The recovery in the Indian economy broadened in the third quarter of fiscal 2021, with demand for rated companies in passenger vehicle, power, and ports segments being above 2019 levels, said S&P Global Ratings, reducing its ratings downgrade over the last 12 months.
It said while several sectors like automobiles would report higher earnings in 2022, the leverage in the infrastructure sector would remain at elevated levels. “The recovery in demand has been sharper than we expected,” the credit rating agency said.
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