Fitch downgraded US government’s credit rating. And while markets across the world, including India, slumped in response, volatility will likely be driven by other factors.
Fitch said that Adani Transmission Ltd & Adani Ports and Special Economic Zone are prone to risks due to governance weakness at the parent conglomerate.
The ratings agency added that India's public finances remain the key driver of the country's sovereign rating and its limited reliance on external financing helps.
Fitch said growth will gradually recover to 5.6% in FY21 and 6.5% in the following year with support from easing monetary and fiscal policy and structural measures.
The government has been making a strong pitch to Fitch Ratings for an upgrade after rival Moody's Investors Service in November 2017 gave the country its first sovereign rating upgrade since 2004.
RJD, once a prominent representative of Mandal politics, now finds itself in a political era where welfare, good governance, and new aspirations are overshadowing old caste equations.
Without a Congress revival, there can be no challenge to the BJP pan-nationally. Modi’s party is growing, and almost entirely at the cost of the Congress.
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