The Tata Group has retained its title of India’s most valuable brand at $26.4 billion in 2023, growing at 10.3% over last year, said brand valuation firm Brand Finance in its latest ranking of the country’s leading brands.
This is the first time that an Indian brand has breached the brand value mark of $25 billion to feature in the top 100 of the Brand Finance Global 500 2023 list, an annual ranking of the world’s top 500 most valuable brands, the UK-based brand valuation firm said.
Amid the post-pandemic landscape and the ongoing geopolitical uncertainties, India’s top 100 most valuable brands collectively exhibited growth, with their total value approaching $2 trillion since the last valuation on January 1, 2022, Brand Finance said.
“Over the last two years, the Tata Group has undergone a significant strategic transformation, embracing digitalisation and harnessing the power of technology across its diverse portfolio,” Savio D’Souza, director, Brand Finance, said.
Infosys and LIC also retained their positions as the second and third most-valuable brands at $13 billion and $9.8 billion each, the report said. While Infosys’ brand value grew 2% versus over year, LIC’s brand value declined 12% in comparison to last year.
Airtel swapped positions with Reliance Industries (RIL) to emerge as the fourth most-valued brand at $7.5 billion in 2023 (it was fifth last year). RIL was valued at $7.4 billion in 2023, down 14% versus last year.
SBI retained its sixth position on the list in 2023 at $7.3 billion, while the Mahindra Group leaped into the seventh slot on India’s most-valuable brand list, up 15% over last year at a brand value $7.1 billion.
Wipro, HDFC Bank and HCL Tech completed the top 10 list at $6.9 billion, $6.8 billion and $6.5 billion in brand value for 2023.
In addition to measuring the overall brand value, Brand Finance also evaluates the relative strength of brands, based on factors such as marketing investment, familiarity, loyalty, staff satisfaction and corporate reputation. According to these criteria, hotel chain Taj Group, with a brand value of $374 million, became India’s strongest brand for the second year in a row, according to Brand Finance.
Brands in the metals sector, such as Tata Steel, Hindalco and Vedanta, clocked robust growth in 2023, on the back of a revival in infrastructure and greenfield investments in India over the past year, Brand Finance said.
Mahindra Auto, Tata Motors and Maruti Suzuki clocked double-digit brand value growth, driven by the impetus towards an electric revolution in India and the emergence of pent-up demand following the pandemic, the brand valuation firm said.
“For the past decade, brands from India have embraced the ‘Made in India’ tag with pride, actively contributing to their own brand building. while simultaneously nurturing the nation’s brand identity. As a result, formidable brands such as Tata, Infosys, SBI, Airtel, Reliance, Mahindra, Taj Hotels, Airtel continue to punch well above their weight,” Ajimon Francis, managing director, Brand Finance India, said.