Moody's sovereign upgrade was long overdue: Arvind Subramanian

Moody's sovereign upgrade was long overdue: Arvind Subramanian

Dr Hasmukh Adhia, Revenue Secretary, Ministry of Finance, Government of India tweeted "The path that Government has chosen for long term reforms and fiscal consolidation is well recognised by investors already".

The rupee appreciated by 69 paise to trade at an over one-week high of 64.63 against the dollar as the US-based rating agency Moody's has upgraded India's sovereign credit rating.

Stock markets gave a thumbs up to the rating upgrade with the Sensex opening 282 points higher at 33,388 and the Nifty rising 110 points.

Still, some market participants questioned the timing of the move.

PM Modi has pushed through sweeping reforms, with mixed results. The government won praise from ratings firms for a $32 billion program to recapitalize banks that economists say will revive lending and stoke demand on the ground.

Moody's sovereign upgrade was long overdue: Arvind Subramanian

India secured its highest ever 100th rank in the latest Ease of Doing Business report, previous year the country was ranked at 130.

"This is an overdue correction", Modi's Chief Economic Adviser Arvind Subramanian told Bloomberg Quint, referring to Moody's upgrade. But it has also to be kept in mind that these are external factors.

"While India's high debt burden remains a constraint on the country's credit profile, Moody's believes that the reforms put in place have reduced the risk of a sharp increase in debt, even in potential downside scenarios", Moody's said in a release.

Reforms such as the Goods and Services Tax (GST) would promote productivity by removing barriers to interstate trade, Moody's said. While GST and demonetisation have been topics of debate in India, Moody's has acknowledged the short term weakness in the economy but has stated that it expects real GDP growth to moderate to 6.7 per cent in the fiscal year ending in March 2018.

However, it stressed that the disruption effect of these reforms fade and the government helps small and medium enterprises and exporters with compliance issues under the new indirect tax regime, growth will rise to 7.5% in 2018-19 and similarly robust growth thereafter.

D-backs' Goldschmidt finishes third in NL MVP voting, Marlins' Stanton wins
A native of Venezuela, Altuve was one of four Houston players remaining from the 2013 team that lost 111 games. Lindor was also an integral part of the Indians attack, as he hit.273 with 33 home runs, 99 RBI and a.842 OPS.

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