New Delhi, Nov 17 The Finance Minister Arun Jaitley said on Friday that Moody’s upgradation was a
belated recognition of all the positive steps taken so far by the Narendra
Modi-led NDA Government.
India’s rating has been upgraded after a period of 13 years. India’s sovereign credit rating was last upgraded in January 2004 to Baa3 (from Ba1). In a press conference, Finance Minister said that the steps taken by the government in the last few years have "contributed to the strengthening of the Indian economy" and were being recognised by various agencies. Earlier in the day, Moody's Investors Service (Moody's) upgraded the Government of India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive. The global ratings agency, however, cautioned that high debt burden remains a constraint on the country's credit profile. Following the Moody’s report, stock markets sensitive index BSE opened at as high as 400 point. The Rupee also opened with its biggest gain in four years at 64.72/Dollar. Reacting on the Moody’s report, Finance Minister said, “Government of India welcomes the upgrade and believes, as rightly noted by the Moody’s that this is in recognition of major economic and institutional reforms undertaken by Government of India.” Taking on those who opposed demonetisation and GST, Mr Jaitley said that those who had doubts on India’s reform process should need to seriously introspect. “These reforms include introduction of path breaking Goods and Services Tax (GST); putting in place a sound monetary policy framework; measures taken to address recapitalisation of public sector banks and a number of measures taken to bring formalisation and digitalisation (The JAM agenda) in the economy - demonetization, the Aadhaar system of biometric accounts and targeted delivery of benefits through the Direct Benefit Transfer (DBT) system,” said Finance Minister. UNI
India’s rating has been upgraded after a period of 13 years. India’s sovereign credit rating was last upgraded in January 2004 to Baa3 (from Ba1). In a press conference, Finance Minister said that the steps taken by the government in the last few years have "contributed to the strengthening of the Indian economy" and were being recognised by various agencies. Earlier in the day, Moody's Investors Service (Moody's) upgraded the Government of India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive. The global ratings agency, however, cautioned that high debt burden remains a constraint on the country's credit profile. Following the Moody’s report, stock markets sensitive index BSE opened at as high as 400 point. The Rupee also opened with its biggest gain in four years at 64.72/Dollar. Reacting on the Moody’s report, Finance Minister said, “Government of India welcomes the upgrade and believes, as rightly noted by the Moody’s that this is in recognition of major economic and institutional reforms undertaken by Government of India.” Taking on those who opposed demonetisation and GST, Mr Jaitley said that those who had doubts on India’s reform process should need to seriously introspect. “These reforms include introduction of path breaking Goods and Services Tax (GST); putting in place a sound monetary policy framework; measures taken to address recapitalisation of public sector banks and a number of measures taken to bring formalisation and digitalisation (The JAM agenda) in the economy - demonetization, the Aadhaar system of biometric accounts and targeted delivery of benefits through the Direct Benefit Transfer (DBT) system,” said Finance Minister. UNI
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