Moody's upgrade is recognition of structural reforms in Indian economy: Arun Jaitley
Arun Jaitley
The upgrade recognises the fiscal prudence India has committed itself to, India's finance minister added
Welcoming Moody's upgrade of India's rating, Union finance minister ArunJaitley said the upgrade is a recognition of structural reforms in the Indian economy.
He further said the upgraderecognisesthe fiscal prudence that India has committed itself to.
Credit rating agency Moody's upgradedIndia’s sovereign ratings to Baa2 from its lowestinvestment grade (Baa3) for the first time since 2004 Friday.
He said the upgrade is the outcome of the positive steps India had taken in the last few years.
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And that the steps have helped strengthen the Indian economy.
"A number of structural reforms have taken place which has placed India on a path of high trajectory growth."
He furthersaid the international recognitionwill encourage India and make it more determined to follow the path they have set out on.
Talking about demonetisation, he said the move is taking the Indian economyto greater formalisationand digitisation which is now being universally acknowledged.
He also responded to the Opposition's criticism of the government's handling of the economy: