Fitch Ratings cuts India's outlook to negative from stable
"Fitch Ratings has revised the outlook on India's long-term foreign-currency issuer default rating (IDR) to negative from stable and affirmed the rating at 'BBB-'," the rating agency said in a statement.
Fitch expected economic activity to contract by 5 per cent in the fiscal year ending March 2021 (FY21) due to the strict lockdown measures imposed since March 25, before rebounding by 9.5 per cent in
"The coronavirus pandemic has significantly weakened India's growth outlook for this year and exposed the challenges associated with a high public-debt burden.
SEE ALSO: Only 5% of the government’s MSME emergency loan package is disbursed after a month — private banks are sitting tight
Tata Motors Finance declares pause on all EMIs for both retail and corporate customers
Popular on BI
- The rising affluence of small town consumers driving demand for premium products
- 10 Beautiful staycation options in Mumbai
- Reliance Retail receives full subscription amount of Rs 2,069.50 cr from KKR, allots 1.71 cr shares
- As inflation continues to remain high, RBI likely to keep interest rates unchanged
- 10 Beautiful staycation options in Bangalore