India's credit ratings cut to negative from 'stable' by Moody's, Govt says inflation under check

Amid the mounting concerns of a prolonged economic slowdown, India’s credit ratings outlook was cut to negative by Moody’s Investors Service. This indicates the possibility of a further rise in Moody’s projects a budget deficit of 3.7% of GDP in the year through March 2020. The government, however, said that the fundamentals of the economy “remain quite robust” and India is still among the fastest-growing economies.