FinMin Brings International Evidence To Counter Moody’s Rating Outlook Cut

Even as Moody’s Investor Service on Friday cut India’s rating outlook to negative, the government responded citing the recently introduced International Monetary Fund’s (IMF) World Economic Outlook which underlines a positive outlook for the economy. “India’s relative standing remains unaffected,” it said citing the IMF report that said India is expected to grow at 6.1 per cent in 2019 and rising to 7 per cent in the year after. India continues to be the fastest-growing major economies in the world currently, the government also said in the statement. The fundamentals of the economy are strong and the recently announced bold reforms are expected to boost investments. The latest economic measures by the government would attract capital flows and stimulate investments, it said.

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On Friday, the global rating agency slashed India’s rating outlook to negative from stable earlier, saying rising risks will lower the economic growth going forward. It affirmed the Baa2 foreign-currency and local-currency long-term issuer ratings for India.

Source: Financial Express

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