Moody's credit rating a belated recognition of all positive steps taken: Jaitley
Finance Minister Arun Jaitley on Friday welcomed Moody's upgradation of India's rating on Friday, saying a series of steps including ,demonetisation, is universally acknowledged. The credit rating agency Moody upgraded India's rating for the first time since 2004.
In a press conference, after , Arun Jaitley, 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."
He said, "It is a recognition and an endorsement of the reform process which has gone on in India, particularly in the last 3-4 years, where a number of structural reforms have taken place which has placed India on a path of high trajectory growth."
"The fact that a series of steps including demonetisation, which are now taking Indian economy to a greater formalization and digitization, something which is being universally acknowledged," he said.
In a veiled attack against the critiques, he said, "Many who had doubts in their minds about India's reform process would now seriously introspect on their positions itself."
"In you look at our track record of three years, it has been one of the better records in Indian history as far as fiscal discipline is concerned, and we intend to move on that track, Jaitley added.