Moody’s Investors Service, the international agency for credit rating has upgraded India’s ratings after a long gap of 13 years. As per the latest reports, the local and foreign currency issuer ratings have been upgraded from Baa3 to Baa2 while the outlook has been changed from positive to stable.
Last time, the ratings were upgraded to Baa3 in the year 2004 when the BJP government led by Atal Bihari Vajpayee was in power. Although this has been a long gap, the Finance Minister Arun Jaitley has stated that it’s a “recognition and endorsement” of country’s economic reforms.
The latest ratings have mentioned India among the countries like Philippines and Italy. It’s a one-level shift for India from the lowest investment-grade ranking. The agency has revealed that India’s ratings have been upgraded with respect to the economic growth led by the sweep in the economic policies.
Most of the investors thought that post demonetization and GST implementation, India’s economy has slowed down. However, the agency says that the policies will take some time to bring an effect. As per Moody’s the policies of GST, Demonetization and Aadhaar implementation are going to remove the barriers and bring improvement in the monetary policy.
Apart from PMO India’s tweets, Amit Shah also took to his twitter account to highlight Moody’s ratings and its beliefs about the Indian economy. Check them out below:
Moody’s believes that the @narendramodi Government’s reforms will improve business climate, enhance productivity, stimulate foreign and domestic investment, and ultimately foster strong and sustainable growth. @MoodysInvSvc
— PMO India (@PMOIndia) November 17, 2017
Moody’s believes that Modi Govt’s reforms will improve the business climate, enhance productivity, attract more investment & put India on a higher growth trajectory.
— Amit Shah (@AmitShah) November 17, 2017
Moody’s remains bullish on reforms done by Modi Government and is confident of India’s growth potential.
— Amit Shah (@AmitShah) November 17, 2017
India’s largest ever increase in Ease of Doing Business rankings, Pew study ascertaining PM @narendramodi ji’s popularity, Moody’s upgrade are all reflections of Modi Govt’s hard-work and reform process.
— Amit Shah (@AmitShah) November 17, 2017
