The US-based Moody’s today upgraded India’s sovereign credit rating by a notch to ‘Baa2’ with a stable outlook citing improved growth prospects driven by economic and institutional reforms.
The rating upgrade comes after a gap of 13 years – Moody’s had last upgraded India’s rating to ‘Baa3’ in 2004.
In 2015, the rating outlook was changed to ‘positive’ from ‘stable’.
The ‘Baa3’ rating was the lowest investment grade — just a notch above ‘junk’ status.
“The decision to upgrade the ratings is underpinned by Moody’s expectation that continued progress on economic and institutional reforms will, over time, enhance India’s high growth potential and its large and stable financing base for government debt and will likely contribute to a gradual decline in the general government debt burden over the medium term,” Moody s said in a statement.
“While a number of important reforms remain at the design phase, Moody’s believes that those 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,” Moody s said.
Here’s how Twitter reacted to Moody’s updated ratings :
🙏🏼Even more important, it's great news for India! You don't have to agree with all that this govt does, but I'd watched with dismay (& also got trolled for recognising some of the +ve steps) as many ppl dissed *everything* about it. We Indians deserve more rational discourse… https://t.co/jGgxMrBwSi
— Baijayant Jay Panda (@PandaJay) November 17, 2017
Congratulations to India for the #Moody 's credit rating upgrade. India now firmly investment grade.
— Chetan Bhagat (@chetan_bhagat) November 17, 2017
US-based ratings agency Moody’s Investors Service upgraded India’s sovereign rating to Baa2 from Baa3
— Rubika Liyaquat (@RubikaLiyaquat) November 17, 2017
Recognising India's growth enhancing reforms under PM @narendramodi, Moody’s has upgraded India’s sovereign rating for the first time since 2004. Entire world is recognising "Sabka Saath, Sabka Vikas".
— Piyush Goyal (@PiyushGoyal) November 17, 2017
Pidi- Why are u looking sad?
Pappu- Aaj toh Moody kharab ho gaya mera:(
— one tip one hand_ (@OneTipOneHand_) November 17, 2017
#Moody's upgrade is a recognition of all the structural reforms in the Indian Economy in the past few years.
— Arun Jaitley (@arunjaitley) November 17, 2017
Same folks who hype up negative news on the economy are quick to find lacunae when any positive news emerges on the economy. Unebelievably high levels of hypocrisy. They want the glass to always be empty.
— Rahul Kanwal (@rahulkanwal) November 17, 2017
We should celebrate Moody's upgrade by holding a midnight ceremony in Central Hall of Parliament and damn Standard and Poor.
— Yashwant Sinha (@YashwantSinha) November 17, 2017
News: 14 years after last uptick, Moody's upgrades India's economy.
Windbag opedist: Rubbish, I write in WSJ.
Dolt economist: Where's the data?
TV anchor: Took Uber, driver in bad mood.
Pappu: Pidi's response to Moody's – LMAO.
MSM: OMG! Breaking Now – Pidi laughed his ass off. https://t.co/lY0CDLfLRt
— Kanchan Gupta (@KanchanGupta) November 17, 2017
Yay. #Moody upgrades India's rating to Baa2.
Or, as Ramdev would say, BaaBaa.
— Ramesh Srivats (@rameshsrivats) November 17, 2017
Pic 1: Pseudo Liberals/ Pseudo Economists before India's rating upgraded by #Moody
— PhD in Bakchodi (@Atheist_Krishna) November 17, 2017