New Delhi: Hours after international rating agency Moody’s upgraded its India ranking, finance minister Arun Jaitley said it will boost investor sentiment and more global money will flow in the Indian economy.
“The upgrade has made it clear that GST and demonetisation are not holding the economy back," said Jaitley.
BSE Sensex shot up by 400 points on Friday morning after the upgrade. The US-based international rating agency has upgraded India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive.
The upgrade comes after 13 years when India was last upgraded to Baa3 in 2004.
“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," said the FM.
The stock market and rupee have already surged post the announcement.
“It is a recognition and enforcement of reform process, particularly in the last 3-4 years," Jaitley said.
While many experts have criticised demonetisation, Moody’s lauded the move. “Steps, including demonetisation, among others are taking India into a digitised economy," said Jaitley.
“Also the GST, which the world has recognised as one of the most significant reform steps taken in the history of Independent India," added the finance minister.
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