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He said lack of support to the poor and small and medium industry indicates that 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,” he said on Twitter.
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.
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‘Baa3’ rating is the lowest investment grade just a notch above ‘junk’ status. Moody’s had last downgraded India’s rating in 1998.