Moody's Investors Service projected India's growth rate in GDP at 0% for the fiscal year 2020-21. Moody’s also said that the negative outlook on sovereign rating reflect increasing risks that GDP growth will remain structurally and significantly lower than in the past. Moody’s has also warned about weaker policy effectiveness to address economic and institutional issues. The negative outlook by Moody’s clearly indicates that any upgrade is unlikely in the near future. Moody’s has pointed at high government debt, weak social and physical infrastructure and a fragile financial sector as the chinks in the armour. Moody’s has added that the COVID-19 had made the Indian economy all the more vulnerable. Moody's had, in November 2019, affirmed India's 'Baa2' rating but revised downward the outlook to negative from stable on concerns of lower economic growth. 'Baa2' is an investment grade rating with moderate credit risk. This reduces the leeway for Indian policy makers, especially on the fiscal deficit front.