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Govt identifies 8 sectors for reforms to escape ratings downgrade
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The government has identified eight sectors for fast-track reforms with the twin objective of escaping a downgrade of the sovereign by global ratings agencies as well as attracting companies looking to move out of China, officials familiar with the development told Mint.
The idea is to showcase to agencies like Standard & Poor’s (S&P) and Moody’s Investors Service that the government is serious about reforms as well as striking a fiscal balance even as it goes for higher expenditure and incentives to restore the health of the economy.
Several brokerages and forecasters have cut their outlook on India’s growth for the ongoing financial year. Among the global bodies, the International Monetary Fund (IMF) has the most optimistic projection.
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