Chief Economic Adviser Arvind Subramanian on Thursday said upgrading of India's outlook to positive by Moody's validates the government's reform thrust.
The share of foreign loans in total Adani group debt portfolio dropped to 61 per cent by September 2023 from 63 per cent as of March 2023, as the group repaid part of its foreign loans and refinanced part of older loans. The share of Indian lenders, on the other hand, rose to 39 per cent in the total debt pie in September 2023 from 37 per cent in March after a report by US-based short seller Hindenburg Research in January last year, which led to volatility in the share prices of group companies. The group's total debt remained static at Rs 2.26 trillion in the same period.
Moody's expects the new government to increase the retail selling prices of controlled fuel products -- kerosene and liquefied petroleum gas -- to help control its subsidy burden.
Moody's listed six agenda on the list of pending reforms -- land acquisition Bill, labour law reforms, significant infrastructure investment, tangible benefit from Make in India initiative, tax administration and PSU bank reforms
The ratings agency currently rates India at Baa3
Rating agency Moody's has described Budget 2007-08 as "largely unremarkable", as it disappointed businesses and the market's hope for meaningful economic reforms.
Moody's on Monday upgraded India's local currency sovereign rating by a notch on the country's efforts toward fiscal reforms and the economy's capacity to face a crisis, a move that that will result in greater capital inflows and appreciation of rupee value.
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The report further pointed out that the current rupee volatility will be 'less damaging than in 1991, when low reserves and a widening current account deficit prompted India's last balance of payment crisis'.
Oil and Natural Gas Corporation, India's largest oil producer, may go in for foreign debt to fund its overseas acquisitions and it has asked Moody's to do a credit rating.
"The stronger-than-expected start of the fiscal year has prompted . . . to revise India's annual growth forecast from 6.2 per cent to 6.4 per cent," Moody's economy.com, a research arm of Moody's, said in a release.
The former Australia player signed a two-year contract that takes him through to the 2007 World Cup.
On Tuesday, Economic Affairs Secretary Arvind Mayaram told reporters that economic growth this financial year would be over five per cent and the numbers in the second quarter would be better than the first quarter which yielded gross domestic product expansion of 4.4 per cent, a four-year low.
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Pointing out that loosening cycle of monetary policy by RBI began only in October, Moody's said, it might not have led to an immediate rebound in domestic consumption. However, the RBI on Thursday stated that monetary measures taken by it were 'appropriate'.
"The hike in RBI's provisioning requirements is likely to have a significant impact on profits over the short term, especially for those banks that currently have relatively low NPL provision cover ratios," Moody's said.
Former Team Director Ravi Shastri will be the front-runner for the Head Coach's job of the Indian men's cricket team when the three-member Cricket Advisory Committee (CAC) meets in Mumbai on Monday to scrutinize candidates for the high-profile vacancy.
Predicting that a worsening fiscal position because of repeated tax cuts would further weaken investor confidence in India, Moody's on Wednesday said now it is for the Reserve Bank of India should to take measures to revive the economy.
India plans to keep its fiscal deficit within 3.9% of GDP.
The same rating agency, however said India's GDP growth rate would go below 7 per cent in the current fiscal from 8.5 per cent a year ago.
The rating reflects IRFC's successful niche franchise established through its role of arranging lease finances for the Ministry of Railways.
Moody's has revised to positive the outlook on the long- term ratings of private sector lenders
Operating sales in Mumbai and London were weaker by 20 per cent and 50 per cent, respectively.
International rating agency Moody's has indicated that it is unlikely to revise India's rating, but prescribed strong measures to curb fiscal deficit for spurring growth during the Congress-led coalition government's regime.
"India's gross domestic product growth to remain weak at 5.5 per cent in the fiscal year ending March 2015, as elections in mid-2014 will delay reforms needed to revive the economy," Moody's Investors Service said in a report.
For the week, the Sensex climbed 28.24 points, or 0.08 per cent, while the Nifty shed 38.15 points, or 0.36 per cent.
Australia batsman Shaun Marsh's mentor Tom Moody said the cricketer's biggest challenge now is to fight through the nagging injury problems that are hampering his rise.
India's exports, which is on a declining spree since October last year, is likely to stabilise in the next few months, but the real recovery will happen only by 2010, Moody's said.
A day after downgrading its rating of public sector lender SBI's financial strength, Moody's on Wednesday re-affirmed its rating for ICICI Bank and said the private sector lender continues to maintain a robust franchise and a strong liquidity, capitalisation and earnings profile.
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The sovereign ratings outlook for India may turn negative, from stable currently, if the country's fiscal policy fails to check external shocks like crude prices or aggravates the inflation concerns, global rating agency Moody's warned on Monday.
The former Australia captain said Moody is young, talented and will gel with the Indian team.
The Indian economy grew by 4.7 per cent in the April-June quarter last year and the growth rate was also 4.7 per cent for full 2013-14.
'We forecast real GDP growth to moderate to 6.7 per cent in the year ending March 2018.' 'However, as disruption fades, we expect to see a rebound in real GDP growth to 7.5 per cent in the next fiscal year.'
Global rating agency Moody's Investors Services plans to partially outsource certain services including monitoring of mutual funds of Europe and emerging economies, from Indian rating agency ICRA.
Rating agency Moody's on Tuesday cautioned that a third front government created by regional parties could lead to capital flight and delay economic recovery.
RIL's profit before interest and depreciation increased by 8%.
Moody's has predicted a slow growth rate for India's industrial sector in 2008.
