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Credit Woes in India Seen Pressuring Modi to Take More Steps

Oct. 10, 2019, 10:33 AM

A $20 billion tax cut and the lowest borrowing rates in almost a decade may not be enough to bolster the credit metrics of Indian firms, top raters in the country say, putting pressure on policymakers to take additional steps to kick start the flagging economy.

“A meaningful and broad-based improvement in credit quality may not be on the horizon yet,” analysts at Moody’s Investors Service’s local unit ICRA Ltd. said in a note. Indian authorities may need to consider other demand and supply-side measures if they are to turn around the economy and improve credit profiles in the near...

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