Covaxin can neutralise deadly 617 COVID variant Rating agency ICRA on Wednesday cautioned that the continuing resurgence in Covid-19 cases, along with proliferation of localised restrictions, could dampen the pace of recovery for the Indian corporate sector. However, the percentage of the rated portfolio that would be severely impacted by the second wave would be much lower than in 2020, it said. Novel CoronavirusPixabay At the same time, the agency expects contact-intensive sectors like travel and hospitality, and retail to face severe disruptions even in the second wave, and their recovery timelines to be further pushed back by these rising infections. "The pace of recovery would undoubtedly be arrested by the recent surge in Covid-19 infections and associated localised restrictions. The extent of the impact would take a cue from the timelines with which this spike plateaus, and then starts receding," said Ramnath Krishnan, President, Ratings, ICRA.