Former AICC president and Congress MP from Wayanad has slammed the Prime Minister over the rating of international agency Moody’s. Rahul Gandhi accused that the union government’s handling of economy is the cause of low rating by the Moody’s.
Earlier Moody’s Investors Service downgraded India’s sovereign credit rating for the first time in more than two decades.
“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,” Gandhi tweeted.
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.https://t.co/bOtH1P3pBZ
— Rahul Gandhi (@RahulGandhi) June 2, 2020
The country’s credit rating by Moody’s was downgraded to Baa3 from Baa2. The outlook remained unchanged. “The decision to downgrade India’s ratings reflects Moody’s view that the country’s policymaking institutions will be challenged in enacting and implementing policies which effectively mitigate the risks of a sustained period of relatively low growth, significant further deterioration in the general government fiscal position and stress in the financial sector,” Moody’s said on Monday.
Moody, which last assigned a rating on India’s sovereign credit rating in November 2018, has also estimated a decrease in India’s GDP?by 4%. ‘Baa3’ rating is the lowest investment grade — just a notch above ‘junk’ status. Moody’s had last downgraded India’s rating in 1998.
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