Soon after the jump in ease of growth index Indian government has achieved another positive milestone which shows the steps taken by Narendra Modi are good for the economy of the country in long terms.
International rating agency Moody’s has upgraded India’s rankings from Baa3 to Baa2. Last time achieved this was in the year 2004. Moody’s officers said in a statement “Moody’s believes that those (reforms) implemented to date will advance the government’s objective of improving the business climate, enhancing productivity, stimulating foreign and domestic investment, and ultimately fostering strong and sustainable growth. The reform program will thus complement the existing shock-absorbance capacity provided by India’s strong growth potential and improving global competitiveness.” The agency however also revealed that India’s high debt burden remains a constraint on its credit profile.
PM Modi’s decision of demonetization is still facing criticism but the agencies like Moody’s are still favoring this decision. They said, “Government efforts to reduce corruption, formalize economic activity and improve tax collection and administration, including through demonetization and GST, both illustrate and should contribute to the further strengthening of India’s institutions.”
This news gave Twitter a flood full of tweets for congratulating Indian government for the achievement. Below are some tweets in reaction to this.
Praise from Amit Shah for the hard-work and reform process.
India’s largest ever increase in Ease of Doing Business rankings, Pew study ascertaining PM @narendramodi ji’s popularity, Moody’s upgrade are all reflections of Modi Govt’s hard-work and reform process.
— Amit Shah (@AmitShah) November 17, 2017
India’s rating is symbolic of the changing financial, institutional and economic structure under PM
— Vasundhara Raje (@VasundharaBJP) November 17, 2017
Kya Bharat Ka Chauda Saal Ka Banbas Khatam Hua?
Moody's hugs Modi after 14 years, upgrading Indian Sovereign ratings. Of coure, a good news for one & all! Kya Bharat Ka Chauda Saal K Banbas Khatam Hua?
— Madhusudan Sahoo (@madhu_sahoo) November 17, 2017
This upgrade can give a big boost to India’s image in the world economy and foreign countries see this as a big reason for investing in India.