Moody's cuts India's ratings outlook to 'negative' from 'stable'. Three years of demonetisation.
The Future Looks Grim: Ratings agency Moody's Investors Service has changed its outlook on India’s ratings from “stable” to “negative".
In its report, Moody’s cited increasing risks that India’s economic growth will remain materially lower, partly due to lower government and policy effectiveness.
I Object, My Lord!: The Finance Ministry however said that the fundamentals of Indian economy remains robust with inflation under check and bond yields low. "India continues to offer strong prospects of growth in near and medium term", it noted.
Meanwhile: India's economic growth fell to 5% YoY in the June quarter, the slowest since 2013. ToI
Three Years A Demonetisation: Today, on the third anniversary of demonetisation, former economic affairs secretary S C Garg has said that the INR2,000 note, which the Modi government had brought to replace the older INR500 and INR1,000 notes, was being hoarded and should be demonetised. Financial Express
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