The development comes amid a separate controversy over an objectionable video allegedly linked to CM Mann, an allegation he denies.
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Credit rating agency Moody's has expressed confidence that India can withstand a breach of its fiscal deficit target even as geopolitical tensions between the US and Iran escalate. Moody's currently holds India at a Baa3 rating, the lowest rung of investment-grade status, with a stable outlook. The agency's analyst de Guzman noted that the rating reflects India's steady fiscal consolidation efforts since the Covid-19 pandemic. The stable outlook suggests Moody's does not foresee an immediate downgrade despite potential fiscal pressures arising from global uncertainties.
State-owned Power Finance Corporation (PFC) and REC Ltd have approved a merger that will combine their lending portfolios into a single entity with over Rs 11 lakh crore in loans. The deal sets a share swap ratio under which REC shareholders will receive 88 PFC shares for every 100 REC shares they hold. The consolidation is intended to strengthen the combined balance sheet and improve operational efficiency in the power financing sector. The merger also aims to support India's broader energy transition and infrastructure development goals. The deal remains subject to regulatory approvals before it can be formally completed.
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