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19 November 2017, 12:57 | Sherry Padilla
Prime Minister Narendra Modi arrives to attend BJP Central Election Committee meeting in New Delhi today. Image source IANS
It is "encouraging to have global recognition" and "not something happening in isolation", he said.
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.
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". 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. "We welcome it and believe that it is a belated recognition of all the positive steps taken in India in the last few years which have contributed to the strengthening of the Indian economy", he told reporters here.
"Those (reforms) implemented to date will advance the government's objective of improving the business climate, enhancing productivity, stimulating foreign and domestic investment and ultimately fostering strong and sustainable growth", the agency said. He said the upgrade has not happened in isolation and for the last three years the India has been the fastest growing major economy.
But Moody's lowered India's growth projection for the current fiscal because of the impact of demonetisation and the Goods and Services Tax (GST).
"Longer term, India's growth potential is significantly higher than most other Baa-rated sovereigns", said Moody's.
He added that coming from an worldwide agency, the recognition is a source of encouragement.
The upgrade is a recognition of the reform process in India, particularly in the last 3-4 years, in which structural reforms placed India on a high growth trajectory, he said.
Moody's said that the recent announcements of a comprehensive recapitalisation of Public Sector Banks (PSBs) and signs of proactive steps towards a resolution of high NPLs through use of the Bankruptcy and Insolvency Act 2016 are beginning to address a key weakness in India's sovereign credit profile.
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