India Inc recovery likely to be prolonged due to Covid-19 lockdowns: ICRA

The financial performance of corporate sector will be significantly impacted due to extended lockdowns after the outbreak of Covid-19 as manufacturing, construction, industrial and consumption activities have taken a sharp hit, investment information firm ICRA said on Monday.

The impact is likely to be severe and prolonged for select sectors especially aviation, hospitality, retail and allied businesses, it said.

The economic activity started to recover from the troughs experienced in April when the lockdown was at its severest and many sectors seem to be adjusting to a new normal.

However, the unabated rise in Covid-19 infections in the unlock phase