The "Baa3" rating was the lowest investment grade - just a notch above "junk" status. The Narendra Modi government has been pitching for an upgrade for quite some time now citing various reforms initiatives. Moody's believes that those (reforms) implemented to date will advance the government's objective of improving the business climate, enhancing productivity, stimulating foreign and domestic investment, and ultimately fostering strong and sustainable growth.
The rating upgrade was the first in 13 years.
However, Moody argued that measures such as the GST, demonetisation, and others would need time to settle in, and the impact would be witnessed in due course of time. "The structural reforms that have placed India on the path of a high trajectory growth", Jaitley said. All steps taken in the last few years had a roadmap. "Longer term, India's growth potential is significantly higher than most other Baa-rated sovereigns", it said.
He also lauded the smooth transition of the Goods and Services Tax (GST).
"It is extremely encouraging that there is an worldwide recognition..." Stating that all these steps constitute major reforms and are directional, he said the rating upgrade therefore is "extremely encouraging". However, we must bear in mind that this is not something happening in isolation. "Now after a long spell of 13 years, India gets rating upgradation", he added.
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Mumbai: Terming Moody's Investor Services' much-awaited sovereign ratings upgrade as "positive inflection point", Securities and Exchange Board of India (Sebi) chairman Ajay Tyagi has said it is an acknowledgement that the reform measures being taken by government are in the right direction.
However, India Inc cheered the ratings upgrade.
Moody's has also upgraded India's local currency senior unsecured rating to Baa2 from Baa3 and its short-term local currency rating to P-2 from P-3, according to a statement from the agency.
Here are four main points based on which Moody's upgraded India's credit ratings.