"low-base"

The ratings agency opined that the 47.8 per cent YoY growth in India's pharmaceutical market (IPM) during May 2021 was led by a low base effect.

Under the three year tenure of FAME-II scheme -- FY20-FY22-- e-2W sales have been only 2 per cent of the targeted 10 lakh unit sales as on September 30, 2020 halfway mark, Icra said in a statement