The rating agency said the Indian government remains reform-minded as evidenced by the passing of agricultural and labour market reforms.
The agriculture reforms undertaken by the Indian government, which are facing opposition from farmers, can increase the country’s economic growth if implementation risks are addressed, Fitch Ratings said on Thursday while affirming India’s sovereign rating at ‘BBB-‘ with a negative outlook.
The rating agency said the Indian government remains reform-minded as evidenced by the passing of agricultural and labour market reforms. “These reforms could lift growth if implementation risks are addressed, particularly for the agricultural reforms which have met stiff resistance by farmers,” it said.
The three farm laws — Farmers (Empowerment & Protection) Agreement of Price Assurance & Farm Services Act 2020, Farmers Produce Trade & Commerce (Promotion & Facilitation) Act & Amendment to Essential Commodities Act — are being opposed by the farmers.
Source: Business Today
