Finance Minister Arun Jaitley today welcomed the Moody's upgradation of India's rating, saying that the improved credit rating was a "recognition and an endorsement" of the reform process which has gone on in India in the last 3-4 years. Moody's Investors Service 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 ministry of finance has lauded Moody's India rating upgrade. "It was long overdue as our analysis shows. Moody's has acknowledged (PM Modi's) reforms: GST, bank recap plan, Bankruptcy code & macro-stability, and government's focus on domestic objectives.," he said.
Here are the highlights of Finance Minister Arun Jaitley's press conference:
- 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 on a high trajectory growth curve.
- The upgrade by Moody's has come after 13 years . . we welcome rating upgrade of India after 13 yrs; it is belated recognition to positive steps taken in last few years
- 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