COVID second wave derailed auto sector recovery: ICRA
The Hindu
‘Two-wheeler segment worst-hit, to contract 1-4% in FY22’
The second wave of the pandemic, coupled with a multitude of headwinds, has played spoilsport for the domestic automotive industry, ICRA Ratings said in a report.
The sector was expected to post a recovery in the current fiscal after witnessing a challenging period in FY20 and FY21 on account of volumes slowing down and pandemic-induced challenges respectively.
“The trends, in fact, had been quite encouraging from the second half of FY21 onwards, with various automotive segments reporting healthy sequential recovery, post relaxation of lockdown-related restrictions,” ICRA said.
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