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India to see slow recovery, loss of demand post covid-19, say rating agencies
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MUMBAI : Following the disruption to business activities caused by the pandemic, India will see a slow recovery and a permanent loss of demand for certain sectors, credit rating agencies said on Tuesday.
According to Crisil, the worry is that large industrial states, such as Maharashtra, Gujrat, Tamil Nadu, and Andhra Pradesh, have continued to witness a rise in the number of cases and face the risk of an extended period of restrictions. “Together, these states contribute over 50% to India’s industrial gross value added (GVA) and over 40% to services GVA," Crisil said in a report on Tuesday.
While demand in some sub-sectors could be postponed to subsequent quarters, some might face a permanent loss, Crisil said. The rating agency believes
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COVID-19
United States
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Cases: 46 252 513
Deaths: 750 423
Recovered: 0
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India
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Cases: 34 321 025
Deaths: 459 652
Recovered: 0
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Brazil
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Cases: 21 835 785
Deaths: 608 235
Recovered: 0
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United Kingdom
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Cases: 9 215 683
Deaths: 141 607
Recovered: 0
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Russia
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Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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