global economic uncertainty and liquidity crisis, volatility in exchange currency rates, and annual rainfall which
affects agricultural production. Consequently, any future slowdown in the Indian economy could harm our
business, results of operations and financial condition. Also, a change in the government or a change in the
economic and deregulation policies could adversely affect economic conditions prevalent in the areas in which
‘we operate in general and our business in particular and high rates of inflation in India could increase our costs
without proportionately increasing our revenues, and as such decrease our operating margins.

51. Natural disasters, fires, epidemics, pandemics, acts of war, terrorist attacks, civil unrest and other events
could materially and adversely affect our business.

Natural disasters (such as typhoons, flooding and earthquakes), epidemics, pandemics such as COVID-19, acts of
war, terrorist attacks and other events, many of which are beyond our control, may lead to economic instability,
including in India or globally, which may in turn materially and adversely affect our business, financial condition
and results of operations. Our operations may be adversely affected by fires, natural disasters and/or severe
weather, which can result in damage to our property or inventory and generally reduce our productivity and may
require us to evacuate personnel and suspend operations. Any terrorist attacks or civil unrest as well as other
adverse social, economic and political events in India or countries to who we export our products could have a
negative effect on us. Such incidents could also create a greater perception that investment in Indian companies
involves a higher degree of risk and could have an adverse effect on our business and the price of the Equity
Shares. A number of countries in Asia, including India, as well as countries in other parts of the world, are
susceptible to contagious diseases and, for example, have had confirmed cases of diseases such as the highly
pathogenic H7N9, H5N1 and H1N1 strains of influenza in birds and swine and more recently, the COVID-19
virus. A worsening of the current outbreak of COVID-19 pandemic or future outbreaks of COVID-19 virus or a
similar contagious disease could adversely affect the Indian economy and economic activity in the region. As a
result, any present or future outbreak of a contagious disease could have a material adverse effect on our business
and the trading price of the Equity Shares.

52, A downgrade in ratings of India, may affect the trading price of the Equity Shares.

Our borrowing costs and our access to the debt capital markets depend significantly on the credit ratings of India.
Any further adverse revisions to India’s credit ratings for domestic and international debt by international rating
agencies may adversely impact our ability to raise additional financing and the interest rates and other commercial
terms at which such financing is available, including raising any overseas additional financing. A downgrading of
India’s credit ratings may occur, for example, upon a change of government tax or fiscal policy, which are outside
our control. This could have an adverse effect on our ability to fund our growth on favorable terms and
consequently adversely affect our business and financial performance and the price of the Equity Shares.

53. Financial instability in other countries may cause increased volatility in Indian financial markets.

The Indian market and the Indian economy are influenced by economic and market conditions in other countries,
including conditions in the United States, Europe and certain emerging economies in Asia. Financial turmoil in
Asia, Russia and elsewhere in the world in recent years has adversely affected the Indian economy. Any worldwide
financial instability may cause increased volatility in the Indian financial markets and, directly or indirectly,
adversely affect the Indian economy and financial sector and us. Although economic conditions vary across
markets, loss of investor confidence in one emerging economy may cause increased volatility across other
economies, including India. Financial instability in other parts of the world could have a global influence and
thereby negatively affect the Indian economy. Financial disruptions and economic developments globally could
materially and adversely affect our business, prospects, financial condition, results of operations and cash flows.
Concerns related to a trade war between large economies may lead to increased risk aversion and volatility in
global capital markets and consequently have an impact on the Indian economy. Following the United Kingdom’s
exit from the European Union (“Brexit”), there remains significant uncertainty around the terms of their future
relationship with the European Union and, more generally, as to the impact of Brexit on the general economic
conditions in the United Kingdom and the European Union and any consequential impact on global financial
markets.

In addition, China is one of India’s major trading partners and there are rising concerns of a possible slowdown
in the Chinese economy as well as a strained relationship with India, which could have an adverse impact on the
trade relations between the two countries. In response to such developments, regulators implemented a number of
policy measures designed to add stability to the financial markets. However, the overall long-term effect of these
and other legislative and regulatory efforts on the global financial markets is uncertain, and they may not have the

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