Moody’s has highlighted a number of genuine positive recent developments in India as justifications for a ratings upgrade – though its inclusion of demonetisation among them should raise some eyebrows. However it appears to have ignored entirely the loan waivers by several state governments that have surely undermined the outlook for public debt.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.