Moody’s upgrade: Jaitley vows to continue reforms

TIL Desk/Business/New Delhi/ Finance Minister Arun Jaitley on Friday termed the upgrade of India’s credit rating by Moody’s after a gap of 13 years as a “belated recognition” of reforms in the last few years, and vowed to continue them while maintaining fiscal discipline.

Commenting on Moody’s upgrading India to Baa2, from Baa3, he said it is a recognition that India continues to follow the path of fiscal prudence which has brought stability to the economy.

“It is an upgrade which has happened after 13 years. We welcome it and believe that it is a belated recognition of all the positive steps taken in India in the last few years which have contributed to the strengthening of the Indian economy,” he told in New Delhi.

The upgrade is a recognition of the reform process in India, particularly in the last 3-4 years, in which structural reforms placed India on a high growth trajectory, he said.

Listing the series of reforms which led to the upgrade, he said while demonetisation took the economy towards greater formalisation and digitisation, use of Aadhaar ensured targeted delivery of government benefits. Also, a new insolvency and bankrup.