How bleak is the future?

It is tempting to dismiss the ‘negative’ outlook that the world’s largest credit rating agency, Standard & Poor, has given to India’s economy in its latest appraisal. After all, this is the same agency that had stamped a high AAA approval to useless mortgage-backed securities in the US that had triggered the global meltdown in 2008. The temptation to gloss over Standard & Poor’s downgrade of the country’s economy from “stable” to “negative” is even more acute given the optimistic opinion offered by another international rating agency, Moody’s.

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