S&P confirms India’s lowest investment rating: The Tribune India
New Delhi, July 13
On Tuesday, S&P Global Ratings kept India’s sovereign rating unchanged at the lowest investment rating of “BBB-” for the 14th consecutive year, and said the government’s ability to execute additional economic reforms that stimulating investment and creating jobs will be crucial for the recovery from the current economic downturn.
S&P forecast GDP growth of 9.5% in the current fiscal year that began in April and expansion of 7.8% the following year.
GDP, which rose from $ 2.87 trillion in 2019-2020 to $ 2.66 trillion the following year, is expected to rise to $ 3.96 trillion in 2024-25. Prime Minister Narendra Modi in 2019 planned to make India a $ 5,000 billion economy and a global economic power by 2024-25.
Expecting that the economic recovery would accelerate in the second half of fiscal year 2021-2022, S&P kept the rating outlook stable. âThe government’s ability to implement and execute additional economic reforms, especially those that stimulate investment and job creation, will be important to India’s ability to recover from the economic downturn.
“Existing vulnerabilities, including a relatively weak financial sector, rigid labor markets and sluggish private investment, could hamper economic recovery if not addressed meaningfully,” S&P said. – PTI
Grade “BBB-” for the 14th consecutive year
- US-Based Global Rating Agency Maintained Lowest Investment Rating of ‘BBB-‘ for 14th Consecutive Year
- He said the government’s ability to execute additional economic reforms that boost investment and create jobs will be critical for recovery from the current economic downturn.