The US-based agency upped India's rating to Baa2 from Baa3 and changed its rating outlook to 'stable' from 'positive', saying the reforms will help stabilise rising levels of debt. Top officials of the government hailed the rating upgrade by Moody's as "long overdue" and hoped others such as S&P and Fitch will follow suit as it presses ahead with steps to ratchet up growth. The rating upgrade comes within weeks of the World Bank handing a 30-place jump to India on its ease of doing business ranking to place it at 100th rank. Chief Economic Advisor Arvind Subramanian said the rating upgrade was "long overdue" and is a recognition of reforms like GST, bank recapitalisation plan, bankruptcy code and macro-stability. The government, he said, "is going to do what it has to do on the domestic front -- employment growth, economic growth, reviving investment", he told reporters here.

Source: Economic Times November 17, 2017 07:07 UTC