more-inWelcoming global rating agency Moody's upgrading India's sovereign rating to 'stable', Chief Economic Adviser Arvind Subramanian on Friday said it was a recognition to government's reforms. In a tweet, Mr. Subramanian said the upgrade was a "long overdue as our analysis showed" sharing a link to Economic Survey's ‘Economic Outlook and Policy Challenges’ chapter. He further said it was recognition to financial reforms taken up in recent times, such as GST, re-capitalisation of PSU banks, bankruptcy code and macro-stability. Finance Secretary Hasmukh Adhia also said the path that the government has chosen for long-term reforms and fiscal consolidation is well recognised by investors already. “The rating agency too has now confirmed it formally, which is welcome,” Mr. Adhia tweeted.

Source: The Hindu November 17, 2017 04:54 UTC