If the shoe Fitch

India no longer deserves a credit ratings upgrade. That hasn’t stopped New Delhi from lobbying Fitch for one, arguing that foreign inflows protect it from its persistent current account gap. But the tumbling rupee says otherwise. Rival rater Standard & Poor’s has even threatened to cut its rating on India’s debt. With slowing growth likely to keep government debt high, the risk is that those inflows go the other way.

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