Moody's ratings and Modi's expectations are finally on the same page

Moody's ratings 'extremely encouraging', endorses Centre's reforms, says Jaitley

Moody's upgrade a recognition of Modi govt's reforms: FM Arun Jaitley

"India's rating has been upgraded from positive to stable after a gap of 13 years".

Jaitley said: "It is extremely encouraging that there is an worldwide recognition and the fact that this recognition merely furthers our determination to follow the track we have embarked upon".

"And after a long spell of 13 years, India gets the rating upgrade".

"Baa3" was the lowest rating in the investment grade - just a notch above the "junk" status.

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Addressing a press conference after Moody's, one of the major ratings agencies upgraded India's sovereign ratings to Baa2 from Baa3, Jaitley said the recognition will further the determination of the government to do better. He said the upgrade has not happened in isolation and for the last three years the India has been the fastest growing major economy.

The upgrade is likely to have a positive rub-off effect on equities, rupee, and bonds, industry insiders said. In 2015, the rating outlook was changed from "stable" to "positive".

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.

The finance minister said that the government's emphasis was on "implementation and reaping benefits of the growth process".

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Moody's said the recently-introduced goods and services tax (GST), a landmark reform that turned India's 29 states into a single customs union for the first time, will boost productivity by removing barriers to inter-state trade.

"The reform program will thus complement the existing shock-absorbance capacity provided by India's strong growth potential and improving global competitiveness", it said.

"In the meantime, while India's high debt burden remains a constraint on the country's credit profile, Moody's believes that the reforms put in place have reduced the risk of a sharp increase in debt, even in potential downside scenarios", the ratings agency said in a statement.

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