Moody’s downgraded its outlook on India to negative from stable amid claims by the government that its economic fundamentals remain “quite robust”.
In a statement late Thursday, the credit rating agency said the Indian economy was facing increasing risks “leading to a gradual rise in the debt burden”.
The downgraded rating came as India’s gross domestic product (GDP) growth has gone down from a peak of 8.2% in 2016-17 to 6.8% in 2018-19, with the fourth quarter of 2018-19 dipping to 5.8%.
It further dropped to 5% in the first quarter of 2019-20. Besides, the country is recording a