India continues to be among the fastest growing major economies in the world, India’s relative standing remains unaffected, says Indian finance Ministry.
The Indian Ministry of Finance on 8th November has responded to Moody’s Investors Service’s negative ratings on Indian economy.
The Ministry in a statement said that the Government of India has noted that the Moody’s Investors Service has changed the outlook on the Government of India’s ratings to negative from stable while keeping the foreign-currency and local-currency long-term issuer ratings unchanged at Baa2.
However, India continues to be among the fastest growing major economies in the world, India’s relative standing remains unaffected, it said.
The IMF (International Monetary Fund) in their latest World Economic Outlook has stated that Indian Economy is set to grow at 6.1% in 2019, picking up to 7 % in 2020. As India’s potential growth rate remains unchanged, assessment by IMF and other multilateral organizations continue to underline a positive outlook on India, the Ministry stated.
“The Government has undertaken series of financial sector and other reforms to strengthen the economy as a whole. Government of India has also proactively taken policy decisions in response to the global slowdown. These measures would lead to a positive outlook on India and would attract capital flows and stimulate investments,” stated the Ministry.
The fundamentals of the economy remain quite robust with inflation under check and bond yields low. India continues to offer strong prospects of growth in near and medium term, it added.
