Moody's affirms India's sovereign rating; says GDP growth to support increase in income level

Rating agency Moody's Investors Service on Friday affirmed India's sovereign ratings at 'Baa3' with stable outlook and said that high GDP growth will contribute to gradually rising income levels. "The affirmation and stable outlook are driven by Moody's view that India's economy is likely to continue to grow rapidly by international standards, although potential growth has come down in the past 7-10 years. High GDP growth will contribute to gradually rising income levels and overall economic resilience," Moody's said in a statement.