1Source: MSCI India and China industry weights as at 31 January 2022. | 2Source: CIA World Factbook, 2020. | 3Sources: Estimates from UN World Population Prospects, IndiaDataHub, Macquarie Research, November 2021. | 4Sources: UN World Urbanization Prospects, Our World in Data (projections from 2022 to 2050). | 5Source: Data and estimates from Macquarie Capital, “India Consumption and Demographic Tailwinds”, 23 November 2021. | 6Sources: US Federal Reserve, RBI, HDFC, SBI, Propequity, Jefferies. Data from 2001 to 2022. | 7Sources: CEIC, Haver, RBI, Morgan Stanley Research. | 8Sources: India’s Ministry of Finance, Jefferies. | 9Sources: MSCI India Index and MSCI Emerging Markets Index. Data from 1 January 2000 to 28 February 2022.