India Begins To Shine With Moody's New Rating

The Moody's credit rating has made BJP feel on top of the world. The sovereign credit rating of India has raised up a notch from Baa3 to Baa2.

Back in 2004, Moody rated India Baa3 and finally, after a long gap of 13 years, an upgrade has been made. After the rating PM Modi's Office posted on Twitter, “Moody's believes that the BJP government's reforms will improve business climate, enhance productivity, stimulate foreign and domestic investment and ultimately foster strong and sustainable growth.”

Finance Minister Arun Jaitley took this opportunity to boast about the Government's positive work at a press conference. Jaitley was quoted saying, "The fact that a series of steps including Demonetization, which are now taking Indian economy to a greater formalization and digitization, something which is being universally acknowledged.”

BJP Chief Amit Shah also praised the ratings and claimed Modi's government would take India on a higher growth trajectory.

India has been getting a lot of positive news about its growth of late. Earlier this month, India jumped 30 slots to rank 100th in the World Bank's Doing Business ranking.