Empowering MSMEs with News & Insights

India’s upgrade in MOODY’s rating from positive to stable reflecting positive impact of reforms: Arun Jaitley

Updated: Nov 17, 2017 07:31:56am
image

India’s upgrade in MOODY’s rating from positive to stable reflecting positive impact of reforms: Arun Jaitley

New Delhi, Nov 17 (KNN) Responding to the upgrade of the country in Moody's index, Finance Minister Arun Jaitley said that the upgrade signifies the endorsement of the reforms including digitisation and Goods and Services Tax (GST) at a larger global level.

Earlier today International rating agency Moody's Investors Service has upgraded India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive.

The Finance Minister further said that the different reforms undertaken by the government over the course of last three years including the Insolvency and Bankruptcy Code, formation of dedicated statutory bodies like the monetary policy committee and the landmark Goods and Services Tax (GST), all have proved instrumental in facilitating the upgrade.

Jaitley highlighted the government’s commitment towards moving ahead in the direction and adding to the overall scenario of the country’s economy.

He also mentioned about the country’s recent jump in the World Bank’s Ease of doing business report in which India was ranked at 100th position this year.

The upgrade in the Moody’s rating comes after a gap of almost 13 years, moving it to the category of ‘stable’ from the previous category ‘positive’. (KNN/ DA)

COMMENTS

    Be first to give your comments.

LEAVE A REPLY

Required fields are marked *