Moody's praises government reforms, expects 6.7% GDP growth this fiscal

18 November, 2017, 01:59 | Author: Kim Reid
  • A Moody's sign is displayed on 7 World Trade Center the company's corporate headquarters in New York

"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.

Jaitley reiterated the government's commitment to structural reforms and said fiscal prudence will be maintained.

Last year, India lobbied hard with Moody's for an upgrade, but failed.

Bank stocks today rose by up to 6 per cent after the US-based Moody's upgraded India's sovereign credit rating by a notch to "Baa2" with a stable outlook.

FBI Launches Probe Into Meek Mill Judge
Undercover agents have been in the courtroom and followed Mill's case ever since April of a year ago . Mill had been on probation from a 2008 gun and drug case.

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.

Moody's has upgraded India's ratings after a gap of 13 years in a report released on November 16.

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

The announcement may kick-off a short-lived rally next week in the bond market, with the 10-year government bond yield likely to fall by 5 basis points, traders said. However, the other two global rating agencies - Fitch and Standard & Poor's - maintain a BBB- rating with a stable outlook for India.

Five Dead In California Shooting Spree That Ended At School
Two hospitals said they were treating a total of seven gunshot victims, including at least three children. Tehama County Superintendent of Schools Rich DuVarney there were no student or staff fatalities.

The Narendra Modi government has just received a pat on the back from a heavyweight-credit rating agency Moody'.

It, however, said the high public debt burden remains an important constraint on India's credit profile relative to its peers, notwithstanding the mitigating factors which support fiscal sustainability.

Going forward, the government will continue to emphasise implementation of reforms and "reap the benefits of the growth process in terms of expenditure, infrastructure building and rural areas", Jaitley said.

Moody's said the decision to upgrade the rating was underpinned by the expectation that continued progress on economic and institutional reforms will, over time, enhance India's high growth potential.

Taylor Swift to bring 'Reputation' tour to Gillette Stadium in 2018
Taylor Swift performs at DIRECTV NOW Super Saturday Night Concert at Club Nomadic on Saturday, Feb. 4, 2017 in Houston, Texas. There are no details on the cost of the tickets, but fans can register online to purchase them in advance.

"Longer term, India's growth potential is significantly higher than most other Baa-rated sovereigns", said Moody's.

Recommended:

  • Keystone Pipeline Oil Spill Reported In South Dakota

    Keystone Pipeline Oil Spill Reported In South Dakota

    The company says that it is providing state and federal regulators "with accurate and confirmed information on an ongoing basis". The Keystone XL pipeline has been opposed by environmental and Native American groups since it was proposed previous year .
    ESOcast 137 Light: Temperate Planet Orbiting Quiet Red Dwarf (4K UHD)

    ESOcast 137 Light: Temperate Planet Orbiting Quiet Red Dwarf (4K UHD)

    While the exact age of the star isn't known, the team of researchers estimate that Ross 128 is about five billion years old. Ross 128b orbits its host star once every 9.9 days and is 20 times closer to its host star than Earth is to the sun .

    Aircraft Carrier Groups Take Part in Joint US- S. Korean Maritime Drills

    The exercise involves three USA aircraft carrier groups, making it the largest show of force in a decade. Seven South Korean navy vessels will take part in the exercises, including two Aegis ships.
  • Koch brothers back Meredith bid to buy Time

    Koch brothers back Meredith bid to buy Time

    The two companies were in talks earlier this year, but couldn't agree to terms back in April. Wichita-based Koch Industries operates oil refineries in several states.
    Selena Gomez kisses Justin Bieber at his hockey game

    Selena Gomez kisses Justin Bieber at his hockey game

    In other words, she's still figuring out if things are "quiet" for The Weeknd or if he's a homeboy who can, like, get it . "I don't think it'll become serious, but I'm sure she's happy to spend time with him while they're in the same city".
    'Lord of the Rings' TV Series in the Works at Amazon!

    'Lord of the Rings' TV Series in the Works at Amazon!

    Amazon has acquired the USA and global rights to develop, produce, and air a television show based on J.R.R. Everybody wants a big hit and certainly that's the show of the moment in terms of being a model for a hit.
  • 'F--- TRUMP' truck driver has been arrested

    'F--- TRUMP' truck driver has been arrested

    California , the high court overturned the conviction of a man who wore a jacket in a courtroom with the words "F*** the draft". Fonseca says the decal, which she had custom made 11 months ago for $25, speaks for many.
    Bill Gates Donates $50 Million To Alzheimer's Research

    Bill Gates Donates $50 Million To Alzheimer's Research

    He said, "It'll take probably 10 years before new theories are tried enough times to give them a high chance of success". Speaking to Reuters , Gates said he wanted to help combat the rapidly rising numbers of Alzheimer's sufferers.
    Thanks To A Backdoor, Hackers May Get Root Access To OnePlus Phones

    Thanks To A Backdoor, Hackers May Get Root Access To OnePlus Phones

    If it's there, anyone with physical access to your device can exploit EngineerMode to gain root access on your smartphone. Following the allegations, OnePlus took some steps, and added the new "opt-in" option for the user experience program.
  • Google adds salaries to its job search tool

    Google adds salaries to its job search tool

    If the job is posted in multiple sites job seekers will be able to apply for it through their preferred site. That's a handy feature, but Google is also rounding out this service with a couple of extra options.

    Android Oreo will soon save some storage space due to inactive apps

    To put that into perspective, over 50% of all iOS devices have already been updated to iOS 11 less than two months after launch. Last year's version, Android 7.0/7.1 Nougat, is building up a head of steam in its efforts to overtake Android 6 Marshmallow.
    Year Old Beats Face ID on Mom's iPhone X

    Year Old Beats Face ID on Mom's iPhone X

    Face ID uses artificial intelligence to distinguish real faces from images, videos or masks, but it "learns" a face over time. However, recently a Vietnamese security firm said that it successfully managed to thwart the Face ID using a mask.


Popular

World's biggest wealth fund wants out of oil and gas
It invests Norway's revenues from oil and gas production for future generations in stocks, bonds and real estate overseas . The Stoxx Europe 600 Oil and Gas index reversed gains after the announcement, sliding 0.3% as of 3:47 p.m.in London.

SpaceX Will Launch the "Zuma" Spacecraft Today
The covert haul is due to launch between 8pm and 10pm EST from NASA's Kennedy Space Center on Merritt Island, Florida . EST (0100 GMT on November 18).

UNSC to vote on Syria chem gas attacks probe
Russian UN Ambassador Vassily Nebenzia said the USA draft resolution was not balanced. It was later re-submitted but failed to garner nine "yes" votes.

Trump taps ex-pharma executive Azar as USA health secretary
There are 2 comments on the Reuters story from Monday, titled Trump to tap ex-pharma executive Azar as usa health secretary. Trump made the announcement on Twitter, saying Azar "will be a star for better healthcare and lower drug prices".

Rotten Tomatoes Holds Justice League Score… and Reviews
Conversely, if a score is rotten, the delay could prove a blessing. "But it's certainly hard to ignore". At one point, the score was accidentally leaked online and it was 48-percent, according to Slashfilm .

Destiny 2 Curse of Osiris DLC reveal: Raid Lair, story info
Eater of Worlds will be shorter than vanilla Leviathan, but will have more challenging encounters and new puzzles to solves. For the uninitiated, Osiris is Ikora's mentor as well as the namesake for the Trials of Osiris Crucible event.

Washington Nationals Pitcher Max Scherzer Wins Second Straight Cy Young
En route to his second Cy Young Award in four years , Kluber was phenomenal in helping lead the Indians back to the playoffs. Scherzer was 16-4 with a 2.51 ERA, second best in the league, this season, and he led the NL in strikeouts with 268.

British inflation steadies at five-year high in October
Higher inflation was also noted in protein rich items like oils and fats, eggs, and milk (and its products). Crucial services such as education, healthcare, personal care, etc have seen an inflation of 3.48 per cent.

'Oil era is far from over,' says IEA's annual report
While the USA exported 100 billion cubic metres of Canadian gas in 2005, that figure fell by over a fifth in 2016. The IEA also revised down its 2018 oil demand forecast for Brazil from 3.15 million bpd to 3.13 million bpd.

Terrorist? Mahad Abdiaziz Abdirahaman arrested in Mall of America stabbing
At least three people reportedly were stabbed at Mall of America in Bloomington shortly before 7 p.m. on Sunday. While the Macy's store closed early, the rest of the mall, with its more than 520 stores, remained open.