Finance Minister Arun Jaitley held a press conference on India’s improved credit rating. Moody’s Investors Service has raised India’s sovereign rating for the first time since 2004, overlooking short-term economic uncertainties to bet on the nation’s prospects from a raft of policy changes by Prime Minister Narendra Modi. Arvind Subramanian, Chief Economic Adviser of the ministry of finance has lauded Moody’s India rating upgrade.
*Highlights*
💬It is a recognition and enforcement of reform process, particularly in the last 3-4 years.
💬A number of structural reforms that have taken place in these years have put India ion a high trajectory growth curve.
💬We feel it is a bit delayed, but it is a recognition of all the positive steps and reforms taken
💬Steps, including demonetization, among others is taking India into a digitised economy.
💬Implementation of Aadhaar has also been a very significant step…
💬Also, the GST, which the world has recognised as one of the most significant reform steps taken in the history of Independent India.
💬It is a recognition and an endorsement of the reform process which has gone on in India, particularly in the last 3-4 years, where a number of structural reforms have taken place which has placed India on a path of high trajectory growth
💬We believe that it is a belated recognition of all the positive steps which have been taken in India in the last few years, which has contributed to strengthening of Indian economy
💬It is encouraging that there is an international recognition and this recognition firms our determination to follow the track that we have embarked upon
💬For 3 years in a row, India is the fastest growing economy among all major economies
💬Reforms are being implemented at record pace… and I am sure that many who had doubts on India’s reforms process, can now introspect