CRISIL upgraded the credit outlook of Indian industry to Positive

Rating agency CRISIL recently upgraded the credit quality outlook of India Inc for FY22 from “cautiously optimistic” to “positive”, predicated on a sustained recovery in demand.

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This comes after the blip caused by the second wave of Coronavirus (Covid-19) pandemic in Q1FY22.

The increase in coverage of vaccinations should also mitigate the impact of a third wave if it comes.

A CRISIL Ratings study of 43 sectors (accounting for 75 per cent of the Rs 36 trillion of outstanding rated debt, excluding the financial sector) shows that the current recovery is broad-based.

As many as 28 sectors (85 per cent of outstanding corporate debt under study) are on course to see a 100 per cent rebound in demand to pre-pandemic levels by the end of this fiscal, while 6 will see upwards of 85 per cent.