January 2014

CRISIL Insight

HIRE & LOWER

Slowdown compounds India's job-creation challenge

CRISIL Insight

About CRISIL Limited

CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are India's leading ratings agency. We are also the foremost provider of high-end research to the world's largest banks and leading corporations.

About CRISIL Research

CRISIL Research is India's largest independent and integrated research house. We provide insights, opinions, and analysis on the Indian economy, industries, capital markets and companies. We are India's most credible provider of economy and industry research. Our industry research covers 70 sectors and is known for its rich insights and perspectives. Our analysis is supported by inputs from our network of more than 4,500 primary sources, including industry experts, industry associations, and trade channels. We play a key role in India's fixed income markets. We are India's largest provider of valuations of fixed income securities, serving the mutual fund, insurance, and banking industries. We are the sole provider of debt and hybrid indices to India's mutual fund and life insurance industries. We pioneered independent equity research in India, and are today India's largest independent equity research house. Our defining trait is the ability to convert information and data into expert judgements and forecasts with complete objectivity. We leverage our deep understanding of the macro economy and our extensive sector coverage to provide unique insights on micro-macro and cross-sectoral linkages. We deliver our research through an innovative web-based research platform. Our talent pool comprises economists, sector experts, company analysts, and information management specialists.

CRISIL Privacy
CRISIL respects your privacy. We use your contact information, such as your name, address, and email id, to fulfil your request and service your account and to provide you with additional information from CRISIL and other parts of McGraw Hill Financial you may find of interest. For further information, or to let us know your preferences with respect to receiving marketing materials, please visit www.crisil.com/privacy. You can view McGraw Hill Financial's Customer Privacy Policy at http://www.mhfi.com/privacy. Last updated: May, 2013

Disclaimer
CRISIL Research, a division of CRISIL Limited (CRISIL), has taken due care and caution in preparing this Report based on the information obtained by CRISIL from sources which it considers reliable (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. This Report is not a recommendation to invest / disinvest in any company covered in the Report. CRISIL especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this Report. CRISIL Research operates independently of, and does not have access to information obtained by CRISILs Ratings Division / CRISIL Risk and Infrastructure Solutions Limited (CRIS), which may, in their regular operations, obtain information of a confidential nature. The views expressed in this Report are that of CRISIL Research and not of CRISILs Ratings Division / CRIS. No part of this Report may be published / reproduced in any form without CRISILs prior written approval.

HIRE & LOWER

Slowdown compounds Indias job-creation challenge
And falling labour intensity means growth generates far fewer non-farm employment opportunities

NON-FARM JOBS GROWTH SET FOR SHARP DECLINE: Employment generation in the nonagriculture sector will slow down sharply in the coming years as the economy treads a lower-growth path. CRISIL estimates that employment outside agriculture will increase by only 38 million between 2011-12 and 2018-19 compared with 52 million between 2004-05 and 2011-12.

MILLIONS WILL BE REDIRECTED TO THE FARMS: Due to insufficient employment creation in industry and services sectors, more workers will become locked in the least productive and low-wage agricultural sector. We estimate that 12 million people will join the agriculture workforce by 2018-19, compared with a decline of 37 million in agriculture employment between 2004-05 and 2011-12.

AUTOMATION RISES, LABOUR ABSORPTION FALLS: Slowing GDP growth is not the only culprit. The decline in employment creation has been compounded by falling labour intensity in the economy. The latter is the result of two factors: 1) GDP growth in recent years has been driven by less labourintensive services such as IT/ITeS, business and financial services; and, 2) the capacity of labourintensive sectors such as manufacturing to absorb labour has diminished considerably in face of rising automation and complicated labour laws. HOW DO WE OVERCOME THIS? THERE ARE TWO WAYS:

1. Check the falling intensity of labour participation in the manufacturing sector by simplifying labour laws and encouraging growth of labour-intensive industries (textiles, gems and jewellery and leather). 2. Focus on developing (1) health and education and (2) Physical infrastructure/ construction. This will not only create jobs as health, education and construction are highly labour intensive, but also raise Indias growth potential by making the workforce healthy and skilled/ educated.

THEN THERES THE SKILLSETS CHALLENGE: India not only needs to create more jobs but also skill the labour force to meet market needs. Our interactions with industry show that around 70% of graduating engineers are not employable (they need intensive training) because of lack of technical or soft skills. Also, around 65% of the people do not complete graduation after finishing K-12, but they can be made employable through vocational training.

CRISIL Insight
Figure 1: OF WORK AND FLOW

Figure 2: Addition to employment (millions)

2004-05 to 2011-12 2011-12 to 2018-19P* 52

38

Between 2004-05 and 2011-12, Indias industry and services sectors added 52 million jobs. This large-scale job creation led to migration of labour, pulling 37 million away from farms. Going ahead, slower GDP growth and falling labour intensity would lower job creation in the non-agricultural sector, even as the labour force swells faster than before. This will mean about 12 million more people will be forced to find employment in the least productive and low-wage agriculture sector.

12

Agriculture

Total Non-agriculture

-37

P*: CRISIL Projection; Source: National Sample Survey organisation, CRISIL Research

THE EMPLOYMENT CONUNDRUM

Labour force soars as growth slows
In the seven years to 2018-19, Indias working age population would have swelled by over 85 million. Of these, 51 million would be seeking employment . Providing jobs to its fast-growing labour force in the current scenario of slowing GDP growth will pose a significant challenge for the economy. The difficulty of this task is compounded by th e increasingly jobless nature of growth in recent years. This is the direct result of two factors: First, GDP growth is now increasingly driven by the less labour-intensive services sectors such as IT/ITES, and business and financial services. As these sectors require only around 1-2 people to produce Rs 1 million of real value-added GDP, higher growth in these sectors does not create large-scale employment. Second, the labour dependency of the manufacturing sector - which once used to be the most labour-intensive sector barring agriculture - has diminished considerably as complicated restrictive labour laws and technological progress have encouraged automation. A World Bank report (Jobs, 2013) said India has more than 40 national and state-level labour laws. As firms employment increases, they fall under the purview of a growing number of regulations .... which makes it extremely difficult for firms to terminate employment. It pointed out that Indias complex labour regulatory system has been in place for 60 years, adding even the ambitious reform program triggered by the balanceof-payment crisis of 1991 left labour regulations largely untouched As a result of falling labour intensity, GDP growth now generates far fewer employment opportunities in the non-farm sector (industry including manufacturing, construction, mining and utilities plus services sector) than it used to a decade ago. Between 1999-2000 and 2004-05, non-agricultural employment increased by 0.52% for every 1% increase in non-agriculture GDP. This figure fell sharply to 0.38% during the high-growth period between 2004-05 and 2011-12. Despite this decline, non-agricultural employment increased by 52 million from 2004-05 to 2011-12, due to the high GDP growth (8.5% average per annum) during this period.
Table 1: Employment scenario in India (in million)
1

Addition to employment 2004-05 to 2011-12 (7 years) (i) Agriculture Industry Manufacturing Construction Services (ii) Total Non-agriculture Overall (i)+(ii) -37 31 6 25 21 52 15 2011-12 to 2018-19P* (7 years) 12 20 2 17 18 38 50

Level of employment

Employment in 2011-12 231 115 60 50 127 242 473

Employment in 2018-19P* 243 135 62 67 145 280 523

Note: P*: CRISIL Projections; Source: National Sample Survey Organisation (NSSO)
1

Not everyone in the working age joins the labour force. For instance, in 2011-12, only 58.3% of working-age population was in the labour force. Rest mostly were students, homemakers and others not seeking employment. The unemployment rate is assumed at 2.2%

CRISIL Insight

Such large job creation in the non-farm sector was not only sufficient to absorb the incremental labour force during this period, but also facilitated migration of labour, pulling out 37 million workers from low-productivity agriculture to the more productive industry and services sectors. This trend will change in the years ahead, as average GDP growth over the next 5 years is likely to be much slower at around 6.5%. Add to this diminishing labour intensity of the economy and what you get is nonagricultural employment that could, at best, grow by 38 million from 2011-12 to 2018-19. Not only is this lower than the increase in non-agricultural employment (52 million) witnessed during the high growth years, but it is also insufficient to absorb Indias growing labour force -- estimated to rise by 51 million over the same period. And, due to the lack of adequate opportunities in industry and services sector, an additional 12 million will be forced to either depend on low productivity agriculture or remain unemployed. If some of these people do not resort to farm employment, Indias unemployment rate will be seen to rise above its current level of 2.2% (2011-12) in the years ahead. Infact, even if agriculture employment rises by 12 million (and official unemployment rate remains unchanged at 2.2%), much of this increase will be disguised unemployment. This is because, given sufficient job opportunities in industry and services, labour force tends to migrate to the higher-wage, more productive sectors -- as seen in the seven years to 2011-12. In the coming years, however, due to the lack of opportunities in the non-farm sector, more and more workers will be forced to resort to farm employment. In the last decade, Indias large youth-dominated population (50% of Indias population is below 25 years) began to be viewed as an asset due to high GDP growth. Favouring this perception was also the fact that the population was ageing in the affluent West and also in not so-affluent China (engineered through the onechild policy). Against this backdrop, Indias large supply of youth began to be treated as a major co ntributory factor to Indias brightening prospects the so-called demographic dividend. However, with insufficient job opportunities, this can turn into a demographic liability.

Falling employment elasticity = Jobless growth

Even though 52 million jobs were created in the non-agricultural sector in the seven years to fiscal 2012, the responsiveness of job creation to an increase in GDP fell sharply. This is reflected in Indias falling employment elasticity between 2004-05 and 2011-12. Employment elasticity - defined as the percentage increase in employment for every percentage point increase in GDP - deteriorated sharply to 0.38% during these high growth years from 0.52% in the prior 5year period (1999-00 to 2004-05) for non-agricultural sector. Employment elasticity of industry and services sectors fell considerably during this period, while for the agricultural sector it went negative on labour migration.
Figure 3: Employment elasticity fell across sectors
Between 1999-00 and 2004-05 1.54 Between 2004-05 and 2011-12

0.78

0.57 0.35
0.26

0.52 0.38

Agriculture

Industry

Services

Non-agriculture GDP

-0.53

Source: NSSO, CRISIL Research

So what led to this drastic fall in overall employment elasticity during the high growth years? Indias GDP growth during the boom years was largely driven by the less labour -intensive sectors. In the seven fiscals to 2011-12, information technology, financial services, real estate and other business services grew at over 11% per year, and contributed significantly (22%) to overall growth. However, as these services require only about 1-2 people to produce Rs 1 million of real value-added GDP (Box 1), their high growth did not lead to large incremental employment. In contrast, the more labour-dependent services sub-sectors grew at a much slower pace. For instance, health, education and recreation services, which require 9 people to produce Rs 1 million of real GDP, grew at 6.8% in the seven fiscals to 2012. As a result, employment addition in these sectors was limited.

CRISIL Insight
Figure 4: Number of workers required to produce 1 million worth of real output in services , 2011-12

8.9

5.9

3.7
2.7

1.4

Trade,hotel & Transport,storage Financial, real restaurant and estate and communication business services

Education, health, CSP

Public administration

Source: NSSO, CRISIL Research

Further, during the high growth years from 2004-05 to 2011-12, the labour intensity of manufacturing also fell sharply because, 1) a large part of the manufacturing sector's growth came from fast-growing, capitalintensive industries such as petrochemicals; and, 2) rising substitution of manual labour as complicated labour laws in India (rigid rules for hiring and firing of workers) and technological progress led to higher automation. As a result, by 2011-12, the manufacturing sector needed almost half the number of workers it did in 2004-05 to produce Rs 1 million of real output. So it came as no surprise that despite growing at nearly 9% annually manufacturing added only 6 million in employment during the high growth years (Table 1, key messages). The automobiles sector is a prime example of the shift toward automation. Vehicle makers have been increasingly resorting to robotics to skirt mounting labour costs and neutralise unionism. For example, Ford Indias passenger vehicle plant in Sanand, Gujarat (expected to be commissioned by the fourth quarter of this fiscal) will have more than 500 robots manning the body-shop and paint-shop.
Figure 5: Number of workers required to produce Rs 1 million of real output in industry
2004-05 12.2 11.2 2011-12

11.9

7.2

2.7

2.4

Manufacturing

Construction

Mining & utilities

Source: NSSO, CRISIL Research

As manufacturing failed to create many jobs, incremental employment in the boom years came largely from the construction segment, which became the largest employment creator due to a profusion of projects under social-sector schemes. By 2011-12, construction accounted for 20% of total non-farm employment even though its share in non-agricultural GDP was a much lower at around 10%.

Structural changes the need of the hour:

How can we create more jobs?
Our estimates show that at current elasticities the economy will be unable to create sufficient non-farm employment for its growing labour force. How can India overcome the situation and avoid social tensions? We believe this is only possible if four structural changes are successfully implemented: 1. Arrest the decline in employment elasticity of the manufacturing sector: At current levels of employment elasticity, the manufacturing sector, even if it grows at around 4% per annum over the next 5 years, will create only 2 million incremental jobs by 2018-19. It is therefore critical to encourage the growth of labour-intensive manufacturing industries such as textiles & garments, leather & footwear, gems & jewellery and food processing (Employment and Skill Development, Planning Commission 12th Five Year Plan). There is an emerging export opportunity in these low-cost/ labour-intensive sectors as wages in China rise and businesses start exiting these segments. 2. Invest in health and education: Investing in health and education services is not only important from a growth perspective, but also from an employment perspective. They are the most labour-intensive among all services sub-sectors, requiring almost 9 people to produce Rs 1 million worth of real output compared with just 1-2 people in the final real-estate and business services. Therefore, despite growing at a much slower pace (6.8% per annum), the sector added more jobs than finance, real estate and business services during the boom years. Moreover, faster growth of this highly labour-dependent sector will not only help create more employment but, at the same time, improve the quality and size of the labour force. Therefore, investment in the sector will also have a positive spillover for employment creation in other sectors. There is no denying that the IT/ITeS sectors must be nurtured for higher GDP growth, but its potential to create large-scale employment will remain limited given the nature of its work. 3. Focus on skill development: Vocational training programs aimed at skill development are an imperative to ensure that the under-employed labour force in agriculture can gravitate to the labourintensive manufacturing industries or even to services. For example, non-graduates entering the labour force can be equipped with skills that would enable them to perform basic jobs such as welding, plumbing, and handling customers. Sectors such as automobile servicing and organised retailing are particularly amenable to such training. Though the number of engineers entering the labour force has increased, only a third is seen employable sans technical or soft-skills training. Thats because the

CRISIL Insight

quality of education has not kept pace with the burgeoning student intake. It is also equally critical to ensure that the labour force entering the job market has the skillsets to meet market needs. In the banking sector, for example, more than two-thirds of the jobs likely to be created over the next 5 years will be in sales and marketing-oriented roles on the branch banking side, but the industry laments that employees with the requisite product knowledge and customer handling skills are extremely difficult to find, especially in the smaller towns. 4. Accelerate investments in infrastructure: The construction sector is the only major one where employment elasticity rose during 2004-05 to 2011-12 compared with the preceding five years. Its employment elasticity is greater than 1 and it is the most labour-dependent among all non-agricultural sectors, requiring more than 12 people to produce Rs 1 million of real output. A fast-growing construction sector can therefore create significant employment opportunities. Its growth rate can be accelerated through investments in roads, ports etc, which will also help to raise Indias potential growth. CRISILs research shows the sector has the highest employment potential and lowest skill requirement (Figure 6, Details: Appendix A3) two-thirds of employment is of unskilled or semi-skilled workforce (Appendix A2). Given the low skill level of the workforce currently engaged in agriculture, growth in construction can help accommodate labour migration. Also, given the value chain and localised nature of economic activity in the sector, construction generally offers significant spin-off benefits in terms of job creation and impetus to the local economy.
Figure 6: Employment potential vs skill requirement of different sectors
Employment potential score

4.5 4.0
3.5 3.0 2.5 2.0 1.0 1.5 2.0 2.5 3.0 Skill requirement score 3.5 4.0 Gems & jewellery Auto/ancillary Organised retail Construction Textiles Healthcare Banking IT/ITES

Source: CRISIL Research

Appendix
Labour intensity in India
50.0

47.4

2004-05

2011-12

40.0

31.3
30.0

Labour intensity, defined as the number of workers required to produce Rs 1 million of real GDP, is the highest in agriculture and lowest in services.

20.0 10.0 10.0

15.4 8.0 9.0 6.7 4.1

0.0

Agriculture

Industry

Services

GDP

Employment elasticity of industry sub-sectors

Between 1999-00 and 2004-05 Between 2004-05 and 2011-12

1.15 0.84 0.68

0.90
0.65

Employment elasticity of manufacturing fell sharply during 2004-05 to 2011-12. Despite growing at almost 9% per annum, the manufacturing sector did not add many jobs during this period. This is because of increasing substitution of labour by capital (machines) due to (1) complicated labour laws and (2) technological progress. A percentage point growth in construction sector ups construction employment by more than 1%.

0.17

Manufacturing

Construction

Mining & utilities

Employment elasticity of services sub-sectors

Between 1999-00 and 2004-05
1.14 0.77 0.32 0.35

Between 2004-05 and 2011-12

0.55 0.47

0.16

0.20
-0.05

Although the employment elasticity of finance, realestate and business services is the highest, it did not create much additional employment in absolute terms as the sector has a very low employment base. This is unlikely to change given the nature of its work.

Trade,hotel & Transport,storage Financial, real restaurant and estate and communication business services

Education, health, CSP

-1.66 Public administration

CRISIL Insight
Creating employment: Indias toughest challenge
All-India employment
2004-05 268 231 2011-12

106

127

115 83 54
60 26 50

All-India employment increased to 473 million in 2011-12 from 458 million in 2004-05. Agricultural employment fell as labour force migrated from agriculture to industry and services.

Agriculture

Services

Industry

Manufacturing Construction

Mining & utilities

Sectoral employment in industry: 2011-12

In million 2004-05 2011-12

60

Construction sector created the largest incremental employment between 2004-05 and 2011-12.

54

50

26

4
Manufacturing Construction

Mining & utilities

In 2011-12, the services sector employed more than manufacturing and construction combined. Among the services sector, trade, hotels and restaurants are the largest employment generator, accounting for almost half of total service sector employment in 2011-12. Between 2004-05 and 2011-12, education, health and recreation services added even more employment than the fast growing financial, real estate, business and IT services sector.

Employment in services sub-sectors

In millions Total services Trade,hotel & restaurant Education, health and recreation services Transport,storage and communication Financial, real estate and business services Public administration IT services 2004-05 106.4 46.6 26.9 17.6 6.4 8.1 0.7 2011-12 127.0 51.8 33.5 20.8 11.0 7.9 2.1 Increase 20.7 5.2 6.6 3.1 4.5 -0.2 1.4

10

Type of employment

In millions 2004-05 2011-12 Change in employment Selfemployed 260 247 -14 Salaried 65. 85 19 Casual 132 141 9 Total employed 458 473 15

Self-employment declined by 13 million between 2004-05 and 2011-12, a likely result of a decline in agriculture employment. Contrary to perceptions, more salaried employment was created (19 million) compared with casual employment (9.4 million) over this period.

Source: NSSO reports on Key Indicators of Employment and Unemployment in India 2004-05 and 2011-12, CRISIL Research

11

CRISIL Insight
A2. Mix of incremental employees required in terms of educational qualifications across sectors such as construction, IT/ITES and organised retail
Construction
Technicians & Foreman, 5%

Engineers and others, 10%

More than 65% of the labour force required in construction would be unskilled or semi-skilled. This proportion is however lower than that in the past on account of increasing mechanisation in the industry. Going forward, companies in IT/ITES sector are expected to scout for people who not only have technical expertise, but also possess domain knowledge. Also, the sector will see much fewer jobs created due to increased automation of routine tasks and lower growth in voice-based processes. This, coupled with the increase in number of engineers passing out (engineering intake has almost tripled in last 5 years), will result in lower proportion of engineers finding jobs in IT/ITeS companies. In organised retail, most of the employee additions are expected to happen at the front end i.e. client facing role.

Unskilled workers, 43%

Skilled workers, 19%

Semiskilled workers, 23%

IT/ITES
IT 25%
Post graduates
Graduates

ITeS 7%

72%

90%

2%

XII pass

2%

1%

1%

Below XII

Organised retail

Post graduates

10%

20%

Graduates

XII pass

50%

20%
Below XII

Mainly soft-skill training would be required for nongraduate employees getting into organised retail sector.

12

A3. Employment potential vs skill requirement Matrix gives clear picture of key focus areas
CRISILs Employment potential vs skill requirement Matrix attempts to differentiate across various sectors based on the employment potential and level of skills needed to be employed in the sector. For assessing employment potential, we have considered the following:

Current employment provided by the sector Additional jobs likely to be added over the next few years based on sectoral growth outlook and dynamics Job creation potential per unit of capital investment, given the relative capital scarcity India faces

To assess the skill requirements across sectors, we have used a simple framework encompassing:

The profile/mix of people needed by the sector The extent of formal/technical education required

Analytical Contacts:
Dharmakirti Joshi Chief Economist, CRISIL Research Email: dharmakirti.joshi@crisil.com Vidya Mahambare Principal Economist, CRISIL Research Email: vidya.mahambare@crisil.com Ajay Srinivasan Director, CRISIL Research Email: ajay.srinivasan@crisil.com Neha Duggar Saraf Junior Economist, CRISIL Research Email: neha.saraf@crisil.com

Media Contacts:
Manasi Apte Manager Communications and Brand Management CRISIL Limited Email: manasi.apte@crisil.com Phone: +91 22 3342 1812 ; Mobile: +91 98 205 51347 Jyoti Parmar Assistant Manager, Communications and Brand Management CRISIL Limited Email: jyoti.parmar@crisil.com Phone: +91 22 3342 1835

13

Our Capabilities Making Markets Function Better

Economy and Industry Research
n n n n n n n

Largest team of economy and industry research analysts in India Coverage on 70 industries and 139 sub-sectors; provide growth forecasts, profitability analysis, emerging trends, expected investments, industry structure and regulatory frameworks 90 per cent of India's commercial banks use our industry research for credit decisions Special coverage on key growth sectors including real estate, infrastructure, logistics, and financial services Inputs to India's leading corporates in market sizing, demand forecasting, and project feasibility Published the first India-focused report on Ultra High Net-worth Individuals All opinions and forecasts reviewed by a highly qualified panel with over 200 years of cumulative experience

Funds and Fixed Income Research

n n n n n n

Largest and most comprehensive database on India's debt market, covering more than 15,000 securities Largest provider of fixed income valuations in India Value more than Rs.53 trillion (USD 960 billion) of Indian debt securities, comprising outstanding securities Sole provider of fixed income and hybrid indices to mutual funds and insurance companies; we maintain12 standard indices and over 100 customised indices Ranking of Indian mutual fund schemes covering 70 per cent of assets under management and Rs.4.7 trillion (USD 85 billion) by value Retained by India's Employees' Provident Fund Organisation, the world's largest retirement scheme covering over 60 million individuals, for selecting fund managers and monitoring their performance

Equity and Company Research

n n n n

Largest independent equity research house in India, focusing on small and mid-cap companies; coverage exceeds 125 companies Released company reports on 1,442 companies listed and traded on the National Stock Exchange; a global first for any stock exchange First research house to release exchange-commissioned equity research reports in India Assigned the first IPO grade in India

Our Offices
Ahmedabad 706, Venus Atlantis Nr. Reliance Petrol Pump Prahladnagar, Ahmedabad - 380015, India Phone: +91 79 4024 4500 Fax: + 91 79 2755 9863 Bengaluru W-101, Sunrise Chambers 22, Ulsoor Road Bengaluru - 560 042, India Phone: +91 80 2558 0899 +91 80 2559 4802 Fax: +91 80 2559 4801 Chennai Thapar House 43/44, Montieth Road, Egmore Chennai - 600 008, India Phone: +91 44 2854 6205/06 +91 44 2854 6093 Fax: + 91 44 2854 7531 Gurgaon Plot No. 46 Sector 44 Opp. PF Office Gurgaon - 122 003, India Phone: +91 124 6722 000 Hyderabad 3rd Floor, Uma Chambers Plot No. 9&10, Nagarjuna Hills (Near Punjagutta Cross Road) Hyderabad - 500 482, India Phone: +91 40 2335 8103/05 Fax: + 91 40 2335 7507 Kolkata Horizon, Block 'B', 4th Floor 57 Chowringhee Road Kolkata - 700 071, India Phone: +91 33 2289 1949/50 Fax: + 91 33 2283 0597 Pune 1187/17, Ghole Road Shivaji Nagar Pune - 411 005, India Phone: +91 20 2553 9064/67 Fax: +91 20 4018 1930

Stay Connected

Twitter

LinkedIn

YouTube

Facebook

CRISIL Limited CRISIL House, Central Avenue Hiranandani Business Park, Powai, Mumbai - 400 076. India Phone: +91 22 3342 3000 | Fax: +91 22 3342 8088 www.crisil.com
CRISIL Ltd is a Standard & Poor's company