As per the Brand Finance India 100 2024 report, Tata Group has maintained its position as India’s most valuable brand. Its value reached $28.6 billion, a 9% increase from last year. Infosys follows closely in second place. A significant development in this year’s India 100 ranking by brand value is HDFC Group’s rise to third place.
This shift is attributed to HDFC’s merger with HDFC Ltd., which has substantially bolstered the group’s brand value, particularly in the financial sector. Brand Finance’s report highlights that Tata Group is approaching the $30 billion mark, marking a historic milestone for Indian brands.
Tata Group India’s Most Valuable Brand at $28.6 Billion
Tata Group’s performance is credited to its strategic initiatives and extensive growth. According to Savio D’Souza, director at Brand Finance, “Over the last three years, Tata Group has undertaken significant organizational improvements, embracing digital transformation and advanced technology across its various businesses.” Key factors boosting Tata’s brand visibility include sponsorships in the Indian Premier League cricket tournament, rebranding efforts in the aerospace sector, and the successful retail operations of Westside and Tata Consumer Products.
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Taj Hotels Leads in Brand Strength
Taj Hotels maintains its position as India’s strongest brand, valued at $545 million. It achieved an impressive Brand Strength Index (BSI) score of 92.9 out of 100 and holds a prestigious AAA+ rating for brand strength for the third consecutive year. According to the report, Taj Hotels has shown significant financial growth by expanding its operations and making strategic acquisitions. The telecom sector has experienced a remarkable 61% growth in brand value, surpassing other industries. Companies like Jio, Airtel, and Vi have swiftly adapted to changing consumer behaviors, driving this growth.
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Banking Sector Sees Strong Growth
The banking sector has recently seen a substantial 26% increase in brand value. State Bank of India (SBI) remains India’s second most valuable bank, with a brand value of $6.9 billion. ICICI Bank closely follows with a 33% growth, reaching $4.5 billion. Other notable performers include Indian Bank, IndusInd Bank, and Union Bank of India, all showing significant increases in their brand values.
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Growth in the IT Services Sector
In the IT services sector, Hexaware has emerged as the fastest-growing brand among the top 10, achieving a 20% increase in brand value despite facing challenges in the market environment.
Westside is the fastest-growing Indian brand, with a remarkable 122% increase in brand value. Motherson follows closely with an 86% increase, and Sonata Software with an 83% increase.
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Growth in Mining, Iron, and Steel Sectors
The mining, iron, and steel sectors have seen an average growth of 16%, driven by increased investments in infrastructure and manufacturing in India. Companies like Tata Steel, JSW Group, Hindalco, and Vedanta have shown strong expansion in the metals sector.
Notable Brands in Various Industries
- Raymond: The leading Indian apparel brand, Raymond, experienced a steady 12% increase in brand value, entering the top 10 strongest brands in India.
- Zetwerk: Making its debut, Zetwerk ranked second among the most valuable engineering brands with a brand value of $543 million.
- Indigo Airlines: Indigo Airlines became the first Indian airline brand to surpass the $1 billion mark, achieving a 26% increase in brand value. Air India and Vistara also showed positive growth in the airline sector.
Impact of New Entrants and India’s Global Influence
New entrants like HMEL and CIEL HR have significantly impacted their respective industries. HMEL, a joint venture between HPCL and Mittal Energy Ltd, has emerged as a leading oil & gas brand in Northern India. Meanwhile, CIEL HR has quickly established itself as a strong player in the HR services industry.
Ajimon Francis, managing director of Brand Finance India, highlighted India’s increasing influence on the global stage. He emphasized India’s role as a leader among emerging economies, emphasizing themes of development, self-reliance, and autonomy.
Francis stated,
“In the past year, India has become one of the top destinations for manufacturing, engineering services, and R&D while also leading globally in IT services. This has enabled brands like Tata, Infosys, SBI, Airtel, Reliance, Taj Hotels, L&T, MRF, and others to gain significant recognition and influence internationally.”
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