Moody’s Investors Service

The strain on the industry's previously flourishing fundamentals is (and will continue to be) felt across a broad swath of the global economy well into 2022 and beyond.

TML's credit profile was already under pressure due to lower auto sales and falling demand in key markets even prior to the coronavirus outbreak.

Real GDP growth has declined from a high of 8.3 per cent in fiscal 2016 (ending March 2017) to 4.2 per cent in fiscal 2019.

A day earlier, the Centre announced an increase in excise duties by Rs 10 per litre on petrol and Rs 13 per litre on diesel. However, retail sale prices will not change and the impact will be borne by oil marketing companies.

Tata Motors had said the parent group through Tata Sons will infuse 914 million dollars (about Rs 6,530 crore) equity into the company, of which 548 million dollars (about Rs 3,915 crore) will be paid immediately and the balance over a period of 18 months.

Digital technologies will create new types of work at the same time as they act as substitutes for labour. Repetitive tasks performed by both low- and high-skilled labour will likely be automated. Technology adoption may further increase income inequality by increasing demand for high-skill labour and suppressing wages for low-skill labour.