Moody’s Investors Service today changed the outlook on the Government of India’s ratings to negative from stable reflecting increasing risks that economic growth will remain materially lower than in the past, partly reflecting lower government and policy effectiveness at addressing long-standing economic and institutional weaknesses than previously estimated, leading to a gradual rise in the debt burden from already high levels.
“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. Moreover, the prospects of further reforms that would support business investment and growth at high levels, and significantly broaden the narrow tax base, have diminished,” the top credit rating agency said. Read More
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