NEW DELHI, Oct 6 (NNN-PTI) – International rating agency, Moody’s, yesterday upgraded India’s sovereign rating outlook to stable from negative.
It said that the economic risks from the COVID-19 pandemic were receding.
Retaining India’s rating at Baa3, Moody’s said, it expects the real gross domestic product (GDP) this fiscal year, to surpass pre-pandemic levels of 2019-20.
It also said that, downside risks to growth from subsequent coronavirus infection waves were mitigated by the rising vaccination rates and more selective use of restrictions on economic activity, as seen during the second wave, which hit the country in April-May, this year.
The agency further stated, the ongoing economic recovery was picking up steam, with activity upticks broadening across sectors. The agency added, it expected India in the year 2021-22, to record a 9.3-percent growth in GDP, followed by 7.9 percent next year.
In June 2020, Moody’s had downgraded India’s sovereign rating to Baa3 from Baa2 with a negative outlook.– NNN-PTI
