Coronavirus risks putting more pressure on India's credit profile

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Mumbai, May 08, 2020, Friday

The spread of coronavirus is likely to put more pressure on India's credit profile. Corona has dealt a further blow to the country's already sluggish economic growth, according to a report by ratings agency Moody's.

The recession has already significantly reduced India's prospects for sustainable fiscal discipline. For the Government of India, Moody's has a BAA2 rating with a negative outlook. India's credit profile is supported by a large and diverse economy and a stable domestic financing base.

The government's high debt burden, weak social and physical infrastructure, and dim financial sector balance this. A negative outlook means that the country's economic growth will be significantly lower than in the past.

The outbreak was caused by a coronavirus outbreak. It also reflects the government's failure to address long-term economic and institutional weaknesses. Because of this, the government's debt burden may be even higher than it is now. The support provided by the government to support the country's economy will help prevent the country's economic downturn from deepening.

However, long-term financial strain on rural consumers, weak employment and credit crunch have increased the likelihood of further weakening of the economy. Further economic recovery and higher growth rates and the possibility of an increase in tax levels have diminished. If the rate of economic growth does not remain high, it will be difficult for the government to reduce the budget deficit and increase the debt burden, the rating agency said.

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