Mumbai, November 08: Amidst the narrative of economic slowdown running in India, the FinMin today has cleared that India continues to be among the fastest growing major economies in the world and that it's relative standing remains unaffected. "IMF in their latest World Economic Outlook has stated that Indian Economy is set to grow at 6.1% in 2019, picking up to 7 % in 2020", it said in a statement.
This is certainly after the Moody’s Investors Service today changed the outlook on the Government of India’s ratings to negative from stable while keeping the foreign-currency and local-currency long-term issuer ratings unchanged at Baa2.
"As India’s potential growth rate remains unchanged, assessment by IMF and other multilateral organizations continue to underline a positive outlook on India", the FinMin has clarified reponsing straight to the Moody's move.
The Centre has undertaken series of financial sector and other reforms to strengthen the economy as a whole. It has also proactively taken policy decisions in response to the global slowdown. These measures would lead to a positive outlook on India and would attract capital flows and stimulate investments.
Meanwhile, the fundamentals of the economy remain quite robust with inflation under check and bond yields low and that India continues to offer strong prospects of growth in near and medium term.