Moody's Downgrades India's Ratings Outlook, INR2,000 Notes Must Be Demonetised, Says Former Economic Affairs Secretary

Moody's cuts India's ratings outlook to 'negative' from 'stable'. Three years of demonetisation. 

 

INDIAN ECONOMY

Moody's downgrades India's ratings outlook to 'negative' from 'stable'.

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 of demonetization, former economic affairs secretary says INR2,000 notes must be demonetised.

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

FIN.

(Don't want to miss out on these End Of Day Wrap Ups? Subscribe Now to our WhatsApp Feed and get the day's Top Business stories straight on your favourite messaging app.)