Moody's upgrade recognizes fiscal prudence that India has committed: Arun Jaitley

New Delhi, November 17: Moody’s up gradation of India's rating is recognition and an endorsement of the reform process which has taken place in India, particularly in the last 3-4 years said the Finance Minister Arun Jaitley on Friday.

 

Addressing press conference in New Delhi, Jaitley said that India's rating has been upgraded from positive to stable after a gap of 13 yrs. It is a major international recognition of major economic and institutional reforms undertaken by Government of India.

He further added that Moody's have rightly recognized the structural reforms undertaken like GST, sound monetary policy framework, addressing PSB recapitalization issue, measures taken to bring formalization and digitalization in the economy.

Talking about the up gradation, Minister said that Moody's upgrade is recognition of all the structural reforms in the Indian Economy in the past few years. It recognizes the fiscal prudence that India has committed to itself. He further added that India continues to follow a path of financial forethought. Those who are having doubts regarding the reform process in the country should introspect. There will be important stress on the application and gain the benefits of the growth process.

The Rating agency Moody's upgrades India's sovereign credit rating from BAA3 to BAA2 on Thursday. 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.