Moody’s retains India’s rating at Baa3.: Rating agency Moody’s has affirmed the Baa3 rating on India and has maintained a ‘stable’ outlook on the Indian economy.
On August 18, Moody’s said in a statement, India’s long-term local and foreign-currency issued ratings and local-currency senior unsecured ratings remain at Baa3, while other short-term local-currency ratings are at P-3. India’s economy has the potential to grow rapidly by international standards, although potential growth has moderated over the last 7-10 years.
Daily Current Affairs Quiz: August 2023
According to the Reserve Bank of India (RBI), the Indian economy is expected to grow at a rate of 6.5% in the financial year 2023-24. According to official data shared by the National Statistical Office, India’s gross domestic product or GDP grew by 6.1% in the fourth quarter of the financial year 2022-23, as against a growth of 4.4% in the previous October-December quarter.
In the fiscal year 2022-23, the economy grew at 7.2%, higher than the central bank’s estimate of 7%. However, the pace of growth was slower than the 9.1% recorded in FY2012. Moody’s said the country’s financial sector continues to strengthen, with economic and contingent liability risks significantly reduced, which had previously been a downgrade pressure.
