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The amount under PLI will have to go significantly up if India has to reduce its import dependence

The growth was attributed to acute therapy products primarily in anti-infective, gastro and vitamin segments.

The impact will be more if the government chooses to privatise the weaker banks, which are yet to be consolidated, Ind-Ra added.

"The imposition of basic customs duty (BCD) on solar cells and modules with effect from April 1, 2022 will lead to an increase in solar tariffs on account of a rise in the overall project costs," Ind-Ra said.

The agency emphasised that the overall sales in FY22 could still be around 14 per cent below FY20 level.

Amid the pandemic, the credit offtake in banking system remained muted, which led to lesser issuances of certificates of deposits (CDs).

Accordingly, the ratings agency's estimates showed that after recording negative growth during 9MFY21, GDP growth will finally turn positive at 0.3 per cent YoY in 4QFY21.

"The wholesale NBFCs that have been using structuring to fund land acquisitions have generally been averse to funding land acquisitions over the last couple of years.

Accordingly, the report cited a YoY volume growth of 0.3 per cent, price growth of 5 per cent and products launches at 3.1 per cent during December 2020.

As per the report, record exports and a resilient domestic demand made sugar one of the few sectors to witness strong revenue growth in the Covid-19 affected in 1HFY21.