Despite retaining India’s credit rating at the lowest investment grade, ratings agency S&P Global warned that the Asian economy will face mounting deficit and debt levels in fiscal 2021 in the aftermath of the coronavirus crisis.

In its forecast released earlier this week, S&P said it expects India’s debt-to-GDP ratio (the debt levels compared to gross domestic product) to surge over 17 percent from the previous year before it reaches 90.6 percent in the fiscal year to March 2021. The outlook is similar to the estimates of two other major ratings firms, with Fitch pegging general government debt to jump to 84.5 percent of GDP and Moody’s placing it at 90.1 percent. (RT)