On an aggregate basis, 72 per cent of Emerging Market companies’ revenues come from their home country. 72 per cent of the revenue of Indian firms (India Inc) is derived from the domestic market sixth highest in percentage terms in EM and the Asian region, said a recent report by Morgan Stanley.

The balance, according to the report titled ‘Global Exposure Guide 2021’ co-authored by analysts led by Jonathan F Garner, their chief Asia and emerging market strategist, is split between the developed markets (DMs) and other EMs. The report is based on an analysis of 3,300 companies globally that have revenue exposure in 17 different regions.

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Chinese companies, according to the report, derive 86 per cent revenue from their home market and 7 per cent each from DM and EM. EM/Asia Pacific ex-Japan (APxJ) companies, the report said, generate around 6 per cent of revenue from government expenditure directly.