Still, Maruti's fourth-quarter results took a hit due to rising commodity prices and supply chain disruptions, with its EBITDA margin slipping to 8.3% in the March quarter and falling short of analysts' estimate of 9.1%, according to Refinitiv data.
With this second wave the demand for personal transport will, if anything, strengthen, not weaken. More and more people will want to have their personal transport.
Energy prices are expected to average more than one-third higher this year than 2020, with oil averaging $56 a barrel, it said. Prices should rise to $60 a barrel in 2022, "broadly in line with their 2017-19 average."
"Emerging market and developing economies, both commodity exporters and importers, should strengthen their short-term resilience and prepare for the possibility of growth losing momentum."
The average forecast for IPCA consumer price inflation at the end of this year rose from 3.9% a week ago, according to the latest weekly "FOCUS" survey of over 100 economists, rising further above the central bank's official goal of 3.75%.
A persistently weak exchange rate, strong global commodity prices and growing concerns over the government's fiscal position are all pushing inflation expectations higher.