Rating agency Moody’s Investors Service on Monday lowered India’s rating, stating that policymaking institutions are going to face challenges in implementing policies that effectively eliminate risk created by slow economic growth.
The agency has reduced India’s rating from ‘BAA2′ to ‘BAA3‘. In a statement, the agency has said that due to the situation created due to slow economic growth, the financial condition of the government may deteriorate and the financial sector of the country may remain tense.
Prior a year ago, Moody’s changed its attitude toward India’s evaluation to ‘negative’ from ‘stable’ and said that the state of economic growth has been lower than before and there is an increased risk of a sluggish economy.
Despite the ongoing tensions in the global economy and the ongoing trade war between some countries and continents and the uncertainty surrounding international trade and economic growth throughout the year, India was able to find its way but now the Corona epidemic is impacting the economy. .
Bar Council of India Chairman Manan Kumar Mishra told the Live Heed , “In crisis circumstances, running virtual courts through video conferencing for a brief timeframe is unavoidable however open courts should begin working soon. Most outside large urban areas Lawyers are compelled to eat. The courts can’t be shut for long. Most attorneys have neither any work nor any salary left. “
Moody’s held the point of view toward India’s evaluation at negative saying it reflects commonly strengthening drawback dangers from conceivably more profound worries in the economy and money related framework that could prompt increasingly extreme and delayed disintegration in financial quality than the office at present tasks.
