in the Life insurance
segment (as of FY12)
Source: IRDA, Aranca Research
* In Indian Rupee terms
The life insurance market has grown from USD10.5 billion in FY02 to USD59.9 billion in FY12
Over FY02 to FY12, life insurance premiums have increased at a CAGR of 19.1* per cent
Life insurance penetration has grown to 3.4 per cent in 2012 from 2.2 per cent in 2001
Life insurance premiums (USD billion)
Name
Total Premiums
(USD billion)
ICICI Prudential 2.9
SBI Life 2.7
HDFC Standard 2.1
Bajaj Allianz 1.6
Max Life 1.3
1 2 3 6
13 14
17
19 18
10 11
14
17
21
28
37 34
39
45
42
FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12
Private Public
CAGR: 19.1%*

13. 0.1 0.3 0.5
1 1 2 3 3 3 4
5 5
3 3
3
3
4
4
4 4
5
6
7
7
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
Private Public
Non life insurance premiums (USD billion)
Source: IRDA, Aranca Research
* In Indian Rupee terms
The non-life insurance market has grown from USD2.6
billion in FY02 to USD12.7 billion in FY13
Non-life insurance penetration has grown to 0.7 per cent in
2012 from 0.5 per cent in 2002
Over FY02–FY13, non-life insurance premiums have
increased at a CAGR of 16.9* per cent
Premiums generated by private players have risen at a
CAGR of 45.8* per cent, while public premiums increased
by 11.5* per cent over FY02–FY13.
Insurers witnessed a strong growth of 18.8* per cent in
FY13, with private premiums rising at 23.7* per cent and
public premiums at 15.4* per cent.
CAGR: 16.9%*

14. Segment-wise breakup for Non-life insurance
premiums (FY13)
Source: IRDA, Aranca Research
CAGR – Compound Annual Growth Rate
* In Indian Rupee terms
Motor insurance accounted for 43 per cent of the gross
direct premiums earned in FY13 (up from 41 per cent in
FY06), at USD5.5 billion
At USD2.8 billion, the Health segment followed by seizing
22 per cent share in gross direct premiums, significantly
higher than 10 per cent in FY06
Over FY06–FY13, CAGR in the health segment premiums
was highest at 31.8* per cent, followed by Motor (19.2* per
cent) and Marine (13.0* per cent)
During the same period, the fire segment increased at a
CAGR of 8.4* per cent, while other segments rose at 18.5*
per cent
Major private players are ICICI Lombard, Bajaj Allianz,
Shriram Transport, Reliance Life, Royal Sundaram, IFFCO
Tokio and other regional insurers
43%
22%
21%
10%
4% Motor
Health
Others
Fire
Marine

15. Growth in AUM of retail NBFCs (in USD billion)
Source: CRISIL, Dun and Bradstreet, ICRA, Aranca Research
Notes: AUM - Assets Under Management;
NBFC - Non Banking Financial Company
NBFCs are rapidly gaining prominence as intermediaries in
the retail finance space
NBFCs finance more than 80 per cent of equipment leasing
and hire purchase activities in India
In FY2012, 12,385 NBFCs were registered with India, with
total assets at USD26 billion
The AUM of NBFCs in retail finance tripled during 2007–12.
AUM is estimated to grow by 17.0 per cent in FY13
Retail credit of NBFCs was estimated to grow by 32 per
cent in FY12
New RBI guidelines on NBFCs with regard to capital
requirements, provisioning norms and enhanced disclosure
requirements are expected to benefit the sector in the long
run
20.4
35.8 34.0
39.0
49.2
61.7 63.8
2007 2008 2009 2010 2011 2012 2013E

16. Share of NBFCs and banks in retail finance (ex-
housing), in %
Source: CRISIL, Aranca Research
In terms of market share in retail finance (except housing
finance) space, NBFCs have been able to improve their
market share from 26 per cent to 38 per cent over 2007–10
By 2013, the NBFC share of retail finance (except housing
finance) is expected to rise to 47 per cent, almost at par with
the market share of banks primarily due to strong presence
in rural areas, product innovation and superior delivery of
services
26 31 32 38 42 45 47
74 69 68 62 58 55 53
2007 2008 2009 2010 2011E 2012E 2013E
NBFC Banks

17. Growth in assets of gold loan NBFCs
(in USD billion)
Source: CRISIL, Reserve Bank of India, Aranca Research
Notes: AUM - Assets Under Management;
NBFC – Non-Banking Financial Company
* In Indian Rupee terms
As per RBI guidelines, NBFCs are classified as Asset
finance companies (AFCs), Investment companies (ICs),
Loan companies (LCs), Infrastructure finance companies
(IFCs) and Systemically important core investment
companies (CIC-ND-SIs)
Vehicle finance is the major segment accounting for more
than one-third of the gross assets of NBFCs, followed by
loans against property and gold loans
The share of NBFCs in total gold loans doubled from 13 per
cent at-end April 2008 to 27 per cent as of FY12
Gold loan NBFCs expanded at a CAGR of 89* per cent over
FY08–FY12. Total Assets of gold loan NBFCs were USD9.5
billion in FY12 compared to USD0.9 billion in FY08
1
1
2
6
9
FY08 FY09 FY10 FY11 FY12
CAGR: 89%*

18. Insurance sector
• New distribution channels like bancassurance, online distribution and NBFCs have
widened the reach and reduced operational costs
• The life insurance sector has witnessed the launch of innovative products such as Unit
Linked Insurance Plans (ULIPs)
• Most general insurance public companies are planning to expand beyond India markets,
especially in South-East Asia and the Middle East
Mutual Fund
• India’s AUM has expanded at 16.8 per cent CAGR over FY07–FY13; total AUM stood at
USD150 billion as of 31 March 2013
• In FY09, SEBI removed the entry load to bring about more transparency in commissions,
encouraging longer-term investment
• In its effort to encourage investments from smaller cities, SEBI allowed AMCs to hike
expense ratio up to 0.3 per cent on the condition of generating more than 30 per cent
inflow from these cities
NBFCs
• NBFCs have served the unbanked customers by pioneering into retail asset-backed
lending, lending against securities and microfinance
• NBFCs aspire to emerge as a one-stop shop for all financial services
• The sector has witnessed moderate consolidation activities in recent years, a trend
expected to continue in the near future
• New banking licence-related guidelines issued by RBI in early 2013 place NBFCs ahead
in competition for licenses owing largely to their rural network

19. Gross national savings (USD billion)
Source: IMF, Reserve Bank of India,
Deloitte Center for Financial Services, f - Forecasts
Gross national savings in India stood at USD606 billion in
2012; this is expected to touch USD1,257 billion by end-
2018
Gross national savings are expected to reach 39 per cent of
the GDP at the end of 12th Five Year Plan (FY13–17) from
30.8 per cent in FY2012
India’s HNWIs wealth is expected to expand at a CAGR of
19.7 per cent and reach close to USD3 trillion by 2020
609 606 616
718
837
969
1,111
1,257
2011 2012 2013f 2014f 2015f 2016f 2017f 2018f

20. Indian household Investments (2010)
Source: Opportunities & Challenges Indian
Financial Markets (PWC) Report, Aranca Research
Over 90 per cent of household savings are invested in bank
deposits and only 10 per cent in other financial asset
classes. Innovative and customised products are expected
to shift bank deposits to these asset classes
With the introduction of new products such as ULIPs, the
share of private insurers in life insurance investments has
risen over past few years
The quantum of savings that Indians are making is set to
present immense opportunities for financial intermediaries
to move savings to more productive channels
90%
10%
Bank deposits &
Government saving
schemes
Shares, Debenture &
Mutual funds

21. Number of listed companies - NSE
Source: National Stock Exchange, Aranca Research
The Indian equity market is expanding in terms of listed companies and market cap, widening the playing field for
brokerage firms
Sophisticated products segment is growing rapidly, reflected in the steep rise in growth of derivatives trading
With the increasing retail penetration there is immense potential to tap the untapped market. Growing financial awareness
is expected to increase the fraction of population participating in this market
Growth in turnover for derivatives segment
(USD billion)
1,069
1,228
1,381
1,432
1,470
1,574
1,646 1,666
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13
91 464 567
1,089
1,625
3,253
2,398
3,726
6,418 6,539
5,806
FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13

22. With a fast rising economy, the
investable wealth of HNWI segment
is rising, creating a need for wealth
services
Remittances from Non-Resident
Indians (NRIs) and People of Indian
Origin (PIOs) – at USD66.1 billion in
FY12 adds to the size of the segment
The HNWI population in India is estimated
to double by 2020 adding to the
addressable market of wealth management
Wealth
management
HNWI
population
NRI/PIO
segment
Rising
incomes
Growing
penetration
The fraction of management
services is growing, with a
current estimated level of 20 per
cent HNWIs who use wealth

23. Only 1 per cent population covered
currently, suggesting that the vast
market is yet to be tapped. Health
insurance accounts for 1.2 per cent
of total healthcare spend
Demand for agricultural and livestock
insurance growing on the back of rising
awareness among rural population
Passenger car sales are expected to grow
by 3–5 per cent in FY14
Rising number of passenger cars,
insurance for construction activity will rise
with India’s infrastructure growth plans.
Insurance
Auto /
Engineering
Agriculture
Health
Micro-
insurance
Targeted at rural segment,
potentially addressing two-thirds
of Indian population Policy
incentives are driving growth
Source: The Society of Indian Automobile Manufacturers

24. Budgetary measures
• Various steps have been taken for deepening the reforms in the capital markets, including
simplification of the IPO process, allowing QFIs to access the Indian bond markets
• The government has proposed simplification of procedures and prescribing uniform
registration and other norms for the entry for foreign portfolio investors
• Removal of the cascading effect of Dividend Distribution Tax (DDT) in a multi-tier
corporate structure. Continuation to allow repatriation of dividends from foreign
subsidiaries of Indian companies at a lower tax rate of 15 per cent up to 31 March 2014
• It has been proposed to allow stock exchanges to introduce a dedicated debt segment on
the exchange
Tax incentives
• Insurance products are covered under the EEE (exempt, exempt, exempt) method of
taxation. This translates to an effective tax benefit of approximately 30 per cent on select
investments (including life insurance premiums) every financial year
• Rajiv Gandhi Equity Savings scheme has been introduced in the Union Budget FY13,
which allows for tax deduction of 50 per cent to new retail investors who invest up to
INR50,000 directly in equities and whose annual income is below INR1.2 million
• Reduction in securities transaction tax from 0.125 per cent to 0.1 per cent on cash delivery
transactions and from 0.017 per cent to 0.1 per cent on Equity futures
Source: Dun and Bradstreet, Aranca Research
Notes: QFI – Qualified Foreign Investors

25. UTI Asset Management Company Ltd
Established in 2003, appointed by UTI Trustee Co, Pvt
Ltd for managing the schemes of UTI Mutual Fund
• Divisions – Domestic mutual funds, Portfolio
Management Services, Venture Capital and Private
Equity Funds
• Features – Domestic schemes: 90
• AUMs: USD12.8 billion
• Network: 149 financial centres
• Recognition –
• Star Fund House of the year – Debt (ICRA:
2011)
• Awarded “seven ICRA Mutual Fund Awards
2012”
Net profit (USD million)
Source: Company website, Aranca Research
21
28
31
30
24
35
29 28
FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY11 FY12

26. Motilal Oswal Financial Services Limited
Established in 1987, Motilal Oswal Financial Services
Limited provides various diversified financial services in
India
• Divisions – Broking and Distribution, Institutional
Equities, Investment Banking, Asset Management,
Wealth Management and Private Equity
• Features – Number of registered customers: 773,716
• Business Locations: 1,484 locations
• AUMs: USD557 million
• Recognition –
• Best Equity Broker Award – 2012 (Bloomberg
UTV)
• Best Performing Financial Advisor (CNBC
TV18 Financial Advisor Awards – 2012)
Source: Company website, Aranca Research
Net profit (USD million)
14
17
39
20
36
31
22
18
FY 06 FY 07 FY 08 FY 09 FY 10 FY11 FY12 FY13

27. Muthoot Finance Limited
Muthoot Finance Limited is the largest gold financing
company in India in terms of loan portfolio. The company
provides personal and business loans secured by gold
jewellery
• Divisions – Financing, Power Generation and FM
Radio
• Features – Number of branches: 4,082
• Gold loans under management: USD4.8 billion
• Number of employees: 24,881
Net profit (USD million)
Source: Company website, Aranca Research
6
10
16 21
48
108
186 185
FY 06 FY 07 FY 08 FY 09 FY 10 FY11 FY12 FY13

28. Kotak Mahindra Old Mutual Life Insurance Ltd
Established in 2000, Kotak Mahindra Old Mutual Life
Insurance Ltd offers life insurance products in India. It is a
74:26 joint venture between Kotak Mahindra Bank Ltd, its
affiliates and Old Mutual Plc
• Plans – Protection Plans, Savings and Investment
Plans, Retirement Plans, and Child Plans
• Features – Number of customers covered: 5,47,321
• AUMs: USD2.0 billion
• Number of employees: 5,565
• Number of branches: 389
Net profit (USD million)
Source: Company website, Aranca Research
(24)
(18)
3
15 22
42
35
FY 07 FY 08 FY 09 FY 10 FY 11 FY12 FY13

29. Shriram Transport Finance Co Ltd
Shriram Transport Finance Co Ltd is India’s largest player
in commercial vehicle finance, with a niche presence in
financing pre-owned and small truck owners
• Services – Truck financing, passenger vehicle
financing, farm equipment financing, construction
vehicle and equipment financing
• Features – Number of customers covered: 950,000
• AUMs: USD9.1 billion
• Number of branches: 539
Net profit (USD million)
Source: Company website, Aranca Research
42
97
133
184
270 262
251
FY 07 FY 08 FY 09 FY 10 FY 11 FY12 FY13

30. MFI – Micro Finance Institutions; NGO – Non Governmental Organisation; SHG – Self Help Groups
Two-thirds of India’s population lives in rural areas where financial services have made few inroads so far. Rural India,
however, has seen steady rise in incomes creating an increasingly significant market for financial services
There are several stand-alone networks of SHG, NGO’s, MFI’s in different parts of rural India. Cross-utilisation of these
channels can facilitate faster penetration of a wider suite of financial services in rural India
Increasing use of technology to reach rural India is the paradigm-shifting enabler. Internet kiosk based channels are
expected to become the bridge that connects rural India to financial services
Credit
• Rural credit segment is a large market, which can be tapped by ensuring timely loans
which are critical to agricultural sector
• Self Help Groups and NGOs are useful vehicles to make inroads into rural India
Investments
• Safe investment options have a potential to tap into rural household savings
• Some private players are coming up with innovative products like third-party money
market mutual funds to cater to rural investment needs
Insurance
• Agricultural, livestock and weather insurance are potentially large markets in rural India
• Harnessing existing networks of MFIs, NGOs can speed up the process

31. Demographic age-wise breakup of HNWIs (2010)
Source: Datamonitor, Aranca Research
India is one of the fastest growing wealth management
markets in the world
The HNWI population in India is young and therefore more
receptive towards sophisticated financial products
India has over 286,000 households with net worth of more
than USD1 million with assets close to USD584 billion
73%
59%
26%
17%
26%
35%
10% 15%
39%
India APAC US
Under 50 51-65 Over 65
Investor protection
• The regulatory environment for fiduciary duties in wealth management is evolving; players
will benefit greatly from quickly adopting new investor protection measures
Brand building
• Brand building coupled with partnership based model will improve the advisory
penetration. Greater focus on transparency will speed up the process
Innovation
• Investment in required technologies, imbibing state-of-the-art best practices of advisory
and creating customised and innovative products will enable growth

32. Source: Deloitte Center for Financial Services
HNWI population in India is expected to expand rapidly over the next seven years
Total wealth holdings by HNWI in India is estimated to be USD584.5 billion and is expected to reach USD3 trillion by 2020
High-net-worth households in India (estimates)
Net worth 2009 2010 2011 2015 2020
USD1-5 million 157,000 183,333 210,000 315,000 508,127
USD$5m-30 million 36,000 43,000 50,000 84,000 13,280
Above USD30 million 17,000 21,000 26,000 40,000 56,000
Total wealth holdings
of millionaires (USD
billion)
361.8 503.1 584.5 1,559.1 2,950.1

33. Insurance Brokers Association Of India (IBAI)
Maker Bhavan No 1, 4th Floor,
Sir V T Marg, Mumbai – 400 020
India
Phone: 91 11 22846544
E-mail: ibai@ibai.org
Association of Mutual Funds in India (AMFI)
One Indiabulls Centre,
Tower 2, Wing B, 701,
841 Senapati Bapat Marg,
Elphinstone Road, Mumbai – 400 013
India
Phone: 91 11 24210093 / 24210383
Fax: 91 11 43346712
E-mail: contact@amfiindia.com
Finance Industry Development Council (FIDC)
222, Ashoka Shopping Centre,
II Floor, L T Road, Near G T Hospital
Mumbai – 400 001
India
Phone: 91 11 2267 5500
Fax: 91 11 2267 5600
E-mail: info@fidcindia.com

34. AUM: Assets Under Management
BSE: Bombay Stock Exchange
CAGR: Compound Annual Growth Rate
FII’s: Foreign Institutional investors
GDP: Gross Domestic Product
HCV: Heavy Commercial Vehicle
HNWIs: High-net-worth Individuals
IRDA: Insurance Regulatory and Development Authority
LIC: Life Insurance Corporation
NBFCs: Non Banking Financial Company
NSE: National Stock Exchange
RBI: Reserve Bank of India
SEBI: Securities and Exchange Board of India
USD: US Dollar

35. Year INR equivalent of one USD
2004-05 44.95
2005-06 44.28
2006-07 45.28
2007-08 40.24
2008-09 45.91
2009-10 47.41
2010-11 45.57
2011-12 47.94
2012-13 54.31
Exchange Rates (Fiscal Year)
Year INR equivalent of one USD
2005 45.55
2006 44.34
2007 39.45
2008 49.21
2009 46.76
2010 45.32
2011 45.64
2012 54.69
2013 54.45
Exchange Rates (Calendar Year)
Average for the year

36. India Brand Equity Foundation (“IBEF”) engaged Aranca to prepare this presentation and the same has been prepared
by Aranca in consultation with IBEF.
All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. 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 and IBEF’s knowledge and belief, the
content is not to be construed in any manner whatsoever as a substitute for professional advice.
Aranca 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 or responsibility for the outcome of decisions taken as a result of
any reliance placed on this presentation.
Neither Aranca nor IBEF shall be liable for any direct or indirect 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.