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Ajay Seth, Secretary of the Ministry of Economic Affairs, talked about the classification of credit in India in a modest degree despite the country’s growth rate and the road map to unify the financial. He said that despite the classification now, the agencies will upgrade India in the next time, taking into account their performance.
Speaking to Business Today, Seth was answering a question about whether the international evaluation agencies and analysts had failed to read the actual intent and writing of the numbers even though India was one of the only countries that remain on its path of fixed financial unification.
“Classification agencies do what they are supposed to do. Our efforts to show performance and our commitment to monotheism as well as meet our development needs and try to persuade them. If you remember over the past 18 months, many of them upgrade the situation and expectations to positive. I am sure they will be We are also ready to upgrade. ”Seth said.
Last May, the S & P Global Ratings reviewed its view of India to a positive from the stable, while maintaining the unwanted foreign and local credit classifications in the short term and “A-3”. He said they believe that “the continuous stability of politics, deepening economic reforms, and investing in the high infrastructure will maintain the long -term growth prospects.” The agency also talked about cautious fiscal and monetary policy in India, which reduces the government’s high debts and the burden of benefits while enhancing economic flexibility. She said that India could see a higher classification in the next 24 months.
Moody’s currently maintains the sovereign Indian classification in “BAA3” with a straight look. Senior Vice President Christian de Josman said that although they look at the continuous financial discipline of the government and the narrow financial deficit as positive credit, they do not expect these improvements to be the burden of debt or “the ability to withstand debt costs” is sufficient to operate the sovereign rating in this. the time.
In August last year, Fitch rating confirmed the “BBB-” rating in India against the backdrop of stable growth expectations and financial credibility that indicate the horizons of strong medium-term growth in the country and a strong external financing situation.
Seth also added that India does not suffer from slowdown, but moderation. He said that until it grows in 6-6.4 percent in a global economy that does not work well, India’s growth is “decent.”
“Although our needs and capabilities are much greater. So, what budget 2025 tries to do is to address local factors and create more and more conditions so that local factors are the main engines of our economy, in terms of investing in people, economics, innovation and not forgetting the largest job opportunities. The sectors, the growth of employment in both agriculture as well as MSME. So this is a complete package.
