From a trot to a canter

It’s a small vote of confidence in the government’s recent measures to kick-start the economy. Global ratings agency Fitch has revised India’s sovereign ratings outlook from “negative” to “stable”. It’s a piece of news that has almost got lost amidst all the gloom over sluggish growth figures, obstinately high inflation and the Reserve Bank of India’s (RBI) reluctance to cut rates. But it is the first independent confirmation that the finance ministry’s measures to stem the economic rot is working. Despite this, there are many causes for concern.

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