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Continued unlocking accelerates economic recovery in July: ICRA
According to Aditi Nayar, Chief Economist, ICRA: "With the further easing of the state-wise restrictions, especially across the southern states, the roots of the economic recovery deepened in July 2021. Despite a normalising base, eight of the 15 high frequency indicators recorded an encouraging improvement in their year-on-year (YoY) growth in July 2021."
Healthy demand to boost long-steel manufacturers in H2FY22: ICRA
"Over the past six years, given the multitude of policy and social/health disruptions, long steel demand grew at an anaemic 6-year CAGR (FY2016-2021) of 1.4 per cent. So far, available demand has been largely absorbed by the larger long steel manufacturers leading to a significantly divergent capacity utilisation trends between them and smaller long-steel manufacturers," said Jayanta Roy, Senior VP and Group Head at ICRA.
India's GDP expected to grow by 20% YoY in Q1FY22: ICRA
ICRA also expects the gross value added (GVA) at basic prices at constant 2011-12 prices at 17 per cent in Q1FY22. The ratings agency said that the trend has been supported by healthy Central and state government capital spending, robust merchandise exports and resilient demand from the farm sector. Muted base of last year's nationwide lockdown has aided in concealing the impact of the second wave of Covid-19.
Air passenger traffic recovery continued in July: ICRA
According to the ratings agency, the growth on YoY basis was 132 per cent. Besides, the airlines' capacity deployment for July 2021 was around 90 per cent higher than July 2020. On a sequential basis, the agency said that the number of departures in July 2021 were higher by 49 per cent, as Covid-19 infections demonstrated a downward trajectory.
Tyre industry's demand expected to grow at 13-15% in FY22: ICRA
The agency in a note said that this trend is aided by a stable growth in both the original equipment manufacturer (OEM) and replacement segments. Accordingly, the note cited that growth will be aided by a sharp recovery in OEM tyre demand, lower base effect of FY2021, improving pace of vaccination, continued preference for personal mobility and healthy rural cash flows amid a normal monsoon forecast.
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