Govt restrictions to further weaken mobility to retail and recreation spaces: CRISIL

The fresh round of government restrictions will further weaken mobility to retail and recreation spaces in more-affected states, particularly Maharashtra, according to rating agency CRISIL.

At the all-India level, mobility to retail and recreation spaces remained relatively unaffected ever since the surge in cases began in mid-February, it said.

According to CRISIL, the second wave of COVID-19 is spreading faster than the first with the daily cases crossing the previous peak of September 2020. It however noted that in the second wave, the fatality rate is lower.

"While daily deaths have slowly begun to increase, incremental case fatality ratio is low at around 0.6 percent, compared with last year when, it was 1.3 percent, indicating that while the virus is spreading faster, the death toll is lower than last year," CRISIL said.

The ratings agency further said that between March 29 - April 4, the daily cases shot up by 52 percent from  68,000 to over 1 lakh.

"Initially concentrated in Maharashtra, new cases are slowly dispersing to other states, which have seen some dip in mobility towards end-March. So far, though, economic impact remains minimal, with localised restrictions. Maharashtra, the worst impacted state, has introduced somewhat stringent restrictions that will temper mobility and contact-based service," CRISIL said.

It further said that states like  Chhattisgarh, Gujarat, Punjab and Madhya Pradesh account for a lower share which witnessed a  highest growth rate in new cases after Maharashtra in the March 29 - April 4 week.

As per CRISIL, the vaccination has been progressing at a slow speed with  only 5.5 doses administered per 100 people in India against the world average of 8.3 doses.

It however said that the pace of vaccination is expected to pick up in April with inoculation opening up for people aged 45 years and above.