The American financial service company Moody’s has downgraded India’s economic outlook to “Negative” from “Stable”. This downgrade was due to slow growth in the economy. It also predicted that slow growth would be prolonged and would also have debt rises.
Moody’s has also predicted a budget deficit of 3.7% of the Gross Domestic Product (GDP) in the year through March 2020, which is a breach in the govt’s target of 3.3%. This was due to corporate tax rate cuts, slow growth etc. The long term foreign currency bond and bank deposit ceilings were unchanged at Baa1 and Baa2(both being 2nd lowest investment-grade score), respectively.
Static/Current Takeaways Important For RBI Grade ‘B’ 2019:
- Chief Executive Officer(CEO) of Moody’s: Raymond W. McDaniel Jr.
- Headquarters: New York, United States; Founded:1909.
Source: The Economic Times