Moody's Investors Service cut India's ratings outlook to 'negativ...
However, Moody’s retained the country’s foreign and local currency ratings at ‘Baa2’.
India’s economy grew 5% year-on-year between April and June, its weakest pace since 2013, which had prompted a slew of interest rate cuts by the central bank and forcing the government to cut corporate taxes sharply. Moody’s now expects a government deficit of 3.7% of GDP in the fiscal year ending in March 2020, compared with a government target of 3.3%.
“The depth and duration of India’s growth slowdown, prolonged financial stress among rural households, weak job creation, and, more recently, a credit crunch among non-bank financial institutions have increased the probability of a more entrenched slowdown,” Moody’s said. The ratings agency said it does not expect the credit crunch among non-bank financial institutions to be resolved quickly.“India continues to be among the fastest growing major economies in the world, India’s relative standing remains unaffected,” the ministry said in a statement.
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