Thursday, August 29, 2013

Food subsidy bill \'credit negative\': Moody\'s

Aug 29, 2013(7star news):-

MUMBAI: India\'s plan to provide cheap grains to the poor is credit negative and will exacerbate the government\'s weak finances, Moody\'s Investors Service said in a statement on Thursday.

\"The measure is credit negative for the Indian government because it will raise government spending on food subsidies to about 1.2 per cent of GDP per year from an estimated 0.8 per cent currently, exacerbating the government\'s weak finances,\" Moody\'s said in a statement on August 29.

Moody\'s currently has a \" Baa3\" sovereign rating on India, or its lowest investment-grade rating, with a \"stable\" outlook.
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