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The content of this document is based on data and assumptions derived from external sources, and on the conditions and laws prevalent at the time of creating it. This document is presented for informational purposes only. While the authors have made efforts to compile and analyze data from the best sources reasonably available to them, the authors have not independently verified the completeness or accuracy of the data and assumptions, and they do not make any representation regarding the same. Any changes in facts/assumptions/policies/ laws/ regulations will clearly impact the analyses and conclusions. Therefore, the information contained in this report should not be relied upon without independent investigation and analysis and the Investment Commission and/or the Tata Strategic Management Group will not be responsible for any liabilities incurred by any third party as a result of reliance upon such information.

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