Moody's said the recent spike in vaccinations, lower interest rates and increased public spending helped reinforce a positive outlook for the country's corporate sector.
Moody's expects India's economy to continue to recover in the next 12-18 months, with GDP growing 9.3 per cent in the fiscal year ending March 2022 and 7.9 per cent in the following year.
Subramanian took charge on December 7, 2018, five months after his predecessor Arvind Subramanian abruptly resigned citing family commitments.
It said the decision to change the outlook reflected its view that the downside risks from negative feedback between the real economy and financial system are receding.
While cutting India’s rating, Moody’s had cited policy challenges in addressing a prolonged economic slowdown and its deteriorating fiscal position
According to the ratings agency, data consumption would continue to grow with increased transition to remote working and online transactions - this would help telcos' strengthen their earnings and cash flow
Moody's saw real GDP growth of 12 per cent in the 2021 calendar year, partially due to a low base-year comparison.
India's success in advancing on Covid-19 vaccine front will eventually soften the severity of the pandemic within the region, a report by Moody's said
RBI last week asked the bank to temporarily stop all launches under its digital 2.0 initiative and stop sourcing new credit card customers.
Moody's projected India's economic growth for 2020-21 fiscal at 0 per cent, lower than 4.8 per cent estimated in 2019-20.
Moody's said India is likely to see a sharp fall in incomes at the estimated 2.5 per cent growth rate
Stating that there was significant economic fallout from more rapid and wider spread of the coronavirus, Moody's on Tuesday said dampening of domestic consumption demand in affected countries exacerbates disruptions to supply chains and cross-border trade of goods and services.
Moody's said India's economy has decelerated rapidly over the last two years and expects economic recovery to begin in the current quarter.
The credit rating agency has lowered the earlier 5.8 per cent growth forecast, saying the GDP slowdown is lasting longer than expected.
The rating agency lowered India's outlook from 'stable' to 'negative', saying there were increasing risks of economic growth remaining materially lower than the past.
Moody's decision to change the outlook to negative reflects increasing risks that economic growth will remain materially lower than in the past
The Indian rupee has depreciated 13 per cent so far in 2018 and has touched a historic low of Rs 72.32 to a dollar.
Prime Minister Narendra Modi addresses media as he arrives at Parliament to attend the Winter Session, in New Delhi.PTI Photo/Manvender Vashist
Union Home Minister Amit Shah arrives at Parliament to attend the Winter Session, in New Delhi.PTI Photo/Kamal Singh
A passenger arrives on an early morning flight at Sydney Airport. Authorities in Australia said Sunday, Nov. 28, 2021, that two travelers who arrived in Sydney from Africa became the first in the country to test...AP Photo/Mark Baker
Union Minister Piyush Goyal arrives at Parliament to attend the Winter Session, in New Delhi.PTI Photo/Kamal Singh
Prime Minister Narendra Modi removes his mask before addressing media at Parliament House ahead of the Winter Session, in New Delhi.PTI Photo/Kamal Singh
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