The expansion of the Emergency Credit Line Guarantee Scheme (ECLGS) announced by the government on May 30, will help companies in sectors such as civil aviation, hotels and tour operators, where demand has been severely affected by the intense second wave of the Covid-19 pandemic, Crisil said on Wednesday.
Expanded ECLGS a lifeline for sectors hit by second wave: Crisil
By IANS |
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Ahead of the International Women s Day celebrated on March 8, hospitality major Indian Hotels Company Ltd on Thursday announced that its Taj Wellington Mews will be an all women managed luxury residences. (Credit: Tajhotels.com). Image Source: IANS News
Mumbai, Jun 2 : The expansion of the Emergency Credit Line Guarantee Scheme (ECLGS) announced by the government on May 30, will help companies in sectors such as civil aviation, hotels and tour operators, where demand has been severely affected by the intense second wave of the Covid-19 pandemic, Crisil said on Wednesday.
Crisil cites rising cases, high-base effect
Rising COVID-19 cases in rural areas amid the second wave of the pandemic, along with last year’s high-base effect may limit the growth of domestic tractor sales to 3-5% in the current financial year, according to Crisil Ratings.
“The already high base of last fiscal and severity of the second wave preclude significant tractor volume growth this fiscal,” Gautam Shahi, Director, Crisil Ratings Ltd. said, adding several States had imposed lockdowns recently and crucially, rural India was less insulated this time around.
States such as Maharashtra, Uttar Pradesh, Haryana, Karnataka, Madhya Pradesh and Rajasthan, that account for more than 50% of tractor volumes, had seen a surge in infections.