Moody's upgrades India's sovereign rating, govt says it was long overdue
Nov 19, 2017, 00:58
The Finance Minister, Shri Jaitley re-iterated his Government's commitment for both increasing the public expenditure on infrastructure and creating environment for private participation in infrastructure to boost employment and provide impetus to overall economic growth.
"Rating upgrade by Moody's Investors Service on India's sovereign bonds would make a huge a difference to India Inc's capacity to tap the global financial markets at very competitive rates", said Assocham Secretary General D.S. Rawat. He said the upgrade has not happened in isolation and for the last three years the India has been the fastest growing major economy. Listing the series of reforms which led to the upgrade, he said while demonetisation took the economy towards greater formalisation and digitisation, use of Aadhaar ensured targeted delivery of government benefits. Recognition of reforms: GST, bank recap plan, Bankruptcy code & macro-stability. 4.
Moody's on Friday upgraded the government's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive after a gap of 13 years.
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Jaitely said: "Smooth transition of GST is universally recognised as a landmark reform in Indian tax structure". The decision to upgrade the ratings is underpinned by agency's expectation that continued progress on economic and institutional reforms will enhance India's high growth potential and will contribute to a decline in the government debt. All these steps which constituted major reforms are directional in nature. "It is a major global recognition of major economic and institutional reforms undertaken by the Government of India", he said while addressing a press conference here.
Here are four main points based on which Moody's upgraded India's credit ratings. 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.
"Now after 13 years we get the ratings upgraded and I am sure many who had doubts would seriously introspect on their positions", he said.
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