Overview

• Moody’s kept India’s long‑term local‑ and foreign‑currency issuer ratings and the local‑currency senior unsecured rating at Baa3 and maintained the short‑term local‑currency rating at P‑3.
• The agency projects about 6.5% GDP growth in FY26, expecting India to remain the fastest‑growing G20 economy.
• US tariffs of around 50% are judged to have limited near‑term impact but could restrain higher value‑added export manufacturing over time.
• Moody’s does not expect higher H‑1B visa fees or potential outsourcing levies to significantly affect services exports, remittances, or the current‑account position.
• Local‑currency and foreign‑currency bond ceilings stay at A2 and A3 respectively, underscoring a more cautious stance than S&P’s Aug. 14 upgrade to BBB and recent upgrades by DBRS and R&I.