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Moody's India upgrade: Will continue reforms, says FM

19 November, 2017, 00:57 | Author: Priscilla Morrison
  • Moody's India upgrade: Will continue reforms, says FM

Moody's has also upgraded India's local currency senior unsecured rating to Baa2 from Baa3 and its short-term local currency rating to P-2 from P-3, according to a statement from the agency.

Jaitley said: "It is extremely encouraging that there is an worldwide recognition and the fact that this recognition merely furthers our determination to follow the track we have embarked upon". The report said: "Measures (GST, DBT and Demonetisation) will increase the degree of formality in the economy, broaden the tax base, and promote expenditure efficiency through rationalisation of government schemes and better-targeted delivery will support the expected, though very gradual, improvement in India's fiscal metrics over time". "The structural reforms that have placed India on the path of a high trajectory growth", Jaitley said. Recognition of reforms: GST, bank recap plan, Bankruptcy code & macro-stability. 4.

"Introduction of Aadhar, recapitalization of public sector banks, smooth transition of GST and demonetization have all been landmark reforms", he said.

In the wake of India's rating being upgraded by global credit rating agency Moody, Finance Minister Arun Jaitley said it is "encouraging to gain worldwide recognition and not something that's happening in isolation".

"All these reforms were directional... all steps that we have taken follow a particular roadmap..."




Moody's Investors Service upgraded its ratings on India's sovereign bonds for the first time in almost 14 years on Friday, saying continued progress on economic and institutional reform will boost the country's growth potential.

"Moody's upgrade of India's rating is a reaffirmation of the various reform measures undertaken by the government over the last three to four years and we welcome this move", said FICCI President Pankaj R. Patel.

Taking on opposition, Jaitley said those who had doubts about the government's reforms must introspect.

The revision of the sovereign rating of India a notch above investment grade also lifted investors' sentiments at the Indian equity markets.

"It is an upgrade which has happened after 13 years".

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