ICRA downgrades the Indian hospitality sector from stable to negative outlook
New Delhi, March 23 -- * Occupancies across hotels in India have crashed during March 2020, by over 40% in many cases; and cancellations are at all-time highs
* The travel and tourism industry is expected to witness one of the longest tail periods of impact, potentially running into multiple quarters, following the covid-19 wave
ICRA has revised the outlook on the Indian hospitality sector from stable to negative, following the global spread of the Covid-19 pandemic. Since India reported its first coronavirus patient on January 30, 2020, the impact on the Indian travel and tourism industry has been severe, more so during March 2020 as corporate actions on localised containment was followed by sharp clampdowns by the government on a pan ...
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