Recently it has been revealed that the credit rating agency Moody's has given a shock to India. Where Moody's has rated India's rating from stable to negative. For which the agency has cited sluggish economic growth and has asked to change its outlook for India's rating.
Industry and farmer organizations welcomed this decision of the government
Economic growth will reduce: According to the information received, the agency has revealed the BAA 2 foreign-currency and local currency rating for India. Moody's has said that the risk of a slow economy is more likely to increase. As further rating agency said that economic growth will be materially lower in future as compared to previous years. Not only this, but Moody's also said that worries about the economic slowdown will remain for a long time and debt may increase even more. In order to increase investment and growth in the same business, the scope for further reforms and broadening the tax base has been reduced considerably.
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Moody's had reduced GDP estimates: According to the information received, in October, Moody's has also reduced India's GDP estimate for the financial year 2019-20. According to the agency, GDP will be 5.8%, which is being expressed less than the Reserve Bank of India (RBI) estimate. The agency had earlier estimated 6.8%.
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According to sources, the estimate of reducing the growth rate can also shock the central government's exercise of making the country a trillion economy. If there is a slowdown or slow pace in the economy, then it can also have an impact in future. Right now, production has almost come to a standstill in many sectors in the country. This is because people do not want to buy old stock either. To make a 50 trillion economy, efforts have to be continued to keep pace with the growth rate.