Indian-American Deven Sharma, the president of Standard and Poor's, is stepping down by year end, an announcement coming only weeks after the credit rating agency downgraded American credit rating.
Out of 24,230 IIT and NIT grads, about 8,000 students didn't find any takers during campus placement drives this year.
The US market has been a standout performer this year, with the benchmark Standard and Poor's 500 (or simply the S&P 500) gaining over 16 per cent during the first half of calendar year 2023 (CY23) in what was its best first-half show since 2019. By comparison, India's National Stock Exchange Nifty 500 has gained 6.4 per cent. On the surface, it appears that the US markets have done exceedingly well. However, a deeper analysis reveals the gains in the domestic market to be more well-spread.
The rating agency, however, pointed out that India's fiscal position remains precarious, with elevated fiscal deficits and net government indebtedness.
The 50-share NSE Nifty ended flat, up by 9.85 points, or 0.09 per cent, at 10,399.55.
Domestic factors are a bigger constraint for India's shift to a faster growth trajectory than the global factors, CRISIL's chief economist says.
S&P has maintained a stable outlook on the basis of their expectation that over the next two years the growth will remain strong and India will maintain its sound net external position and fiscal deficit will remain elevated but broadly in line with their forecast.
Be brave to fail, learn, and lead, advises Abhilash R, founder and CEO, Bloombloom Dreambiz (P) Ltd and B-HUB Lifespaces.
For the current fiscal which ends on March 31, it put the real GDP estimate at 5 per cent. It estimated a 7 per cent growth in 2022-23 and 2023-24 fiscal years. The inflation rate was seen moderating to 4.4 per cent in the next fiscal from 4.7 per cent in the current.
Standard and Poor's (S&P) in its report released on Monday 'Will India Be The First BRIC Fallen Angel?' said: "Slowing GDP growth and political roadblocks to economic policy making could put India at risk of losing its investment grade rating".
Moves follow government's reforms to contain fiscal deficit and promote growth.
Higher food prices can accelerate broader inflation by pushing up wages, while negatively impacting the government finances and reducing monetary policy flexibility, Moody's said in a report.
Standard and Poor's had in April lowered India's rating outlook to negative from stable.
Moody's, on Thursday, reaffirmed its positive rating outlook for the Chinese economy on the back of favourable medium-term growth prospects.
The Congress on Tuesday dismissed as "not gospel truth" the Standard and Poor's report which said roadblocks for reforms in India are on account of division of roles between party President Sonia Gandhi and 'unelected' Prime Minister Manmohan Singh.
Corporate Affairs Minister Veerappa Moily on Tuesday lashed out at global credit rating agency Standard and Poor's (S&P) for describing Prime Minister Manmohan Singh as "unelected" leader and saying the comment "smacked of politics".
India's sovereign rating could be cut if the government loosens fiscal policy in the run-up to elections, says Fitch.
Sensex's 3 per cent average performance over the last 5 years can be considered as sleeping.
BJP insisted political and economic correctives by the government would be required to come out of this crisis.
Agency's downgrade forms only a small portion of the bank's overall rating.
The minister, who was addressing a press conference on the sidelines of the IMF-World Bank annual meetings, said that there would be lot of action on the reforms front in the next 24 months, the timeline provided by the S&P.
The lowered outlook jeopardises India's long-term rating of BBB-, which is the lowest investment grade rating. S&P has threatened to downgrade India's rating in next 2 years if the fiscal situation does not improve.
The perceived notion about growing corruption and the policy uncertainties have increased the country-specific credit quality risks for the companies in India, global rating agency S&P has warned.
Attacking Salman Rushdie, Press Council of India Chairman Markandey Katju on Monday said that the "sensationalism" depicted by his book Satanic Verses has deeply hurt Muslim sensitivities and that an individual's freedom of speech has to harmonised with the public interest.
India's top 10 banks, including the SBI, ICICI Bank and HDFC Bank suffered a collateral damage following the Standard and Poor's lowering the country's sovereign rating outlook.
Global rating agency Standard and Poor's (S&P) has said it expects India to grow by 6.5 per cent during 2013, amidst the possibility of global economic recovery continuing during the year.
India may attract investments if the domestic economy continues to strengthen.
The unprecedented downgrade of the US' creditworthiness by ratings agency Standard and Poor's may face a probe by a Senate committee, reports have said.
India's budget for 2015/16 highlighted the government's commitment to keeping the fiscal deficit low.
Standard and Poor's raised the outlook for India's "BBB-minus" rating back to "stable" from 'negative,' saying Prime Minister Narendra Modi government's 'strong' mandate would allow it to implement fiscal and economic reforms.
The ratings are opinions that reflect the ability and willingness of the rated entity to meet financial obligations.
Deven Sharma, president of Standard and Poor's, tells Devjyot Ghoshal that the market and the investor will have the final say on the way forward.
Prime Minister's economic advisory panel has said there was no need for any stimulas package to help the industry tide over the impact of the crisis following downgrade of the US credit rating by Standard and Poor's.
A credit agency evaluates the credit worthiness of an issuer of specific types of debt.
President Barack Obama on Monday strongly defended US credit after a historic debt downgrade by rating agency S&P and said America will always be AAA nation as its economic problems were 'eminently solvable', given the political will.
Facing criticism inside the United States for downgrading America's credit rating from AAA to AA+, the Standard and Poor's Indian-American president Deven Sharma has said that the agency's decision was made mainly because of the rising debt levels and the process of resolving things.
Out of 200-odd countries, just 16 nations have the coveted triple-A rating.
Standard and Poor's action has left many speechless.
...helped by a Wall Street rally after the US Federal Reserve yesterday pledged to keep US interest rates low at least through mid-2013.
All the newspapers and business news channels on Monday morning told us that the world is now going to change again. But these very guys had no clue till a few days back, and were gung ho about the Indian economy, the Sensex and pretty much everything else.
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