S&P maintains status quo, India says ‘action unfair’
Eastern Eye Staff
Days after global credit rating agency, Moody’s ugrade came in India’s favour, Standard & Poor’s on Friday kept its outlook on India stable and appreciated the Narendra Modi government’s fiscal consolidation drive. However, the Indian government which was expecting an upgrade is expectedly crestfallen. The rating action was quickly termed by the government as “unfair”. S&P retained its BBB- rating for India while taking a favourable view on economic reforms introduced by the Prime Minister Narendra Modi. It said its stable outlook for India reflects its sound external account position. It also suggests that India’s GDP growth will remain strong over…
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