Fitch cuts India’s sovereign rating outlook to ‘negative’ – Gulf Today

Fitch cuts India’s sovereign rating outlook to ‘negative’ – Gulf Today

"The coronavirus pandemic has significantly weakened India's growth outlook for this year and exposed the challenges associated with a high public-debt burden," the ratings agency said in a statement.. The agency said the medium-term fiscal outlook is of particular importance from the rating perspective, but is subject to great uncertainty and would depend on the level of GDP growth and government's policy intentions.. Fiscal metrics have deteriorated significantly and Fitch said it expects government debt to jump to 84.5% of GDP this year from 71% last year and sharply higher than the median 52.6% for other similar rated countries in 2020.. PIF, the sovereign wealth fund of Saudi Arabia, as part of its mandate to diversify its economy, has made its largest investment into the Indian economy to-date.. From Oil Economy, this relationship is now moving to strengthen India's New Oil (Data-driven) Economy, as is evident from PIF's investment into Jio Platforms..