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Moody's India upgrade: Will continue reforms, says FM

Moody's India upgrade: Will continue reforms, says FM

Moody's said it expects India's real GDP growth to moderate to 6.7 percent in the fiscal year ending in March 2018 from 7.1 percent a year earlier.

Commenting on Moody's upgrading India to Baa2, from Baa3, he said it is a recognition that India continues to follow the path of fiscal prudence which has brought stability to the economy.

Moody's has also raised India's long-term foreign-currency bond ceiling to Baa1 from Baa2, and the long-term foreign-currency bank deposit ceiling to Baa2 from Baa3.

"It is encouraging that there is an worldwide recognition and this firms our determination to follow the path that we have embarked upon", he said. 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.

The government had successfully implemented the Insolvency and Bankruptcy Code (IBC) 2016, recapitalisation, and setting up of the RBI's Monetary Policy Committee.




He added, the number of structural reforms that have taken place in the last three to four years have placed India "on path of a high trajectory growth".

"Introduction of Aadhar, recapitalization of public sector banks, smooth transition of GST and demonetization have all been landmark reforms", he said. The US-based agency today upped India's rating to Baa2 from Baa3 and changed its rating outlook to "stable" from "positive", saying the reforms will help stabilise rising levels of debt. Stating that all these steps constitute major reforms and are directional, he said the rating upgrade therefore is "extremely encouraging".

Moody's has upgraded India's ratings after a gap of 13 years in a report released on November 16.

Last year, India lobbied hard with Moody's for an upgrade, but failed. "Many who had doubts in their minds about India's reform process would now seriously introspect on their positions itself", he said.

The revision of the sovereign rating of India a notch above investment grade also lifted investors' sentiments at the Indian equity markets.

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