New Delhi: Fitch ratings have given a shock to India's economy. Fitch Ratings has negatively revised India's growth outlook to stable. The rating is maintained on BBB-. This is the weakest investment-wise rating. Below this, only junk ie 'garbage' rating is left. This level of rating increases the difficulties of the government and also affects the investment.
Fitch Ratings said that India's economy has been hurt due to Corona. This has weakened the growth outlook for the year. The debt burden has also increased. Fitch also said that due to the strict lockdown, there is a possibility of a 5 percent decline in economic activity in FY 2021. According to Fitch, the way Covid 19 cases are increasing in the country, the risk is also increasing. Keeping these things in mind, the rating has been revised. However, it remains to be seen when the challenges will end and the country will move towards steady growth.
Rating agency Moody's also reduced India's sovereign rating. Moody's also said that there is a huge risk of a severe economic slowdown in front of India, due to which the pressure on the fiscal target is increasing. The Government of India has announced to take more loan this year. Recently, the government had announced that it would increase its estimate of taking loans from its market to Rs 12 lakh crore for the current financial year. The Finance Ministry had said that in the financial year 2020-21, the estimated debt will be Rs. 12 lakh crore instead of Rs. 7.80 lakh crore.
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