Arun Jaitley welcomes Moody's rating upgrade, says Narendra Modi's reforms universally acknowledged

Mumbai: Finance Minister Arun Jaitley in a media briefing on Friday welcomed Moody’s upgrade of India’s sovereign rating from Baa3 to Baa2 and changing of outlook from positive to stable. “Moody’s rating upgrade comes after a long gap of 13 long years that means the world has acknowledged India’s structural reforms,” Jaitley said. A sovereign rating by the global agency evaluates a country’s friendliness to foreign investors and an upgrade means a more conducive environment for doing business. The finance minister while continuing his media briefing listed out major structural reforms undertaken by Narendra Modi government. He said setting up of Monetary Policy Committee, demonetisation and roll-out of the Goods and Services Tax were sweeping policy changes that changed world’s view for India.  Last time when Moody’s upgraded India’s rating important for foreign investors was back in 2004 when the erstwhile Atal Vajpayee government was in power. According to Jaitley, all these steps constitute major reforms and are directional in nature, he told the media persons. Explaining why these reforms were directional, Jaitley added, “These reforms were being taken for over past few years that follow a particular road map, a particular direction,” he informed. While taking a dig at detractors of policies of present government, Jaitley said many who had doubts in their minds in India’s reforms process would now seriously introspect into their own position. He also pointed out World Bank’s recent ’ease of doing business’ ranking for India. The country jumped 42 ranks in the index from earlier 142 to 100th position which, according to Jaitley, was due to the reforms of the present NDA government. “For the three consecutive years, India has been among the fastest growing major economies,” Jaitley added.