MUMBAI: Amid a strong demand recovery in mining and construction equipment industry since late June 2020, rating agency ICRA has estimated that the Industry’s volumes to grow by 20% in 2021, and has revised the volume decline during 2020 to be at 12-14% from 15-20% predicted earlier.
“The ratings agency in May 2020 had estimated a sharp 15-20% decline in industry volumes in FY 2021, but considering the demand revival since July and the continued market momentum in November, substantiated by dealer check-ins, the rating is revised to 12-14% of decline,” said ICRA in a media statement on Monday.
