This period saw big stars of the likes of Sunil Gavaskar and Kapil Dev fade into the sunset while it was witness to the birth of slew of young Indian cricketers that made their mark home and abroad.
Moody's said fiscal measures undertaken by the government -- such as corporate tax rate cuts, bank recapitalisation, infrastructure spending plans, support for the auto sector and others -- do not directly address widespread weakness in consumption demand, which has been the chief driver of the economy. In addition, interest rate cuts by the Reserve Bank of India are not being adequately transmitted to lending rates because of the credit squeeze caused by disruption in the non-bank financial sector, it said.
The global ratings agency, however, cautioned that high debt burden remains a constraint on the country's credit profile.
Moody's expects that India will record the GDP growth of around 7.5 per cent in 2015 and 2016.
Moody's expected economic activity to pick up in 2020 and 2021 to 6.6 per cent and 6.7 per cent, respectively.
India's fiscal deficit and inflation outlook could prevent any upgrades in the country's sovereign rating, even as the economy is headed for recovery
Although, Moody's expects that global and domestic factors, including potential shocks in agriculture, could keep India's growth below trend for the next few quarters.
Some banks called the Moody's move backward looking, arbitrary and unwarranted.
Moody's Investors Service has changed the outlook for the long-term foreign currency deposit ratings of a number of Indian banks -- currently rated Ba2 -- from 'negative' to 'stable' for India.
The note was authored by Faraz Syed, an associate economist with Moody's Analytics.
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.
The revision was announced before Indian markets opened on Thursday.
The RBI said there is an upward bias on inflation projection.
The Modi administration has been unable to initiate key reforms.
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Revision in the context of an ongoing global review affecting financial institutions: Moody's
Moody's Analytics had said Prime Minister Narendra Modi must keep BJP members in check or risk "losing domestic and global credibility".
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Prime Minister Narendra Modi led-NDA government in its third term must tackle the problem of unemployment in the country, especially in the unorganised sector and in small and medium enterprises, former NITI Aayog Vice Chairman Rajiv Kumar said on Monday. Kumar also emphasised that the government now must finalise the four labour codes as it has been delayed beyond expectations. "We must recognise that post-COVID economic recovery has been a K-shaped recovery.
Top losers in the Sensex pack included Sun Pharma, Vedanta, ONGC, TCS, HUL, ITC, NTPC, Asian Paints and Infosys, shedding up to 4.23 per cent.
Central bank Governor Raghuram Rajan drew kudos from Moody's Analytics for his monetary stance.
'Modi must keep his members in check or risk losing domestic and global credibility,' Moody's warned.
Top seeds Wesley Moodie and Rik de Voest of South Africa beat second seeds Rohan Bopanna and Aisam Qureshi 6-4, 7-6 (4) in the final of the US $50,000 ATP Challenger in New Delhi on Friday.
The current episode highlights the structural vulnerabilities in the liquidity management practices of Indian NBFIs
The ministry sought to allay the rating agency's concerns and said economic growth was on an upward swing.
Earlier this month, Parliament approved the Insolvency and Bankruptcy Code, 2016.
"The 2017 state election results in India demonstrate broad-based popular support for the Indian government's policy agenda and will facilitate the implementation of further reforms, a credit positive for the sovereign," Moody's said in a statement.
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Despite the increased business risks, the rating agency affirmed Baa2 ratings, three notches down from the highest grade, with a stable outlook for RIL, Moody's Investor Service said in its weekly outlook.
Moody's on Thursday said the new 'inflation targeting' mechanism is a "credit positive" move.
Pathan conceded that Jasprit Bumrah is the only automatic selection among the bowlers.
Amid wholesale price-based inflation ticking up to 7.5 per cent year-on-year in May due to supply-side factors, the agency said it will cause further "headaches" at the RBI.
Berkshire has reduced its stake as various regulatory inquiries and a slowdown in the business of rating lucrative structured bonds has taken a toll.
Earlier, ratings agencies like Standard and Poor's and Fitch had threated to downgrade India's sovereign credit rating to junk grade in view of the worsening fiscal position of the government.
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The rupee had slumped to a record low of 59.9850 rupee to the dollar on Thursday, as the country's record high current account deficit is exacerbating its vulnerability in an emerging market rout.
Sunrisers Hyderabad coach Tom Moody has heaped praise on opener Parthiv Patel for playing a "mature innings", which laid the foundation for their 30-run win over Kings XI Punjab and improved their chances of reaching the IPL semi-final.
Moody's said implementation challenges, in addition to affecting growth and government revenues, will impact corporates by lowering sales volumes and cash flows.
International rating agency Moody's is likely to upgrade the rating of the country's leading private company Reliance Industries following improvement in its financial position.
Moody's had revised credit outlook of Germany to negative, raising the possibility of the economic major losing its coveted 'Aaa' rating amid worsening European debt turmoil.
The Indian doubles ace and the South African will team up at the Australian Open.
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