Akhilesh targets BJP over Moody's cutting India's credit rating outlook

Attacking the BJP, Samajwadi Party supremo Akhilesh Yadav on Sunday said Moody's Investors Service cut India's credit rating outlook from stable to negative as it expected that in future too economic growth will be less and risk will rise more. "Moody's Investors Service has cut India's credit rating outlook from stable to negative as it expected that in the future too, economic growth will be less and risk will increase," Akhilesh said in a tweet in Hindi.

"Actually, under the failed BJP government, agriculture and farmers are dying, as are the product and services sectors," he added. Moody's had said that the outlook partly reflected government and policy ineffectiveness in addressing economic weakness, which led to an increase in debt burden which is already at high levels.

India's economy grew by 5 percent between April and June, its weakest pace since 2013, as consumer demand and government spending slowed amid global trade frictions, it added.