Former Congress president Rahul Gandhi has once again slammed the Modi government over its handling of the economy. The latest jibe at the government came after Moody’s Investors Service has downgraded India’s sovereign credit rating for the first time in more than two decades, saying policymakers will be challenged to mitigate risks of low growth, deteriorating fiscal position and financial sector stress.
Reacting to Moody’s rating, Rahul Gandhi in tweet wrote, “Moody’s has rated Modi’s handling of India’s economy a step above JUNK. Lack of support to the poor and the MSME sector means the worst is yet to come.”
Moody’s has rated Modi’s handling of India’s economy a step above JUNK.
Lack of support to the poor and the MSME sector means the worst is yet to come.https://t.co/bOtH1P3pBZ
— Rahul Gandhi (@RahulGandhi) June 2, 2020
Downgrading India’s rating by a notch to ‘Baa3’ from ‘Baa2’ assigned in November 2018, Moody’s according to news agency report had estimated India GDP shrinking by 4 per cent — first full fiscal contraction in more than four decades, as the country faces a prolonged period of slower growth.
‘Baa3’ rating is the lowest investment grade — just a notch above ‘junk’ status. Moody’s had last downgraded India’s rating in 1998.