Syllabus: GS-III, Subject: Economy, Topic: Growth and Development, Inclusion, Issue: Credit Rating Agencies
Context: Report by credit rating agency Crisil.
Gist:
- By 2031, the economy will be near the $7 trillion milestone, positioning India as an upper-middle-income country.
- India will be the third largest economy by 2031.
- World Bank classifies countries based on GNI per capita into
- High income economies
- Upper-middle income economies
- Lower-middle income economies
- Low income economies
- India’s per capita income in 2022-23 was ₹1,69,496 at current prices.
| Credit Rating Agencies
● Companies that evaluate the creditworthiness of borrowers, typically businesses and governments. ● E.g. Crisil, ICRA, etc. ● In India they are primarily regulated by the Securities and Exchange Board of India (SEBI) through the SEBI (Credit Rating Agencies) Regulations, 1999 |
