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The GDP of a country gives a lot of information about the economic performance of a country, and the size of the country’s economy. It is deemed as an indicator to measure the general condition of the economy of a country. The increase in real GDP suggests that the country is performing well financially. After the outbreak of the Covid 19 followed by the pandemic situation, India’s economy received a huge setback thereby leading to stagnation in the economic development of the country. However, the country has improved financially at present, and with the help of the ICRA rating and CRISIL rating, it is necessary to understand the country’s actual achievement with regard to economic growth and development.
Overview of India’s GDP and CRISIL rating
The real GDP of India in the year 2020-21 was Rs 135.58 trillion, whereas in 2022, the GDP has increased to Rs 147.72 trillion. This suggests that the country’s economy is improving post-Covid. The GDP contracted by 6% in 2021, whereas it has increased to 7% in 2021. CRISIL is a company that provides advisory services to financial institutions and corporations. It is an analytical company that works internationally to provide research, risk, and ratings of financial institutions. CRISIL rating helps the largest banks of the world to analyze their risks, and it provides research to them to provide foresight regarding the business strategies that they should adopt considering the financial condition of the world market. CRISIL rating plays a significant role in the growth and development of India’s economy, as it helps to measure the quality of the country’s credit with the help of its rankings.
CRISIL rating is the leading rating agency in India which is promoted by the major financial institutions of the country such as the nationalized banks, and also by the foreign banks and the private sector banks. It helps the Indian financial institution to make choices with respect to investment by analyzing the information offered by the institution. It is basically an analytical company that is a subsidiary of the S & P Global American Company. It provides credit scores to the financial institutions of India and helps them earn a good credit score by providing ranking on the mutual funds. The 5-star ratings help the investors to understand the potential of the mutual funds to achieve remarkable returns. The ranking of the company is basically a mixture of the risk and the return, as the investors also understand the risks involved with a particular fund.
Role of DBS Bank and ICRA rating in India’s economy
The DBS bank plays a significant role in providing digital banking services to customers all over the world. It enables the customers to transfer funds and make payments for electricity, mobile bills, etc. with the help of smartphones. DBS Bank also helps the customers to see their credit card accounts and banking accounts. The money safe guarantee policy of the DBS bank gives protection to the customers when they avail the mBanking facility of the bank. Considering the increasing number of fraudulent activities in the banking sector due to unprotected payment gateways and vulnerable servers, the DBS bank has been an angel to the customers who opt for online financial transactions. DBS Bank offers reimbursement to the customers in case any unauthorized transactions take place. DBS bank plays an important role in the modern financial transactions of India which has undergone a digital transformation in the recent years
The ICRA rating is basically a credit rating that helps the investors to evaluate the risks associated with issues of debt. ICRA rating is offered by the company after intensive research. It gives an opinion to the financial institutions and the investors regarding the risks involved with the burrowers and the strategies involved in the borrowing process.
Conclusion
India’s economic market largely depends on the investors and the burrowers as both the capital and the money market together help to fulfill the long term and short term demands of the borrowers and the investors. The ICRA and the CRISIL ratings help financial institutions of the country make risk-oriented decisions with respect to funds and investments. The DBS bank has largely contributed to the safety of online transactions made by customers in India.
