Congress leader Rahul Gandhi on Tuesday voiced concern over the state of the Indian economy, saying Moody's Investors Service has termed its handling by Prime Minister Narendra Modi "a step above junk".
He said lack of support to the poor and small and medium industry indicates that the worst is yet to come. "Moody's has rated Modi's handling of India's economy a step above JUNK. Lack of support to the poor and the MSME sector means the worst is yet to come," he said on Twitter.
Moody's has rated Modi's handling of India's economy a step above JUNK.
June 2, 2020
Lack of support to the poor and the MSME sector means the worst is yet to come.https://t.co/bOtH1P3pBZOn Monday, Moody's downgraded India's sovereign credit rating for the first time in more than two decades, saying that policymakers will be challenged to mitigate risks of low growth, deteriorating fiscal position and financial sector stress.
India's sovereign credit rating now stands at Baa3 from Baa2—just a notch above ‘junk' status. Moody's had last downgraded India's rating in 1998.
Also Read: Why Moody's Sees A Prolonged Low-Growth Period For India
Moody's estimates India GDP to shrink by 4% in FY21—the first full fiscal contraction in more than four decades due to a prolonged period of slow growth.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
