Moody's praises government reforms, expects 6.7% GDP growth this fiscal
18 November, 2017, 01:59 | Author: Kim Reid
"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.
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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.
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.
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.
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