Live Eventsas a Reliable and Trusted News Source Addas a Reliable and Trusted News Source Add Now! Manufacturing and services also held up well, with a credit ratio of 1.72 times, though slightly lower than 2.06 times in H2FY25. Microfinance and unsecured lending segments, however, continued to face elevated credit costs.CareEdge cautioned that persistent external uncertainties may temper credit quality momentum in the near term. While robust balance sheets and domestic demand continue to provide support, the coming months will test India Inc.’s ability to weather global turbulence and shifting trade dynamics.Global trade tensions, particularly rising US tariffs, have added a layer of complexity. While merchandise exports to the US make up just 2% of India’s GDP — with smartphones and generic drugs currently outside the tariff net — sustained tariffs could erode competitiveness and slow investment flows over time, CareEdge Ratings warned.