Moody's rating upgrade lets Arun Jaitley take a dig: 'Those who doubted India's reform process need to introspect'

NEW DELHI: Finance Minister Arun Jaitley called Moody's upgrading India's rating a belated recognition of all the positive steps taken with regards to the Indian economy.

"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 the strengthening of the Indian economy," Jaitley said on Friday.

Taking a dig at those opposing the government, he said that this vindicates their position. "Many who had doubts in their minds about India's reform process would now seriously introspect on their positions itself," he said.

He added that coming from an international agency, the recognition is a source of encouragement. "It is encouraging that there is an international recognition and this firms our determination to follow the path that we have embarked upon," he said.

Talking about policy decisions like demonetisation and GST implementation, he said that a series of steps taken by the government are taking Indian economy to a greater formalisation and digitization which is being universally acknowledged.

Earlier in the day, Bharatiya Janata Party National President Amit Shah also called the upgrade a proof of Modi government's good work. "Modi Government's good governance and reforms receive yet another vindication. Moody’s upgrades India’s sovereign ratings for the 1st time since 2004," he tweeted.

Moody's Investors Service provides international financial research on bonds issued by commercial and government entities. It ranks the creditworthiness of borrowers using a standardised ratings scale which measures expected investor loss in the event of default.