Fitch's downgrade action is herd mentality, says Basu

Chief Economic Advisor Kaushik Basu Monday said Fitch downgrading India's credit rating outlook to negative was "herd mentality" and noted the revision was on expected lines.

Fitch downgrades India’s credit outlook to negative

India faces an "awkward combination" of slow growth and elevated inflation as well as structural challenges surrounding its investment climate in the form of corruption and inadequate economic reforms, Fitch Ratings said.