Credit Perspectives on India’s Union Budget 2026-27
From policy to pricing: Inflation, credit conditions, and fiscal discipline
India's Union Budget 2026-27 budget comes at a moment of global uncertainty and tightening financial conditions.
Join Moody’s and ICRA analysts as they assess the budget’s credit implications and what it means for India’s economic and fiscal trajectory. The webinar will address key questions, including:
- How will the budget help sustain India’s growth trajectory amidst a challenging global environment?
- What is the backdrop for inflation, monetary policy, and domestic credit conditions?
- Will fiscal consolidation be sustained despite recent revenue-eroding reforms?
Speakers
Aditi Nayar
Chief Economist, Head - Research & Outreach
ICRA Limited
Christian de Guzman
Senior Vice President - Manager, Sovereign and Sub-Sovereign Risk
Moody's Ratings
Spencer Ng
VP-Senior Credit Officer, Project & Infrastructure Finance
Moody's Ratings
Devang Rajkotia
Assistant Vice President - Analyst, Financial Institutions
Moody's Ratings
Sweta Patodia
Assistant Vice President – Analyst, Corporate Finance
Moody's Ratings
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Aditi Nayar is ICRA’s Chief Economist and Head of Research & Outreach. She leads Indian economic and state finances as well as cross-sectoral research at ICRA Ltd. Her focus areas include macroeconomic analysis and forecasting, policy assessment as well as fiscal analysis and debt sustainability at the sovereign and sub-sovereign level.
She has been a part of several credit rating exercises for sub-sovereign debt in India, including debt raised by state governments, state-owned entities spanning sectors such as irrigation, power, industrial and infrastructure development, pooled finance entities raising funds for urban infrastructure, as well as urban local bodies.
Aditi has an overall work experience of 19 years, out of which 17 years have been with ICRA. Previously she had a stint with the World Bank as a research analyst where her focus was on fiscal and macroeconomic issues.
Aditi has been named as one of the top forecasters of India by Bloomberg in the past. Aditi has an M.Phil. degree in Economics from the University of Oxford and a Bachelor's degree in Economics and Psychology from Indiana University, Bloomington.
Christian de Guzman is a Senior Vice President with Moody’s Sovereign and Sub-Sovereign Risk Group. Based in Singapore, he covers a portfolio of sovereigns and multilateral development banks in Asia Pacific, including Japan, India and a number of Southeast Asian credits, while also managing the team responsible for sub-sovereign ratings in Asia ex-China.
Christian joined Moody’s in 2009, after working as a Senior Economist for the Monetary Authority of Singapore, covering ASEAN economies. He has also held various positions with the Research Department at the International Monetary Fund in Washington DC, and Procter & Gamble in Singapore.
Christian was a Phi Beta Kappa graduate in Economics and Political Science at the University of Georgia and received his M.A. in International Economics and Southeast Asian Studies from the Johns Hopkins University School of Advanced International Studies.
Spencer Ng is a Vice President – Senior Credit Officer in Moody’s Public, Project & Infrastructure Finance team. Based in Singapore, Spencer is responsible for project finance and infrastructure credits, including power utilities, renewables and airports in South and Southeast Asia.
Prior to joining Moody’s in 2007, Spencer worked for Ernst & Young Transactions Advisory Services in their Project Finance team. Spencer has also held various analytical and accounting roles at ANZ Bank, JP Morgan and State Street Australia.
Spencer holds a Bachelor of Economics and a Master of Commerce from the University of New South Wales. He is also a CFA charterholder.
Devang is an Assistant Vice President - Analyst in Moody’s Ratings’ Financial Institutions Group, based in Singapore. He leads credit rating and research for banks in South Asia and non-bank financial institutions in India.
Devang has 10+ years of experience in the financial services industry. Before joining Moody’s Ratings, he served as Deputy Vice President in HDFC Bank’s Credit Risk Management division in India where he focused on credit portfolio risk management and risk analytics.
In earlier roles at HDFC Bank, he managed securitization and underwriting for financial institutions. He began his career with Moody’s domestic affiliate, ICRA Limited in India, specializing in structured finance ratings.
Devang holds an MBA in Finance from the S.P. Jain Institute of Management & Research(SPJIMR) and a Bachelor of Technology in Computer Science from VJTI Mumbai.
Sweta Patodia is an Assistant Vice President – Analyst in the Moody’s Corporate Finance Group. Based in Singapore, Sweta covers a diversified portfolio of Indian corporates across the oil and gas, technology start-ups and IT sectors.
Sweta joined Moody’s in 2014 as an Associate Analyst. Prior to joining Moody’s, Sweta worked as a Credit Analyst for over three years at HSBC in India.
Sweta is a Chartered Accountant, Company Secretary and a CFA charter holder.