Finance Minister Arun Jaitley on Friday termed Moody's upgrading India's sovereign rating after 13 years as "belated recognition" of all the reforms taken by Prime Minister Narendra Modi-led-NDA government in last few years.
"It is an upgrade which has happened after 13 years".
Taking a dig at those opposing the government, he said that this vindicates their position.
Addressing a press conference after Moody's, one of the major ratings agencies upgraded India's sovereign ratings to Baa2 from Baa3, Jaitley said the recognition will further the determination of the government to do better. "The structural reforms that have placed India on the path of a high trajectory growth", Jaitley said.
In the case of HDFC Bank, the rating agency has also upgraded the bank's baseline credit assessment (BCA) and adjusted it to Baa2 from Baa3, it said.
"We welcome this upgrade, 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", Jaitley said.
The global ratings agency, however, cautioned that high debt burden remains a constraint on the country's credit profile.
On Friday, the government cheered the upgrade as an endorsement of its reforms.
Radhika Rao, an economist at DBS, said implementation of reforms, a subdued rural sector and weak investment have slowed economic growth while rising oil prices have raised the risks.
At 0550 GMT, the benchmark 10-year bond yield was down 9 basis points at 6.97 percent, the rupee was trading stronger at 64.84 per dollar versus the previous close of 65.3250, while the NSEshare index was 1.1 percent higher.
However, Moody argued that measures such as the GST, demonetisation, and others would need time to settle in, and the impact would be witnessed in due course of time.
Mumbai: Terming Moody's Investor Services' much-awaited sovereign ratings upgrade as "positive inflection point", Securities and Exchange Board of India (Sebi) chairman Ajay Tyagi has said it is an acknowledgement that the reform measures being taken by government are in the right direction.
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