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इंडियन आवाज़     14 Apr 2024 08:02:03      انڈین آواز

Moody warns Modi; Intolerance will hit India economy

(Last Updated On: 30/10/2015)

India may lose foreign investment due to Intolerance: Moody

AMN /

In a major setback to Prime Minister Narendra Modi’s bid to attract foreign investment, Moody’s Analytics today cautioned that the country may lose domestic and global credibility if he did not rein in the members of his party in the backdrop of growing intolerance and controversies like on beef.

In a report titled India Outlook: Searching for Potential, Moody’s Analytics, the research and analysis arm of Moody’s Corporation, said for the country to reach its growth potential it has to deliver the promised reforms. Undoubtedly, numerous political outcomes will dictate the extent of success, it said.

The Report said, key economic reforms could deliver greater potential GDP, as they would improve India’s productive capacity. These include the land acquisition bill, a national goods and service tax, and revamped labour laws, it said. The Report projected that India’s GDP growth for September quarter at 7.3 per cent, while for the full fiscal it would be 7.6 per cent.

As regards interest rates, it said low rates will buttress the economy in the short-term but reforms are needed to reach long-term potential growth. It said positive signs are emerging with the State Bank of India, the nation’s largest bank, cut its base lending rate earlier this month.

“The newfound stability in India’s current account balance could come under renewed stress if global growth slows more. So far, lower oil prices have buttressed the trade balance. But a rebound in prices if oil supply rebalances could see the trade balance deteriorate,” Moody’s said.

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