Moody's upgrades India's sovereign rating, boosts sentiments

The upgrade is a recognition of the reform process in India, particularly in the last 3-4 years, in which structural reforms placed India on a high growth trajectory, he said.

The agency said it was lifting India's rating to Baa2 from Baa3 and changed its rating outlook to stable from positive as risks to India's credit profile were broadly balanced.

Union Finance Minister Arun Jaitley on Friday termed the upgrade in Moody's ratings as "extremely encouraging" and also asked the detractors to "introspect" their positions.

Jaitley said: "It is extremely encouraging that there is an worldwide recognition and the fact that this recognition merely furthers our determination to follow the track we have embarked upon".

NEW DELHI:The rupee strengthened 64 paise to 64.68 against dollar in early trade on Friday after worldwide rating agency Moody's Investors Service upgraded India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook to stable from positive.

Finally, Bengal wins 'Rosogolla war' over Odisha
As per the documents submitted by the West Bengal government, the Rasgulla was invented by sweet maker Nabin Chandra Das in 1868. Chief Minister Mamta Banerjee has said that her state has granted Geographical Indication status for the sweet Rasgulla today.

Hulu Launches on Nintendo Switch Game System
So far, we have not heard a peep about YouTube or Netflix coming to Switch, but today Nintendo slipped us a tiny morsel of hope. In many ways you have to admire Nintendo's restraint here in prioritising the gaming experiences on the Nintendo Switch.

Russia's Putin arrives in Iran
Putin's visit is also expected to involve discussions about Iran's cooperation with Russian Federation in the ongoing Syrian conflict.

Although Moody's acknowledged that the Indian economy has taken a beating as a result of the goods and service tax (GST) and demonetisation, it reckoned that both would turn out to be worthwhile in the long run. Recognition of reforms: GST, bank recap plan, Bankruptcy code & macro-stability. 4.

The rating upgrade was the first in 13 years.

"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", Jaitley said. All these steps which constituted major reforms are directional in nature.

"Moody's upgrade of India's rating is a reaffirmation of the various reform measures undertaken by the government over the last three to four years and we welcome this move", said FICCI President Pankaj R. Patel. "It is a major worldwide recognition of major economic and institutional reforms undertaken by the Government of India", he said while addressing a press conference here.

The revision of the sovereign rating of India a notch above investment grade also lifted investors' sentiments at the Indian equity markets.


Popular
  • Israeli President meets 'Wonder Woman' Gal Gadot in LA

    Israeli President meets 'Wonder Woman' Gal Gadot in LA

    Wonder Woman 2 , with Gal Gadot returning in the titular role, will have more breathing room now. When asked about the story, a Warner Bros . spokesperson said only "false".
    Trump trades 'short and fat' barb with N Korea's Kim

    Trump trades 'short and fat' barb with N Korea's Kim

    Shortly after that speech, North Korean officials told CNN, "We don't care about what that mad dog may utter", referring to Trump. The post came in response to the country's foreign ministry calling Trump "an old lunatic" over his speech in South Korea.
    Three US supercarriers to conduct joint drills in waters off Korean peninsula

    Three US supercarriers to conduct joint drills in waters off Korean peninsula

    Units assigned to the strike force will conduct coordinated operations in global waters in order to demonstrate the U.S. Also on Saturday, the US and South Korean navies launched four days of joint drills off the east coast of South Korea.
  • Kearney annual Veterans Day Parade 11 am Saturday

    Kearney annual Veterans Day Parade 11 am Saturday

    They originally were installed in the sidewalk along Main Street, but many were displaced or had to be removed over the years. Menard, a combat engineer, will be the keynote speaker, discussing the contributions of Army engineers during war and peace.
    SC hear plea for probe into medical admission scam

    SC hear plea for probe into medical admission scam

    The two were accused of assuring the college representative of getting favourable orders from the top court. The bench also impleaded the Supreme Court Bar Association in the petition on the forum's request.
    Nicaraguan Immigrants To Lose Temporary Protected Status In The US

    Nicaraguan Immigrants To Lose Temporary Protected Status In The US

    But the bigger impact will come when the administration makes a final decision on Salvadorans and Haitians' status. The other countries with TPS designations are El Salvador , Haiti, Nepal, Somalia, South Sudan, Syria and Yemen.
  • Anti-Trump truck window decal causes controversy for sheriff

    Anti-Trump truck window decal causes controversy for sheriff

    New Hampshire that certain "fighting words", which would tend to incite violence, are not protected under the First Amendment. Healey, the district attorney, told the Chronicle that his office was not contacted before Nehls posted the photo to Facebook.
    Tim Sherwood makes exciting prediction for Tottenham fans ahead of Arsenal clash

    Tim Sherwood makes exciting prediction for Tottenham fans ahead of Arsenal clash

    The Gunners are now four points behind Mauricio Pochettino's men and 12 behind Premier League leaders Manchester City. Both teams have scored on 34 occasions, more than any other fixture in the competition.
    Centre can't harm us by conducting IT raids — TTV Dinakaran

    Centre can't harm us by conducting IT raids — TTV Dinakaran

    Raids are also being conducted at the Domlur residence of Pugazhendi, AIADMK Karnataka in-charge. At least a dozen Officials began the process of raid at 6 am, at the office.
  • Metal Singer Elected Virginia's First Transgender Official

    Metal Singer Elected Virginia's First Transgender Official

    Hoboken voters chose Ravinder Bhalla, who became the first Sikh mayor to be elected in the state of New Jersey. If Tuesday night is a precursor for the future, expect more LGBTQ people to run for office - and win handily.

    Gunman opens fire in Walmart; 3 dead

    Thornton police say 47-year-old Scott Ostrem was arrested Thursday morning, about 14 hours after he fled the store in a auto . However, a Thornton PD spokesperson did refer to the shooting as a heinous act. "The employees started screaming".

    Khloe Kardashian May Have Just Confirmed Whether Or Not She's Expecting!

    Khloe Kardashian sure knows how to keep her fans guessing. "Holy s-t. Certainly seems like winter, er, baby announcement is coming...

CONNECT