Jaitley says rating upgrade belated recognition of reform process

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

Moody's said it expects India's real GDP growth to moderate to 6.7 percent in the fiscal year ending in March 2018 from 7.1 percent a year earlier.

The agency said it was lifting India's rating to Baa2 from Baa3 and changed its rating outlook to stable from positive as risks to India's credit profile were broadly balanced.

Tyagi also said the rating upgrade to Baa2 would further boost investments including foreign inflows.

Although Moody's acknowledged that the Indian economy has taken a beating as a result of the goods and service tax (GST) and demonetisation, it reckoned that both would turn out to be worthwhile in the long run.

It is "encouraging to have global recognition" and "not something happening in isolation", he said.

He also added that the number of structural reforms that have taken place in the last three to four years have placed India "on the path of a high trajectory growth".

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The Finance Minister, Shri Jaitley also addressed the senior fund managers and the key Financial Institutional investors and answered queries on various tax issues including GST, Fiscal policy, impact of the Bank Re-Capitalization Package on banks' NPAs, Insolvency and Bankruptcy Code (IBC) and so on.

NEW DELHI:The rupee strengthened 64 paise to 64.68 against dollar in early trade on Friday after global rating agency Moody's Investors Service upgraded India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook to stable from positive. All these steps which constituted major reforms are directional in nature. In addition, it has changed to stable from positive the ratings outlook for IRFC; EXIM India and its London branch; HDFC Bank, its Bahrain and Hong Kong branches; as well as SBI and its Hong Kong, London, and Nassau branches.

Taking on opposition, Jaitley said those who had doubts about the government's reforms must introspect.

Moody's rating actions follow the upgrade of the India's local and foreign currency issuer ratings to Baa2 from Baa3 on Thursday. Standard & Poor's has kept India at the lowest investment grade just above junk status for a decade and Fitch Ratings for one year longer.

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

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