Moody's ups India rating

Moody's ups India rating

India Inc too lauded it.

In 2015, the rating outlook was changed to "positive" from "stable". Standard & Poor's has kept India at the lowest investment grade just above junk status for a decade and Fitch Ratings for one year longer. The S&P BSE Sensex closed the day's trade 235.98 points up and NSE Nifty50 68.85 points up.

Reports suggest that the global rating company said the reforms undertaken by the government would lead to an enhanced business environment, fuelling the foreign and domestic investment, and subsequently the growth momentum. "Moody's expects real GDP growth to moderate to 6.7% in the fiscal year ending in March 2018 (FY2017)", the agency said.

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"Longer term, India's growth potential is significantly higher than most other Baa-rated sovereigns", said Moody's.

Last year, India lobbied hard with Moody's for an upgrade, but failed. "The structural reforms that have placed India on the path of a high trajectory growth", Jaitley said.

The steps taken by the government in the last few years have contributed to the strengthening of the Indian economy, and the upgradation is an endorsement of the ongoing reform process, he said.

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"Introduction of Aadhar, recapitalization of public sector banks, smooth transition of GST and demonetization have all been landmark reforms", he said. All steps taken in the last few years had a roadmap.

He added that coming from an worldwide agency, the recognition is a source of encouragement. This is not something that is happening in isolation. "The reform program will thus complement the existing shock-absorbance capacity provided by India's strong growth potential and improving global competitiveness", the rating agency said in a statement. Modiji and Moody's "Jodi' have failed", Congress spokesperson Randeep Singh Surjewala tweeted.

Within minutes of upgrade the Government's Chief Economic Advisor Arvind Subramanian tweeted, "Moody's India rating upgrade. 1".

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Commenting on Moody's upgrading India to Baa2, from Baa3, he said it is a recognition that India continues to follow the path of fiscal prudence which has brought stability to the economy.

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