Moody’s has doubts over Modi’s ability to see through big reforms SECTIONS Share Synopsis Fang said that at Moody’s there had been concerns about the effectiveness and implementation of major policy prescriptions dished out by the government in recent years even before it had downgraded its sovereign rating on India to Baa3. For Moody’s, which has retained its negative outlook on India’s credit rating, the country’s potential growth rate still remains vulnerable to such policy ineffectiveness. Related MUMBAI: With a slew of steps to liberalise labour laws, agriculture market and ramp-up privatisation projects, the government has recently projected itself as a major reformer. Even the Union Budget, announced earlier this month, has been touted by some as reformist given the government’s apparent departure from fiscal conservatism towards fiscal activism through higher spending on capital formation.