A sustained and broad-based recovery in demand, both domestic and global, has put India Inc on a stronger footing compared with a year ago. Reflecting the improvement, the pace of upgrades accelerated in the first half of fiscal 2022, prompting CRISIL Ratings to revise its credit quality outlook for the fiscal in August to 'Positive' from 'Cautiously optimistic'.
The sharp recovery in demand draws on the fact that containment measures during the second wave of Covid-19 were localised and less stringent compared with the first. With industrial output increasing sequentially and high-frequency data depicting a return to pre-pandemic levels, GDP is expected to grow 9.5% in fiscal 2022, albeit on a lower base. Credit profiles have also benefited from the secular deleveraging visible in many sectors.
The increasing pace and coverage of vaccinations also augur well and should cap the downside to demand if there is a third wave, which is still the key risk.
In this evolving landscape, CRISIL Ratings invites you to a webinar where our experts will discuss:
Key credit quality trends in the first half of fiscal 2022 and their primary drivers
Which sectors did well and which did not
Sectoral resilience and vulnerability amidst a potential third wave
The credit quality outlook for the medium term
The presentation will be followed by a Q&A session with the leadership team of CRISIL Ratings.
Disclaimer: This event and its content are intellectual property and confidential information of CRISIL. Any use of the same without written permission of CRISIL is illegal and hence punishable. Recording the webinar in any form in full or part or copying, altering, distributing or streaming the webinar is strictly prohibited and violation will attract legal action.
