Daily Trends Now
Daily Trends Now


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.

follow

editors' picks

November 18, 2017
OnePlus 5 and 5T should, finally, get Android Oreo by next year
Unfortunately, the OnePlus 5T doesn't feature a microSD card slot, so in this case, what you see is what you get, storage-wise. The OnePlus 5T comes with a 3,300mAh battery , which supports the company's Dash Charge fast charging technology .

November 16, 2017
Gadot's ultimatum for Wonder Woman franchise
She is, however, all set to reprise the role of Amazonian goddess Diana Prince in DC's upcoming film Justice League . The person spoke on condition of anonymity because they were not authorized to discuss the matter publicly.

November 16, 2017
Qualcomm will reportedly reject Broadcom's offer
Last week we reported that Broadcom was looking to purchase Qualcomm for $105 billion United States dollars . It's interesting to note that Qualcomm didn't just come out and say, "we're not for sale".

November 14, 2017
Delhi pollution: NGT slams govt, SC to hear plea over rising smog
Speaking to Firstpost regarding the matter, AAP MLA Anil Bajpai said, "We can not compromise on the issue of women's safety". But, of course, AAP can't risk leaving women out of the exemptions' list - one untoward incident, and it would be doomed.

November 14, 2017
Liam Miller, former Manchester United and Celtic midfielder, undergoing cancer treatment
While Stoke playmaker Charlie Adam added: "Thoughts are with Liam Miller and his family at this tough time.#staystrong". The former Welsh worldwide said: "My thoughts are with Liam Miller and his family this morning".

November 11, 2017
SC to hear today plea on 'bribes' being taken in judges' name
The names of the college's trustees B P Yadav and Palash Yadav is also there in the FIR lodged by the CBI. Luthra who was aggrieved by the rejection of his petition by the Delhi high court.

November 09, 2017
Transgender candidate Danica Roem wins historic Virginia race
Hoboken voters chose Ravinder Bhalla, who became the first Sikh mayor to be elected in the state of New Jersey. Roem had been running against Delegate Bob Marshall who held the office for 25 years.

November 08, 2017
Facebook Messenger's money transfer tool is heading to the UK
According to Facebook , money will be transferred right away but may take few days to reflect in the account of the receiver. Facebook Messenger also lets you send payments through PayPal and introduced a group payment option earlier this year.

November 07, 2017
Nokia 5 3GB RAM version launched in India for Rs. 13499
Priced at Rs 13,899, the device has a capacitive touchscreen measuring 5.2-inch and with 720x1,280 pixels (282 ppi pixel density). On the front, there is an 8MP autofocus camera with f/2.0 aperture and an 84-degree wide-angle lens for better selfies.

November 07, 2017
Paul Ryan Says Congress Will Not Interfere With Robert Mueller's Russia Investigation
Special counsel investigators will be interviewing witnesses this week to get more information about Flynn's lobby work as well. Jeff Sessions "is going to have a lot of difficulty" in the weeks ahead due to his false statements to Congress .