India’s second largest private sector bank HDFC Bank topped the list of the country’s top 50 brands according to a report released by marketing and advertising conglomerate WPP Plc and Kantar Millward Brown.
Banks and telcos dominate the listing, WPP’s BrandZ Top 50. Airtel is #2 and State Bank of India, #3.
The highest ranked new entrant on the list is a telco too, Reliance Jio, at #11.
WPP says demonetisation—the invalidation of old high-value currency notes last year—and the subsequent slowdown in consumption hit packaged consumer goods brands.
Consumption of packaged consumer goods fell 4.2% and 2.4% year on year in November and December 2016 respectively but recovered 0.6% in March this year and 3.9% in April. Still, that was enough to hit the ranking of most packaged consumer goods brands.