Skip to content
Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

Primary Menu Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

  • Home
  • Newswires
  • Politics & Society
  • The New Feudals
  • World View
  • Arts And Aesthetics
  • For The Record
  • About Us
  • Featured
  • Politics & Society

Moody’s Cuts India’s Outlook To ‘Negative’, Citing Rising Growth Risks

Nov 8, 2019 | Pratirodh Bureau

A man looks at a screen displaying the Sensex on the facade of the Bombay Stock Exchange building during the presentation of the budget in Mumbai on July 5, 2019

Moody’s Investors Service cut India’s ratings outlook to “negative” from “stable”, citing increasing risks that Asia’s third largest economy will grow at a slower pace than in the past, sending stock markets nearly 1% lower at Friday’s close.

The cut in outlook partly reflected government and policy ineffectiveness in addressing economic weakness, which has led to an increase in debt burden, Moody’s said.

The ratings agency also cut its outlook for 21 Indian companies, including State Bank of India, Indian Oil Corporation Ltd, Infosys Ltd and NTPC Ltd to “negative” from “stable”.

However, Moody’s retained the country’s foreign and local currency ratings at ‘Baa2’.

India’s economy grew 5% year-on-year between April and June, its weakest pace since 2013, which had prompted a slew of interest rate cuts by the central bank and forcing the government to cut corporate taxes sharply.

Moody’s now expects a government deficit of 3.7% of GDP in the fiscal year ending in March 2020, compared with a government target of 3.3%.

“The depth and duration of India’s growth slowdown, 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,” Moody’s said.

The ratings agency said it does not expect the credit crunch among non-bank financial institutions to be resolved quickly.

In response, the finance ministry said the economy’s fundamentals remained “quite robust”.

“India continues to be among the fastest growing major economies in the world, India’s relative standing remains unaffected,” the ministry said in a statement.

However, Indian bourses inched lower, with the broader Nifty 50 index closing down 0.86%. The rupee weakened to 71.25 against the dollar by 1019 GMT, versus Thursday’s close of 70.965.

Overall weak demand in the economy continued to weigh on corporate growth. Government data earlier this week showed the pace of fuel demand were set to fall to its lowest in at least six years.

The domestic auto sector is also in the middle of one of its worst slowdowns ever, while overall jobless rates rose to 8.5% in October, the highest since August 2016.

Tags: auto sector, foreign currency, gdp, government deficit, india, Indian Oil Corporation Ltd, Infosys Ltd, local currency, Moody’s Investors Service, NBFC, non-bank financial institutions, NTPC Ltd, policy ineffectiveness, State Bank of India

Continue Reading

Previous Note Ban Derailed Economy, Says Mamata; BJP Hits Back
Next मोदी सरकार ने राहुल, सोनिया और प्रियंका गांधी की SPG सुरक्षा हटा ली

More Stories

  • Featured

Covid Vaccination Campaign: Sanitation Worker Gets First Shot

23 hours ago Pratirodh Bureau
  • Featured

Norway Warns of Vaccination Risks After 23 Die

1 day ago Pratirodh Bureau
  • Featured

No Headway In Talks Between Govt And Protesting Farmers

1 day ago Pratirodh Bureau

Recent Posts

  • Covid Vaccination Campaign: Sanitation Worker Gets First Shot
  • Norway Warns of Vaccination Risks After 23 Die
  • No Headway In Talks Between Govt And Protesting Farmers
  • ‘World’s Largest’ Vaccination Campaign Starts Today
  • Poor Nations Need More Cash To Adapt To Climate Change: U.N.
  • Protesting Farmers, Govt To Hold New Round Of Talks
  • ‘Twitter, Facebook Repeatedly Mishandled Trump’: Wikipedia Founder
  • WhatsApp Faces First Legal Challenge In India Over Privacy
  • World’s Oldest Known Cave Painting Discovered In Indonesia
  • WHO Team Arrives In Wuhan For Coronavirus Origin Probe
  • Sundarbans: Storms, Poverty Force Locals Deep Into Mangroves
  • Trump Becomes First US President To Be Impeached Twice
  • U.S. Executes 1st Woman On Death Row In Nearly 7 Decades
  • Farmers Burn Legislation In Show Of Defiance
  • “No Regrets”: U.S. Capitol Rioter Smoked Joints, Heckled Cops
  • Environmentalists Support Leaving Fossil Fuels In The Ground
  • Democratic Drive To Impeach Trump Speeds Ahead
  • SC Orders Stay On New Farm Laws That Have Riled Farmers
  • Wielding Machetes, Scientists Count Carbon In The Amazon
  • India Gears Up For ‘World’s Biggest Ever Vaccination Drive’

Search

Main Links

  • Home
  • Newswires
  • Politics & Society
  • The New Feudals
  • World View
  • Arts And Aesthetics
  • For The Record
  • About Us

Related Stroy

  • Featured

Covid Vaccination Campaign: Sanitation Worker Gets First Shot

23 hours ago Pratirodh Bureau
  • Featured

Norway Warns of Vaccination Risks After 23 Die

1 day ago Pratirodh Bureau
  • Featured

No Headway In Talks Between Govt And Protesting Farmers

1 day ago Pratirodh Bureau
  • Featured

‘World’s Largest’ Vaccination Campaign Starts Today

1 day ago Pratirodh Bureau
  • Featured

Poor Nations Need More Cash To Adapt To Climate Change: U.N.

2 days ago Pratirodh Bureau

Recent Posts

  • Covid Vaccination Campaign: Sanitation Worker Gets First Shot
  • Norway Warns of Vaccination Risks After 23 Die
  • No Headway In Talks Between Govt And Protesting Farmers
  • ‘World’s Largest’ Vaccination Campaign Starts Today
  • Poor Nations Need More Cash To Adapt To Climate Change: U.N.
Copyright © All rights reserved. | CoverNews by AF themes.