RISING GLOBAL ISSUES WON'T IMPEDE RECOVERY, ACCORDING TO MOODY'S, WHICH MAINTAINS INDIA'S GRADE

 

India's economic recovery from the epidemic is not likely to be derailed by global challenges such as the impact of the Russia-Ukraine crisis, increased inflation, and tightening global financial conditions, rating agency Moody's said on Tuesday.

According to a statement from the agency, Moody's Investor Service has maintained India's sovereign rating at Baa3 with a stable outlook.

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The stable prognosis, according to the report, "reflects our assessment that the dangers from negative feedback between the economy and financial system are reducing."

Banks and non-bank financial firms offer far less danger to the sovereign than was previously thought thanks to better capital buffers and increased liquidity, it was stated. This makes it easier to continue the pandemic's recovery. According to Moody's, the Indian economy is projected to grow by 7.6% in real GDP terms during the current fiscal year, which began on April 1. However, growth is predicted to decelerate to 6.3% during the following fiscal year.

In addition, the agency predicted that the country's current account deficit (CAD) would increase to 3.9% of GDP in the current year before decreasing to 3% in the next year.

The Reserve Bank of India has stated numerous times that the current fiscal year's CAD will be within control. In contrast to the 0.9% surplus in 2020/21, the full-year CAD in 2021/22 was 1.2%.

Low per capita income, large general government debt, low debt affordability, and ineffective government performance are among the major credit concerns, according to Moody's.

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