Moody’s downgrade of India’s sovereign rating to Baa3, the lowest investment grade on the back of negative outlook exemplified by the pandemic is a worry. The ominous signs have been there according to Moody’s report. According to Moody’s report, the economic reforms have been stalling for some time under the present Indian government with debt at 72 per cent of the GDP, which is already 30 percent points higher than the Baa average. Financial instability due to widespread non-performing assets among the non-banking financial companies, risk of joblessness due to 8 to 12 million labor force joining very year until 2030, mediocre governance and rising environmental issues are some of the key concerns cited by the rating agency. More to follow on this.