Fri, 29 Mar 2024 Today's Paper

Moody’s raises India rating, citing reforms

By

18 November 2017 12:00 am - 0     - {{hitsCtrl.values.hits}}

A A A

AFP: Moody’s yesterday upgraded India’s credit rating for the first time in more than a decade, citing economic reforms introduced under Prime Minister Narendra Modi.


The move comes almost two months after the Moody’s and Standar & Poor’s lowered their ratings on regional rival China citing the country’s ballooning debt burden.


Moody’s raised its rating on India to Baa2 from Baa3, the first such move since January 2004, saying recent reforms would enhance productivity, stimulate foreign and domestic investment and foster “strong and sustainable growth”.

These include a new national goods and services tax and a controversial 2016 ban on high-value bank notes aimed at tackling widespread tax evasion.


“Continued progress on economic and institutional reforms will, over time, enhance India’s high growth potential,” the agency said.


Modi swept to power in 2014 on a promise to reform India’s economy and create jobs for a burgeoning youth population.


But critics point out that joblessness remains high and the reforms have not come without pain.
They have acted as a drag on growth, which hit a three year low of 5.7 percent in the first quarter of the current financial year.


Finance Minister Arun Jaitley called the upgrade “a belated recognition of all the positive steps which have been taken in India in the last few years”.


“It’s extremely encouraging that there’s an international recognition and it merely furthers our determination to follow the track which we have embarked upon,” Jaitley told reporters.


The move boosted Indian stocks more than one percent, while the rupee strengthened to 64.86 against the dollar, from Thursday’s 65.29.

 


Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

  Comments - 0

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment





Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

VAT increase: SOUNDs death knell for publishers, readers

Though the Government imposed VAT (Value Added Tax) on vegetables and other e

How female change-makers are driving Sri Lanka’s energy saving platform

Saving energy has become more of a responsibility than a habit in today’s c

A dull Ramadan awaits Muslims amidst the Soaring Cost of Living

In the coming days, Muslims across the world will welcome the Holy Month of R

New wildlife underpass to curtail HEC

As of February 2024, Sri Lanka lost another 38 elephants as a result of the H