India could become the first “fallen angel” among the BRIC ( Brazil, India, Russia and China) countries. Global rating agency Standard & Poor  on Monday had cautioned that India could lose its investment grade rating due to slow growth and political problems which increase risk of investors.The finance ministry on Tuesday slammed the global credit rating agency for not being  transparent.

Indian stock market does not present attractive prospects for investors in the near future says Goldman Sachs. As President election is on july 19, nominations of two key allies of ruling Congress party were rejected by ruling party.

The country’s crucial monsoon rains were 50 percent below average in the week to June 13 as monsoon rains are important for farm output and economic growth.Farm sector accounts for about 15 percent of a Asia’s third-biggest economy.

General elections are in 2014 and  if monsoon fails, there is a possibility of elections in 2013.