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Downgrade Not Baseline Situation Now: Sajjid Chinoy

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September 6: “A default or downgrade would be catastrophic now and dry up capital inflows,” says Sajjid Chinoy, India Economist at JPMorgan. “However, authorities gained tremendous credibility with ratings agencies for jamming on the fiscal brakes,” he says. Comparing the current situation to that in September last year, he says the government needs to take the same kind of bold action as they did back then to curtail the fiscal deficit, which will cut the possibility of a downgrade.