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India Insights

Monthly update on Indian markets
25 June 2020
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    Summary

    • With the gradual unlocking of the economy underway, mobility data and other high frequency indicators seem to suggest a clear pick up in activity in India through May and June
    • In June, international rating agencies went public with their downbeat view on India starting with a downgrade from Moody’s, and followed by a cut in ratings outlook from to “negative” from “stable” by Fitch
    • The changes in credit ratings did not come as a surprise to investors and are not expected to trigger any further rating actions in the near term
    • The Indian Meteorological Department (IMD) has predicted that the monsoon this year would bring normal levels of rainfall across the country, which could help partially offset the weakness in the current economy