Current Affairs Economy & Banking

Moody’s Investors Service lowers India’s sovereign rating to ‘Baa3’

Category : Economy & Banking

 The sovereign rating of India has been downgraded by the Moody’s Investors Service to “Baa3”. The rating has been lowered from “Baa2” to “Baa3” citing the challenges faced by India in implementing the policies in order to reduce the risks of a sustained period of low growth and deteriorating fiscal position. “Baa3” is the lowest investment grade that is just a notch above the junk status. Moody’s Investors Service has also expected contraction by 4% in the India’s real GDP in fiscal 2021, due to the shock from the coronavirus pandemic as well as the related lockdown measures taken by India to contain the COVID-19 pandemic. It has also expected the growth of 8.7% in fiscal 2022.

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