The tight liquidity conditions have delayed payment to contractors and an overall slowdown in government spending on infrastructure activity has pulled down demand for mining and construction equipment sharply by 16-17 per cent year-to-date August CY'2019 on Y-o-Y basis. Following the sharp fall in demand, ICRA Research has scaled down its CY'2019 outlook sharply to a decline of 15 per cent-17 per cent after factoring in some post-monsoon recovery during Q4 CY'2019.
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