Those who had doubts must introspect: Jaitley on Moody's upgrade for India

Those who had doubts must introspect: Jaitley on Moody's upgrade for India

On mention of India's fiscal prudence in the Moody's report, Jaitley said "India continues on the path of fiscal prudence which has brought stability to the economy".

Finance Minister Arun Jaitley on Friday said the government welcomes Moody's upgradation of India's sovereign rating.

Talking about policy decisions like demonetisation and GST implementation, he said that a series of steps taken by the government are taking Indian economy to a greater formalisation and digitization which is being universally acknowledged.

It is "encouraging to have worldwide recognition" and "not something happening in isolation", he said.

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

Stating that reforms will foster sustainable growth, Moody's said government is mid-way through a wide-ranging programme of economic and institutional reforms.

The "emphasis is on infrastructure building and expenditure in rural areas", he added.

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Moody's Investors Service today upgraded India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive.

"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.

Credit rating agency upgrades India's sovereign bonds for the first time in nearly 14 years, changing its rating outlook to stable from positive.

Reacting to the upgrade, Jaitley told reporters: "It is a belated recognition of all the positive steps taken in the last few years".

Sovereign credit rating indicates the level of risk faced by investors while investing in a country.

At 0550 GMT, the benchmark 10-year bond yield was down 9 basis points at 6.97 percent, the rupee was trading stronger at 64.84 per dollar versus the previous close of 65.3250, while the NSE share index was 1.1 percent higher.

Driven by banks after Moody's upgrade, the Sensex rallied 400 points.