Marcus Weston (La Française Group) | Back in June 2020, India’s sovereign credit rating was hit by a double downgrade. First, Moody’s lowered its rating from Baa2 to Baa3. Two weeks later, Fitch lowered its own BBB- India rating outlook, also from stable to negative. Given that the COVID outbreak was one of the catalysts of the June 2020 rating actions, there has understandably been rising market concern that the catastrophic growth in COVID cases on the subcontinent in recent weeks could now trigger the downgrade of India below its critical investment grade status.
India can only progress if it buries the ghosts of Nehru and Indira.