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Speaking in a conference call on Monday, S&P Global Ratings Director Andrew Wood expressed his take on the prospects of India’s economic recovery, in light of the coronavirus pandemic.

Key takeaways

“India can recover its trend rate going forward; growth is seen around 6.5%-7% going ahead.”

“India’s informal sector will take some time to recover from COVID-19 impact.”

“Seeing nascent signs of labor market reforms in India.”

“India’s expected growth recovery important factor for its ratings.”

“Indian govt’s foreign currency debt limited; the country could become net foreign creditor over time.”

“India govt has been relatively conservative on fiscal spending so far.”

“Downward pressure likely on India rating if GDP growth fails to meaningfully recover from 2021.”

“Downward pressure also likely on India rating if govt does not show a willingness to lower fiscal deficit.”


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