Welcoming Moody’s upgrade of India’s rating, Union finance minister Arun Jaitley said the upgrade is a recognition of structural reforms in the Indian economy.
He further said the upgrade recognises the fiscal prudence that India has committed itself to.
Credit rating agency Moody’s upgraded India’s sovereign ratings to Baa2 from its lowest investment grade (Baa3) for the first time since 2004 Friday.
#Moody's upgrade is a recognition of all the structural reforms in the Indian Economy in the past few years.
— Arun Jaitley (@arunjaitley) November 17, 2017
#Moody's upgrade recognises the fiscal prudence that India has committed itself to.
— Arun Jaitley (@arunjaitley) November 17, 2017
He said the upgrade is the outcome of the positive steps India had taken in the last few years.
And that the steps have helped strengthen the Indian economy.
“A number of structural reforms have taken place which has placed India on a path of high trajectory growth.”
He further said the international recognition will encourage India and make it more determined to follow the path they have set out on.
Talking about demonetisation, he said the move is taking the Indian economy to greater formalisation and digitisation which is now being universally acknowledged.
The fact that a series of steps including demonetisation, which are now taking Indian economy to a greater formalization and digitization, something which is being universally acknowledged: FM Jaitley
— ANI (@ANI) November 17, 2017
He also responded to the Opposition’s criticism of the government’s handling of the economy:
Many who had doubts in their minds about India's reform process would now seriously introspect on their positions itself: Finance Minister Arun Jaitley on Moody's upgradation of India's rating pic.twitter.com/UCHzMHtotz
— ANI (@ANI) November 17, 2017
In you look at our track record of three years, it has been one of the better records in Indian history as far as fiscal discipline is concerned, and we intend to move on that track: Finance Minister Arun Jaitley pic.twitter.com/bz6W1uvmUm
— ANI (@ANI) November 17, 2017
