For the first time in over a century, world’s largest & most liquid bond market doesn’t have an Aaa rating. Over the past decade, US govt’s fiscal metrics have deteriorated considerably.
Ratings agency kept India’s rating & outlook unchanged, citing Indian economy’s growth, banking success on the one hand versus high debt, fiscal deficit and interest payments on the other.
With agencies sticking to their methodology in these times, an emerging economy rating and outlook appear to be worse regardless of whether its government is fiscally prudent or not.
For every upgrade of rupee debt of Indian firms since 1 April there have been about 11 downgrades, leaving this quarter set to be worst on record if sustained.
It is not often noted, but in the North, Bihar is the only state where the BJP has not come to power on its own. The party's desire to turn Bihar into UP should not be ignored.
Research paper, however, finds lowest indebtedness level among Muslims at 12.3% & highest among Hindus at 14.9%. Overall national financial inclusion level at 87.2%, indebtedness at 14.7%.
Fresh details of operation conducted by IAF, Army have come out in gazette notification giving citations of those who were awarded Vir Chakra for their bravery.
On 21 Oct, a buzz went up that the govt had released full list of gallantry award recipients along with Op Sindoor citations. I put an AI caddy on the job. It took me into a never-ending rabbit hole.
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