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economy | IST

Moody's GDP forecast for India is low; negativities around Indian economy proven wrong, says Sanjeev Sanyal

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The negative analysis around the Indian economy over the last few months has proven to be wrong, said Principal Economic Adviser Sanjeev Sanyal on Wednesday. Raising the country's outlook on the sovereign rating to 'stable' from 'negative', he further said that Moody's GDP forecast for India is low.

The negative analysis around the Indian economy over the last few months has proven to be wrong, said Principal Economic Adviser Sanjeev Sanyal on Wednesday. Raising the country's outlook on the sovereign rating to 'stable' from 'negative', he further said that Moody's GDP forecast for India is low.
The rating agency expects the medium-term real GDP growth to average around 6 percent.
"We intend to iron out all issues to see India's inclusion in global bond indices," he said.
"We are working with bond index agencies to work out remaining issues. The government intends to stick to its fiscal numbers," he added.
“It is merely recognition of the obvious that some of the more hysterically negative outlooks and analysis that we saw a few months ago has clearly proved to be wrong. I wasn't too thrown off when they put us on a negative watch and I am not going to be wildly exuberant because we have been put on stable or even if we move into a positive watch. What we need to do is to watch the data rather than get too excited about certification by various agencies," he said.
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When asked if he had any idea of meeting with regards to the other indexes and if one could expect it in this calendar or in this fiscal year, he said, “I can't comment on a private agencies calendar. So, what I can say is that there are some very small niggling issues. 99 percent of the issues have been already dealt with. There are some very small niggling issues and they will be worked out. There are some issues on their side as well, which they will work up. So with a few iterations, we should be there soon.”