In its ratings report published yesterday Moody’s commented on the fact that India was seeing a significant economic slowdown – growth at a 6-year low in Q2 2019 at 5 per cent; for this reason, the outlook was marked ‘as ‘negative’ rather than the previous ‘stable’, report CNBC. They also felt that growth next year would be ‘materially lower than in the past’ and that the current government hadn’t addressed ‘economic and institutional weaknesses’. To this add the toxic mix of appalling pollution in New Delhi, poor job creation and a crumbling banking and shadow finance system. The rating remains at Baa2 where it’s been since 2017.
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