In terms of sales of diesel vehicles, the rating agency says that the stricter emission norms and the narrowing price gap between petrol and diesel has reduced the viability of diesel vehicles.
The report says that there needs to be a whopping increase of 57% in the capital expenditure of these states to meet their FY23 budget target.
More retail price hikes could follow in the backdrop of the current inflationary scenario, says ICRA.
International traffic for Indian carriers surpasses pre-Covid levels by 34%. ICRA’s negative outlook on the Indian aviation industry continues.
Instances of rating upgrades by ICRA were over three times that of downgrades in H1 FY23
With elevated coal costs, the profitability of domestic entities would be adversely impacted, primarily for power-intensive metals such as aluminium and zinc.
SBI Research says India’s GDP could grow at 15.7% in the June quarter, while ICRA thinks the economic growth is projected to spike to a four-quarter high of 13%
The recent moderation in commodity prices, if sustained, should help to ease inflationary as well as margin pressures, says ICRA.
The Union Budget had provided a 35.4% increase from ₹5.54 lakh crore in 2021-22 to ₹7.5 lakh crore in 2022-23 in capex allocations early this year.
ICRA expects pan-India premium hotel occupancy to be at 68-70% for FY23.
