Ratings agency Standard & Poor's on Wednesday cut India's outlook to negative from stable, citing its large fiscal deficit and expectations of only modest progress on reforms given political constraints, battering stocks, bonds and the rupee.
Like the rush to buy gold on Akshaya Tritiya or utensils on Dhanteras, the indolent ministries of textiles and heavy industries wait for March 31 to spend the largest chunk of their budgetary allocation.
Rajesh Ramachandran reports.
US-based rating agency Standard & Poor’s (S&P) on Wednesday lowered India’s credit outlook to negative as question marks loomed over fundamentals.
US credit rating agency Moody's on Wednesday hit the Indian government hard for not doing enough on the reforms front. It said, "The single biggest factor weighing on the (economic) outlook is the Indian government."
HT reports.
Rate rattle |
Story of a credit downgrade
Interest rate on employees' provident fund will be increased to 8.6 per cent for the current fiscal, a move which will benefit around five crore subscribers.
Even as the Bofors gun scandal continues to haunt India years after it was unearthed during the 1980s, the good news is that these guns may soon be produced at home. Anupama Airy reports. Going great guns
Indian companies continue to create jobs for Americans in the US. Yashwant Raj reports.
India’s ambitious national solar programme has catalysed rapid growth in the solar market driving solar energy prices low and demonstrating how government policy can stimulate clean energy markets, according to a new report.
On Wednesday, the ratings agency cut its outlook on India's BBB- rating to negative from stable and warned it had a one-in-three chance of losing investment-grade status, sending shockwaves through the ministry.
Notwithstanding global credit rating agency S&P's lowering the country's outlook to 'negative', the country remains bullish and its long-term economic growth potential is 8-9%, Montek Singh Ahluwalia has said.
Confident of improvement in economic growth to 7-7.5 per cent in the current fiscal, a key advisor to the Prime Minister today expressed optimism that rating agency Standard & Poor's would reverse and even upgrade India's long term credit outlook going forward.
So, what’s behind the sudden turnabout in an economy, which until not so long ago was the destination global investors flocked to? HT reports. Economic challenges
The US on Friday voiced concerns over India's proposal to empower tax authorities to inspect older corporate deals could adversely affect the domestic investment climate. HT reports.
The Confederation of All India Traders (CAIT) has urged health minister Ghulam Nabi Azad to constitute an expert committee to look in to the provisions of the Food Safety & Standards Act, 2006. The committee should comprise of food policy analysts, experts, senior government officials and representatives of trade, it said.
The 12th Plan document, which seeks to raise annual economic growth rate to 9% during the five-year period (2012-17), may not be ready for the implementation by September as envisaged earlier.